Motivation
Emojis are a universal language. They are immensely popular in every country in the world, and on every social platform that exists. People send emojis to each other to play, tell stories, express emotions and connect. Part of the utility of Yat is focused on allowing people and companies to transmit value to each other. They simplify how users use digital currency systems, eliminate borders, cultural barriers, and have the potential to increase adoption for crypto as a whole.
Summary
This proposal is for the integration of Yats as a preferred digital address system within Shapeshift wallet. Instead of users sending digital currency to complex hexadecimal addresses they could send it to examples like 👁❤️🍺 or 🦊👽🤠, or 💎🙌❤️ - whatever string of emojis users choose to best reflect their online identity. By being one of the first wallets to integrate Yats, Shapeshift will be able to dramatically simplify digital currency addresses within the wallet and eliminate the intimidation factor that often comes along with traditional hexadecimal addresses. More on Yats here: http://emojis.y.at
Abstract
The integration would allow Yat owners within the Shapeshift wallet to map their digital currency addresses to their Yats. It would also allow for any Shapeshift users who are interested in creating their own Yats to do so from a prompt within the Shapeshift wallet. For those users that buy through Shapeshift, we are proposing a 25% revenue share. Concurrent with the launch of the integration, Yat Labs would launch support for Portis to make the integration as seamless as possible for the Shapeshift & Portis community. This will allow Yat users to mint their NFTs via Portis in addition to Metamask.
Specification
There would be a need for 1 project manager, 1 UX designer, and 1-2 engineers for the android and iOS versions depending on the engineers’ skillset across platforms. The integration would be considered complete once the following milestones are met:
- Delivery of the UX/UI designs to the community for a period of feedback. Including a link to our proposed user flows here. Note that these would be updated to include Portis support in addition to Metamask. These are designed to maximize adoption and thus the revenue share. This milestone will be considered complete once we achieve consensus on the user flows between the community and Yat Labs.
https://drive.google.com/file/d/1CoA0SuQBPyWi_Aw3GBxMVemLIhjGi1-U/view
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Delivery of the agreed-upon in-app designs on desktop and mobile from the design team.
This milestone will be considered complete once the design team submits final designs to the community and Yat Labs, both of which will have to sign off before dev work is to commence.
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Delivery of the integration in the mobile wallet on IOS and Android.
This milestone will be considered complete when engineering signs off on the code, the product team signs off on functionality, and Yat Labs completes full QA testing.
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Delivery of Portis support by Yat Labs.
This milestone would be considered complete upon the successful delivery and QA testing by Yat Labs as confirmed by members of the DAO.
To incentivize the work necessary to complete the integration, we are offering a bounty of $60,000 in FOX tokens for the PM to distribute to the team accordingly.
Benefits
In addition to the 25% revenue share on the sale of Yats that come from Shapeshift wallet users, being one of the first wallets to integrate Yats will eliminate the intimidation factor that comes with current digital addresses. This would remove a critical the barrier to the mass adoption of digital currencies, positioning Shapeshift as one of the easiest to use wallets for both crypto savvy and new crypto users.
Drawbacks
The major potential drawback is that time and resources get invested in the integration, and nobody uses it. That said, it’s worth considering that in ~7 months, we have sold close to 200,000 Yats, and have hundreds of influencers and big-name artists and investors like Paris Hilton, 888, Steve Cohen, Steve Aoki, Disclosure, G-Eazy, Lil Way (to name a few) with a total follower count of over 500 Million, so this risk is low. We can also mitigate this risk by developing a co-marketing plan announcing the launch of the integration. In any case, there is little financial risk to the DAO as Yat is offering a bounty to cover the integration costs.
