[Grant Application] WalletX: Easily manage all your assets in your hand

1. Title

WalletX

2. Project Category

Development

3. Project Description

“Easily manage all your assets in your hand.”

Most wallet products aim to offer the features to store and transfer certain digital assets. There are many wallet products in the market, and the features they provide fully satisfy the requirements of users who understand blockchain and cryptography.

However, the complexity that comes from the fundamental characteristics of Blockchain, PKI and decentralization is still recognized as difficult and inconvenient for the general users. ICONTROL aims to present a new vision of wallet product that dramatically improves the user experience by applying new ideas to existing wallet product features and providing a user-friendly mobile banking service experience. In addition, we want to offer a unique ID to WalletX users in a way that guarantees anonymity, and connect to multiple Dapps with the ID to ultimately become a gateway to activate the ecosystem.

WalletX is a “most reliable and secure” cryptocurrency wallet and aims to be a user endpoint that can manage various assets in one app.

Product differentiation of WalletX is as follows.

Feature 1: INS(ICON Name Service)
“Easier and safer ID”


INS(ICON Name Service) is a feature that allows users to create and manage their own public address in the form of an online service ‘ID’ so that they can easily remember and use their public address. Traditional cryptocurrency wallet addresses are long and difficult to remember. Since users could not memorize his/her own address, it was inconvenient to always log in to the service to know his/her address. Also, when sending money, users would double-check it twice or twice, in case the wrong address was entered.

However, WalletX users can easily create their own unique ID, which is easy and user friendly, instead of a public address. User flow is as follows.

In this way, users can link their unique IDs to public addresses and make deposits and transfers more convenient in a way that guarantees anonymity. Instead of a long and complex cryptocurrency address, it is easier to remember and reduces the likelihood of mistakes in the remittance process.

INS is recorded on a decentralized network and is designed to enable forward lookup (HX->Short Name) and reverse lookup (Short Name->HX). The inquiry function will be provided as an API so that it can be used in other wallet products.

In other blockchain network cases, there are teams that provide services similar to ‘INS’. Their domain auctions have exceeded 600k, and on average, users have purchased 1-2 domains. Accordingly, we believe that the marketability has already been proved.

Ultimately, INS will provide a single identity to all users, such as the Domain Name Service (DNS)of the web ecosystem. In addition, in order to purchase the specific ID users want, we will add a fun element to our service by operating a marketplace so that preempted IDs can be sold or exchanged.


Feature 2: Fingerprint Authentication
"Universal key generation with one registration”

Although there are wallet products that improve authentication convenience and security by using biometric authentication methods, each token wallet required it’s own individual encryption, so users always had to manage multiple passwords. However, WalletX is designed to access multiple wallets (1:N authentication method) with a single fingerprint.

Users can easily perform various tasks with a single fingerprint instead of separate passwords. Fingerprint authentication can not only unlock the application, but can also be used to inquire and remit individual assets.

Each user’s fingerprint data is encrypted and only stored in their device’s secure area. No one can reverse engineer the actual fingerprint from that data, and it is designed not to be stored on the app server either.


Feature 3: Notification
“Real-time asset monitoring”

To make it easier to check when my assets are changing, it offers push notification functions according to user settings, such as a mobile banking service.

Users can receive real-time notifications of deposit and withdrawal events.

Event message data is also included in the transaction. When sending money, the message can be sent to the recipient.

Users can receive real-time notifications of various Dapp information and asset price changes.

Users can select whether to activate the function for a specific address.

WalletX has the following features based on the three features above.

  • Integrated asset management: You can manage a portfolio of coins (Ether) and tokens (ERC20, ERC721, BTC, ICX, etc.) of major networks in one mobile app.
  • Real-time exchange rate inquiry: You can inquire the fiat currency value of each asset in real time.
  • Reliability: Personal information and private keys are only stored in local database, and the app can add different levels of encryption to protect them with multiple layers of security.
  • Anonymity: App does not collect and access your personal information and keeps your data safe.
  • Recovery convenience: You can make use of two recovery methods: mnemonic phrase and keystore file, and the app provides an easy interface to recover within 30 seconds.
  • DApp browser: App offers Web3 browser to connect and interact with decentralized applications (DApps) directly from the app.
  • Wallet nickname: You can set a nickname to make it easier to discern your each wallets.
  • Transaction history: You can check the balance between each transaction, as well as the final balance, for every deposit and withdrawal snapshot.

WalletX is built on the following architecture.

WalletX has the following synergy and integration plans. Plans aim to create synergy by connecting WalletX as user endpoint with the next planned product, e-Signature and Reviewy.

4. Project Duration & Project Milestones

6 months (5 months of development and 1 month of testing)

  • ~ Oct. 20: API Release.
  • ~ Nov. 30: APP RC-1 Release.
  • ~ Dec. 11: APP RC-2 Release.
  • ~ Dec. 30: Final Release.

5. Funding Amount Requested

$94,309

This covers all cost:

  • Operation of RDB featured to offer alarms and display real-time balance
  • Operation of resource for real-time TX analysis
  • Development of SCORE for INS(ICON Name Service)
  • Development of mobile apps with Native languages(Object-C, JAVA) to respond quickly to platform changes
  • Development of various back-end stacks such as API and modularization by functions

details:

6. Public Address

hxe8767c80a009c7bb8344d81c430144463cbb325e

7. Official Team Name

ICONTROL

8. Team Contact Information

Email : icontrol.b@gmail.com
Telegram ID: @icontrol_team
Social Media: twitter.com/icontrol_team
Github: github.com/icontrol-team

9. Contributions

Over the past month, our team has developed 3 products below.

Initial Review Result Comments

Review Result

Approval pending on revised conditions

Review Comments

We believe that this project will not only help to support our KPIs of transactions and active wallets directly, but it will also a great opportunity for non-crpyto users to learn crypto. However, we would like to ask your team to adjust the Funding Amount more reasonably. We will only cover 72,000 USD of the costs.

If your team agrees to the revised condition, grants will be funded.

Next Procedure

ICON Foundation provided the Initial Review Result Comments on the proposal. Grants recipients will respond to the foundation’s response. If the recipient finally agrees on the outcome of the ICON Foundation, the foundation will provide the Final Review Result Comments.

Thank you. We confirmed your offer and will do our best.

Final Review Result Comments

Review Result

Approved

Reporting Period

Grant recipients should produce Periodic Reports in order to continue to receive grant funding. If the Periodic Report is showing that the initiative is not meeting expectations, the ICON Foundation has the option to halt continued funding. Please check the link (ICON Community Grant Program (“ICON CGP”)) and leave reports on this page (https://forum.icon.community/c/g/pr)

The team must submit the Periodic Report by the timeframes below (UTC):

  • 2020/08/28 02:00 AM (UTC)
  • 2020/09/26 02:00 AM (UTC)
  • 2020/10/28 02:00 AM (UTC)
  • 2020/11/28 02:00 AM (UTC)
  • 2020/12/28 02:00 AM (UTC)
  • 2021/01/28 02:00 AM (UTC)

Funding Amount

The ICON Foundation is going to give out $72,000 in 6 monthly installments based on the Periodic Report. The amount of ICX will be determined and paid according to the price at 02:00 AM (UTC) on the day of payment.

  • 2020/08/31 02:00 AM (UTC) - $12,000
  • 2020/09/28 02:00 AM (UTC) - $12,000
  • 2020/10/30 02:00 AM (UTC) - $12,000
  • 2020/11/30 02:00 AM (UTC) - $12,000
  • 2020/12/30 02:00 AM (UTC) - $12,000
  • 2021/01/29 02:00 AM (UTC) - $12,000