Newsletter, 6th of October
The week is over and we have a lot of exciting updates prepared for you. Without further adieu let’s begin!
Exchange
We received the feedback from the developers about the dashboard, to cut things short — they liked everything and asked us to provide the design. The dashboard will be the place where you will be able to lock your tokens to receive revenue from the protocol. Also, you will be able to see statistics like: how many tokens and DAI have been locked, how much fees are distributed to the token holders etc. (as we said before — you will see the “health of the protocol”). The plan for the future will be to give more utility to the token and part of it will be done through the DAO. Right now in order to earn revenue users have to lock the token in the dashboard, in the future there will be DAO and every token holder will be the participant of it, and all the revenue will be sent to the DAO and then distributed among all of the token holders.
We talked about DAO in our White Paper and articles but since then we reviewed the whole idea around the DAO and decided to make some corrections. “New DAO” not only be a tool for marketing or promotion but also will own the protocol itself. This way every token holder will be a partial owner of the protocol. It is great news for all token holder as it gives more value to the token. We will talk more about token value proposition in our future articles (there are a lot of new things about it that we did not disclose yet, so keep an eye on the updates).
As we had said in our previous articles where we were talking about Jarvis Exchange Protocol, there are a lot of issues that we have to solve (like: how to be decentralised, how to increase the security, if the backend is compromised). Although we have an idea on how to solve them, it will take too much precious time and it is a lot of work. Loopring protocol will be our “shortcut”. It will solve most of these problems for the current version of Jarvis Exchange in a decentralised and very fiable way. As you know the word “exchange” in Jarvis Exchange is there for a reason, because we wanted to do an exchange in the beginning. However, we have put the exchange project aside to finish the brokerage first, as we saw more value in Fx, Indexes etc. So…to top it off with Loopring protocol — they will allow us to have our own decentralised exchange so it means that we will be able to have a broker on one side (with margin trading etc.) and exchange on the other side.
Wallet
Our friends at ETHworks are ready to preset the wallet in Osaka. It is unfortunate that the native Compound integration won’t be shown, but the onboarding process will be shown on the mainnet. They have also implemented an interface to choose the speed of the transaction, as well as the management of multiple devices (example: you can set up two devises confirmation of the transaction).
Business
This week we welcomed Benoit — one of our most dynamic contributor. He visited Sofia and passed by our office. It was a delight to share a beer and some of the updates :)
Quick announcement! For those of you who live in Paris or close to it: Pascal will be there from 17th of October, to participate in the first-ever DeFi France meet-up. If you who want to meet with Pascal, drop us a line, we will do our own meet-up at the meet-up (inception intensified).
Another great news! Our lawyers confirmed that we can create a fiat-crypto exchange in Sofia, Bulgaria, so we don’t need to invest in Estonia which will save us some money. More money to the developers!
And since we are talking about money — the budgeting is done and it is time to add new members to the Jarvis family! We plan to hire 2–3 developers and invest in the security check. Those devs will develop something quite big and exciting for us, however, we can’t speak about it yet *cough* stablecoin *cough* UMA protocol *cough*.
Now to the most exciting part of the newsletter. If you want to really understand the full scope of what we are trying to build, check the image below.
(From left to right) We have Jarvis Exchange Protocol (which is a brokerage protocol, and later an exchange protocol), it will be a part of the DeFi movement. Next, you can see Jarvis Market Makers who provide the liquidity to the protocol, in the future anyone will be able to be a Market Maker, and then we have an API which connects to Jarvis Trader — our trading platform which is also capable of being connected to many CFD brokers and crypto-exchanges through unified API. Anyone can use this API to build their own platform on the top of our protocol.
It is important to remember that Jarvis Trader itself is not a part of DeFi movement, here is why. The protocol itself will be decentralised and non-custodial and it belongs to the DAO. Anyone in the world can use this protocol, and anyone can freely build a platform on top of this protocol. This is what we are doing — we build a trading platform on top of the protocol. But the UI of the platform belongs to us as a company. And because we are a company this interface will not be decentralised (we can censor people from using our platform, for an example: we will not accept the US users and might ban some people). Highly important: we don’t ban people from using the protocol, we ban them from using our UI, if someone from the US wants to build a trading platform on top of Jarvis, he/she can freely do so (they can even put a KYC requirement in order to access the protocol).
After that, we will have fiat-crypto exchange to buy/sell crypto against fiat currencies to easily onboard non-crypto users. There will be a website and API to connect to other services, but also it will be connected to the interface of Jarvis Trader and Jarvis Network, so if someone wants to buy crypto from Jarvis Trader or Wallet they could easily do it. In the end, there is Jarvis Network, it is identity protocol and through an API it is connected to our user interface — Jarvis Wallet. But this identity protocol can allow decentralized applications and services, however not through API but directly to blockchain protocol.
This is a quick rundown of what we are building (solid squares mean that it is currently in the development process, transparent ones are to be built in the future).
This is all for tonight, have a great Sunday and see you next week!
Vsevolod.
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⛔ Disclaimer: This article contains text, data, graphics, photographs, illustrations and information (“Information”) connected with Jarvis International and/or other entities part of the Jarvis group ( “Jarvis”). Jarvis attempts to ensure Information is accurate, however, Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. The publication of this article does not represent solicitation by Jarvis of buying the token “Jarvis Reward Token” and is not to be considered as a recommendation by Jarvis as to the suitability of any investment, if any, herein described. No action should be taken or omitted to be taken in reliance upon Information in this document. Jarvis accepts no liability for the results of any action taken on the basis of the Information.
