Newsletter, 27th of October
We are getting closer and closer to December, this means only one thing — mainnet launch of Jarvis exchange! But before that, we have some tasks to be finished, let's see how we progressed so far.
Exchange
Unfortunately, after shipping the platform, the dev team in Vietnam has got slower but is anyway still helping us to prepare for the mainnet launch. At the moment we are working on the key management of the smart contract. As for now, we do not use yet a multi-signature setup, we need to highly secure the private key in a digital vault. Microsoft Azure delivers such service and we are now working on deploying such service.
Good news — we signed a contract with the security firm to do a penetration test and security audit, but… not so good news — they will start after the 2nd of December. The whole task could take up to 4 weeks; if we were to wait for the results of the audit, it will postpone the launch of the mainnet to 2020. As we care a lot about respecting our promise and launch the mainnet and the listing before the end of the year, we will launch the exchange with some limitations such as limiting the deposit (no greater than 250 Dai) and the ticket size (maximum of 0.1 lot), in addition to some warning message in on the interface. Nevertheless, the demo version will keep working. The only task left to be finished on the demo is to build a faucet to automatically receive fake DAI and ETH, so anyone can open a demo account in one click.
Stablecoin
We have shared our idea with few peers in Paris, and not to brag but — everyone LOVED IT! On our side, it was nice to receive such reaction and feedback from the people that work in the industry, as they see things differently (got some market validation). We are talking with few developers in Sofia who are quite interested to work on a prototype; among the developers, we spoke with, we were happy to present the idea to our friends at WeiDex who were very excited by it! They are willing to join forces as soon as they finish their current task, probably in one or two months.
Business
As you probably remember (at least we hope so, as we have been saying it a million times already:) ) in the future everyone will be able to become a market maker and liquidity provider in Jarvis; you will just need to supply DAI in the smart contract to provide leverage as a liquidity provider, and/or and link your brokerage account to it to quote price as a market maker. It will take us probably…one…two…years, to build that. In the meantime, the only market maker in Jarvis will be us, the only problem being the regulation.
See, some brokers understand what we do and some don’t. The ones that understand see that we do not need regulation, as we do not have custody of users funds, we do not touch fiat, and at the end of the day, we are only a trading company that covers an exposure. But some key players in the brokerage industry, that we want to work with, ask us to have regulation. Therefore it is very critical for us to acquire a regulation if we want to work with them, unless we are developing a dealing desk (we will cover this in a future article next year, as it is part of the v2 of the exchange).
So…we had a meeting with the representative of a broker, that has one of the biggest licence in Bulgaria (the one that allows them to do market making, hedging etc.). The idea is to partner with them to leverage from their license, and open an account with LP we need. If this works, it will solve a lot of our issues, but we are just starting (we had only two meetings). Several more meetings are planned already, and their compliance team will have to look if everything is okay in the legal aspect.
This is all for today, see you next week with more updates!
Vsevolod.
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