TL;DR I'm a non-technical bitcoiner looking for a team to help me build a fun, non-custodial wallet for newbies as part of Bolt Fun's Legends of Lightning ⚡️Tournament.
Learn more: https://makers.bolt.fun/project/tangerine_wallet
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Problem:
Non-tech-savvy millennials who want to control their private keys find the process too complicated and intimidating. Instead, they leave their bitcoin on an exchange and fall victim to fraud, hacks and negligence. This discourages new buyers from using Bitcoin and they never get to experience its benefits firsthand.
Solution:
A non-custodial wallet that guides and educates newcomers to control their private keys with multi-sig, while rewarding them with sats each time they stack bitcoin.
Think Fold meets Casa meets BlueWallet
Why custody? 🔑
The Lightning Network has the potential to drive bitcoin adoption beyond speculation. However, there are still hurdles at the infrastructure, technical and educational level that deter people from using bitcoin for payments. The path towards a hyper-bitcoinized future starts with custody and we need more intuitive tools for people to control their private keys.
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Again, I'm not a developer, but I've worked at bitcoin exchanges as a product manager and business developer over 8 years. I'd love to partner with developers or designers that want to bring bitcoin-native products to the masses.
Also, I'm super open for feedback on idea/direction. I totally expect it to change so if you'd be interested in working with me for the tournament please reach out.
Where do the sats to reward the user come from? What incentive does your wallet have to do that other than an idealistic one?
What's a multi-sig service offering? How does it generate revenue?
(not being negative, just trying to ask the questions that can help flesh out your thoughts and figure out if this idea is viable or not)
As for the technical part, I can't help you atm, unfortunately.
But let's brainstorm. I am a user. I have 1 BTC on an exchange. I am willing to use your wallet as it offers me sats to self-custody. I am a malicious user, I decide to cash in the sats from this first wallet, create a new wallet, and transfer the 1 BTC to this new wallet to cash in some new sats, repeating the loop until I drain all your sats.
People always try to game the system when they can get free money, see Thndr and Viker Games and how they constantly have to fight bots trying to drain all the rewards.
Solutions:
What's your take on all this?
Good luck!
My impression is that @koob seems to have put in quite some personal funds at the beginning to kickstart SN. Just my impression, I don't actually know. How strong is your belief and financial ability to help this get off the rails? Don't need to know, just something you can think while preparing your strategy. You'll need something to get going before you can start knocking on bitcoin VC funds' doors~~
I'm in a comfortable position to bootstrap a rewards system liquidity in the beginning. If things get really out of hand then it's probably a good thing (and a potential sign that it's time to raise).
First of all, thanks for taking the time to share this feedback @south_korea_ln. It's super helpful.
An example of a multi-sig service offering would be Casa - they charge an annual fee for controlling 1 key out of a 2-of-3 setup (and they have more expensive tiers that offer a 3-of-5 setup with additional benefits).
There's absolutely a risk of gamification by malicious users. In my experience building these types of products, you want the system to be difficult to game but still have a some slack to encourage FOMO and participation.
Regarding your ideas:
Overall, some really interesting experiments in game design and incentives. I haven't thought through all of these edge cases but you've given me the inspiration to start shaping the idea and technical details.
I'll keep at it! Thanks again!
Sounds intertesting!
Sounds interesting good luck with this!