Newsletter, July 7th
One more week is over, and we are happy to share all the progress we had so far. In this newsletter, we will pay close attention to the wallet and its beautiful onboarding process.
Exchange
First, let’s talk about the exchange. We have successfully implemented the testnet environment which allows to trade in the demo! Now we are able to test trading Forex, Commodities, and indexes with virtual money. As we mentioned last week, we are testing the trading logic of the exchange. This week we could open and close a trade. Next week we will work on modifying existing trade for adding Stop Loss (SL) Take Profit (TP), and partial close.
At this point, we just need to finish with trading logic, it is a bit hard as we have to catch up of 4–5 weeks of delay due to the API complications. We will do our best to accelerate.
Anyway, we are proud to say that last week we took the first trade on the Forex from a non-custodial broker, and this is something! It is happening!
The alpha version will only be on the testnet, so no real trades will be taken. Feedback of users will be taken for possible improvements in the UI and overall experience.
On a side note: The design that you see on a screenshot and the one used for the Alpha version is not final. It was made quickly without thinking about the UX, in order to test the backend of the exchange. The final design and UX are almost finished and you will be very surprised 😊 The initial intention is to create something very different from any other trading platform, and pleasurable to use. We want the “wow!” effect for our exchange, a design that reflects magic… because let’s be honest: taking a trade on Forex with a DAI deposit is something very magic and enchanting.
Wallet
Following the last week`s newsletter. Let us unveil more details on the onboarding process and the use of emojis in it.
But before we jump into that, let clear up the terminology, more specifically Ethereum Name Service (ENS). In short: ENS is like Domain Name Service (DNS) but for crypto addresses. When you go on Facebook you don’t write 121.101.0.1 in the address bar, but facebook.com. DNS allows matching a human-readable address to the IP address of the website. Same rules apply for the ENS and blockchain. Instead of sending money to “0x73ds….”, ENS will allow you to send it to johndoe.myjarvis.xyz.
Onboarding
So the first thing you do is choosing a username (thanks to ENS). This will be both your login and your address to receive crypto, then simply click on create and wait a bit for the magic to happen on the blockchain! One…Two…Three… Boom! Your account is created and is now controlled by one device, either your phone or your computer, and it is time now to secure it with emojis.
Multiple devices
After you created your account, usually you are asked to write down 12 or 24 words which will act as your backup key in case you lose your wallet (most precisely, the device where your wallet is). With Jarvis we partner with ETHworks to implement another way of doing things, more user-friendly: you have to add more devices which can control this account.
If you have created your account on your phone, go on your computer or to another phone, open the Jarvis app, click on connect to an existing account, write your username and wait for 6 emojis to appear. Your first registered trusted device will receive a notification saying that someone requested the access to this account. You need to prove it was you: you will see a pool of 12–18 emojis and will have to select the 6 emojis displayed on the new device you want to connect to. The number of devices that can be connected with your account is unlimited! You can repeat the procedure as many times as long as you have a device to connect to. In the future, we will add the support of the hardware wallets like (Ledger, Trezor) and etc.
Sounds nice, but what if the rare and bizarre moment happens where one loses all their devices? For now, it will be with 12 words seed phrase. We will be working on many different possibilities that can be explored (because writing 12 words on a piece of paper in 2019 is laughable).
One of such possibilities is “social recovery”: the idea is to divide the backup key into many pieces and to scatter it among people or company you trust (it could be your friends, family, a third party service or us, Jarvis). When the moment strikes and you need to recover your account, you just ask them to press the big red button and your account will be recovered. Such a solution is already being used by a few wallets and by companies such as Samsung or Facebook.
Another possibility is to use biometry: the idea is that your 12 words seed phrase could be encrypted with your fingerprint, iris and/or face. So, if you have lost all your devises (and friends) your encrypted seed will be stored offline in cold storage somewhere under a mountain in the world. You contact us, we plug your file that only you can decrypt and boom, you recovered your account. This will be an additional service that we will provide in a very long future. Some wallets already provide such a solution.
Of course, there are other options, but we will have to analyze the security risk of those first. So far one of our favorites is to encrypt the seed phrase with… books…mathematic or physics formula (not literally). It works fairly simple, instead of biometry, choose specific chapters, paragraphs or pages of your favorite books, your favorite mathematics formulas or whatever. For example the first 27 pages of the bible + first page of Declaration of Independence of United States + chemical formula of your favorite sparkling water etc.
Security of funds
The main point of having multiple devices is to remove the need for backing up the seed, but it is also to secure transactions. You could say that to send money to the non-whitelisted address you would need to confirm the transaction with 2 or 3 devices. So if someone took control of your phone, discovered your phone pin code and your Jarvis app pin code (or hijack the biometry security of your phone) they won’t be able to withdraw all the funds to a non-whitelisted address since they would need to also take the control of 2 other devices you control.
Regarding the design, we started to think of the design of the DeFi tracker for the wallet. DeFi tracker is a very handy solution if you use more than one decentralized solution or protocol. For example, if you are into lending and diversification you probably use several solutions (Fulcrum, Compound, Nuo etc.). But the problem is that you always have to switch and jump between applications to see the performance or to simply check your account. See what we are talking about? — DeFi tracker solves this problem by unifying it under one “roof”.
Here at Jarvis we are all about unification, it is one of the main pillars of the company! We work on the unified interface where you can lend your assets on different decentralized protocols or even centralized application such as Celsius, Bitfinex etc. As soon as we are ready with that, we plan work on things like — unifying trading application. So users can trade synthetics assets on Synthetix Exchange or on the Rainbow Network, margin trade on dYdX, Markets, Nuo or Fulcrum, trade any financial market on Jarvis or to use a decentralized exchange such as Paradax, all from a single interface. How cool is that? We look forward to all the possible opportunities to unify fintech for ultimate user experience.
This was a lengthy one, isn’t it? Hope you liked it! Have a great Sunday and see you next week!
Vsevolod.
The possibilities are limitless
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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.
