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Aragon Nest Proposal: swops, a decentralized cash to crypto gateway #109

Closed arseneeth closed 5 years ago

arseneeth commented 5 years ago

Aragon Nest Proposal: Swops, a decentralized cash to crypto gateway

Abstract

Adoption is one of the main challenges that crypto field faces today. So far, there has been no decentralized way to exchange small amounts of fiat and crypto which creates a significant barrier for entry to the Web 3.0 ecosystem and slows the adoption of Ethereum dApps.

We propose Swops as a solution to this problem. Swops is a mobile-first, open-source platform that automatically matches buyers and sellers, so they can easily exchange in an encrypted chat. Users’ confidence in secure exchange is assured via escrow smart contracts and web of trust. You can think of Swops as a decentralized version of Localbitcoins which is powered by an Uber-like "find the best deal" model.

Swops doesn’t act as a third party, but as a combination of consensus rules that allows secure fiat transactions happening off the platform. Swops user interface is just one of the possible implementations of interaction with Swops back-end, which is open source and could be incorporated by any platform, including decentralized exchanges, mobile messaging apps, web-sites, and wallets.

NOTE: pitch deck and PoC demo video could be found here

KYC/AML discussion

By design Swops does not require any personal information including mobile number, id card or even email. Additionally, and perhaps crucially, Swops does not involve itself in fiat exchange side of the trade process. This should allow the system to avoid some of the more restrictive regulations concerning aspect of KYC/AML.

Deliverables

  1. Registration back-end, wallet generation
  2. Matching back-end, whisper integration, escrow smart contracts
  3. Conflict resolution and web of trust back-end, front-end and smart contracts
  4. Swops alpha version

Grant size

Funding: Up to $100k in ETH, split into chunks paid out over achieved deliverables.

Success reward: Up to $50k in ANT, given out when all deliverables are ready.

Development timeline

The development timeline will be the following one in regards to each deliverable:

  1. Jan 2019
  2. Feb 2019
  3. March 2019
  4. May 2019
mariapao commented 5 years ago

Hi @arsenyjin thank you for submitting your proposal.

A decentralized cash to crypto getaway is an interesting proposal. However, we don't consider this idea a priority for Aragon nor Ethereum right now. Thus, we have decided not to approve this proposal at the moment. In the future, if you are working on something that is a fit for the program, please apply again. We appreciate your participation very much!