InstaDApp [v2] — Personal Banking Experience.
Gmail is just a cool layer on top of SMTP — Simple Mail Transfer Protocol — you probably don’t even know about it. InstaDApp is a cool layer on DEFI protocols — you don’t even need to know what’s happening under the hood. That’s how we are envisioning to bring mainstream adoption to Decentralised Financial Protocols.
Launched on the Ethereum Main Net in December 2018, we have pretty good user involvement — we took a step back to figure out what are the real barriers to get my parents onboard who are complete novices to DEFI.
Based on the overall pain points in DEFI space and proper community feedback — we are commencing towards InstaDApp v2 providing a more feature-rich DEFI platform. Beta launch in the next few weeks — stay in touch via Twitter or Newsletter for exact dates.
With absolute clarity, I thought it’d be worthwhile to share what’s revolutionary in InstaDApp [v2] and what we are aiming to achieve:
User’s Contract Wallet owns everything.
As opposed to individual address (with private keys) interacting with different protocols to manage tokens and CDPs — we want this to execute via contracts wallets. This will brings lots of customized options to manage wealth in a programmatic manner.
Each user will have their proxy wallet contract owned by their ethereum address with private keys and can execute calls on contracts to trade tokens via Uniswap, Kyber etc, manage debt via MakerDAO, Compound etc and many different DEFI executions like Augur prediction market.
No Protocol Integration.
Read: Multiple protocol integration under the hood.
Instead of springing up different protocol names on the screen which a normal user doesn’t even know shit about — our next interface is oriented towards managing your financial activities in a decentralized manner without even knowing what protocol you’re exactly interacting with under-the-hood.
You use Gmail, not SMTP (Simple Mail Transfer Protocol). You use Twitter, not HTTP (Hyper Text Transfer Protocol). You use InstaDApp, not DEFIP. Only a few top 0.01% will actually verify the under-the-hood working of the DApp and will become the critic if there’s something fishy. Rest, 99.99% will use it on TRUST.
Fund Recovery via Guardians.
Programmable money should be managed programmatically. With contract wallets, we can have our own logic for managing wealth. If you lose your debit card, you don’t lose access to your account. You can just verify yourself with the bank and get a new card.
The solution is to use the people or devices you already trust by approving them to recover the wealth after some time of owner’s inactivity — and these tasks are predefined in a smart contract. You always have control to add or remove a guardian at any time.
User Session Management.
The biggest drawback of current user management — you can’t even check your account details on non-web3 device or application. Dapps don’t operate without web3 clients like Metamask.
Our next version will create a session on the initial launch of the DApp or if comfortable, you can also connect your email/social logins with your ethereum address to check your account anywhere, on any device. You only need web3 if you’re changing the state of your account on the blockchain.
Backend Data Rendering.
Even on web3 connected client — the loading literally sucks. Despite having good UI/UX — current version of InstaDApp interface takes minimum 6 seconds to sequentially load numbers via Metamask. And this is pretty much the same with all the DApps.
Robust Tracking System.
Is your CDP at risk? What’s the 24-hour portfolio change in your wealth? Did you just withdraw DAI equivalent to the 10% of your overall wealth? — These are some similar tracking metrics that my Bank & Demat keep updating me with time to time — and I would really love similar tracking metrics applied in DEFI and I’m sure it would be purposeful to many in this space.
A complete personal banking experience on InstaDApp.
We are actively tracking the advancement of some interesting concepts and will buckle up quickly as we see the proper standards and visibility.
MCD Launch —collateralizing multiple assets on MakerDAO Protocol is a great advancement in the protocol. We truly believe MCD will bring more on-chain adoption of the permission debt market.
Anonymous Transactions — nobody likes to publicly announce their financial status to the world. We are keenly tracking the progress of projects which facilitates private transactions on ethereum blockchain like AZTEC Protocol.
Meta Transactions — the easiest way to onboard users on DApp and great to see the first proper implementation of the tech — xDAI is a huge success so far. We are waiting for proper standards for Meta Transactions.