Attributes
- Author(s):
- @PoktBlade, BaaS Pools LLC
- Recipient(s):
- BaaS Pools LLC (PoktFund)
- Category:
- Funding & Reimbursement
- Current Employees:
https://www.linkedin.com/in/dottietosan 9- Toho - DAO voter, Software Engineer with experience working at leading tech companies including a major cloud provider, AWS. Their technical experience is split between application development and supporting/establishing infrastructure for large scale distributed systems
- PoktBlade - DAO voter, noderunner & Active Discord Member, Sr. Software Engineer. Web3 expertise, scaling out to millions, infrastructure design, and application development. A good amount of system/infrastructure design knowledge was gained from working at AWS.
- Kersley P. - UI/UX Designer and Frontend Engineer
- Asking Amount:
- 350K USD worth of POKT broken into milestones
Summary/Abstract
Previous Proposal: https://forum.pokt.network/t/pep-23-poktfund-ecosystem-development-wallet-pool-open-apis/2444/9
We have had extensive internal discussions as well as with members of the community unaffiliated with PoktFund following our previous proposal. The community feedback and discussions have been extremely helpful in our understanding of what the DAO is comfortable with and how we can better align. This information has guided us in making heavy revisions to our proposal and making compromises.
Here are the notable differences we’d like to highlight for ease of reading.
- Shift to milestone based funding/grant
- Reduced asking amount
- Removal of PoktFund Pool
- Clarification on what will be open source
- In Depth breakdown of deliverables
- MVP for the community to test
The community was loud and clear that they were not completely comfortable with a combination of the asking amount and the paid in full grant asking amount. We had an in depth discussion on a middle ground that would work for us while also making sure the DAO feels safe as well. The middle ground we landed on was breaking the proposal down into milestones and instead of asking for a full grant for all the work, we’re now asking for a more modest grant for the first milestone and using a reimbursement approach for all sequential milestones. We’ve also ripped out our core pooling service from the proposal. Clarification was another task that we dropped the ball on in the previous proposal. With the amendments to this proposal, we’ve clarified what our milestones/deliverables are.
Needs being met
This always free and open-source product focuses on delivering a native wallet experience on their mobile device. PoktFund’s Wallet is self custodial and allows individuals and enterprises the ability to manage their POKT balances and ingoing and outgoing transactions (receive, send, staking, etc). The wallet will support backing up keys to local devices and native cloud storage solutions. For receiving and sending funds, QR code will be supported to prevent accidental amounts from being sent. Wallet will have native security functionalities integrated such as Face ID, fingerprint, and custom passcode pins. The wallet will also extend its use to use cases for node runners as well. They will be able to view various metrics such as comparing their average earnings by day, relays, etc with one application across many different staked nodes. By offering a native wallet experience, this service will attract more users to join the ecosystem, invest, hold, and use POKT.
Motivation/Rationale
As of today, there are zero Pokt-related applications in both Google Play and Apple Store. In the best interest and growth of Pokt - we believe that the more quality options the ecosystem has, the better - especially when it comes to which product stakeholders can utilize to hold and use Pokt. By providing an native application, Poktfund aims to instill confidence in the users who decide to invest, hold, trade, and use Pokt. With wallet.pokt.network, the functionality is simple, yet not really optimized for daily consumption. It is missing basic features that would greatly enhance the user experience such as:
- QR generation
- Statistics for node runners
- Multiple accounts support
- Mnemonic pass phrases
- Lacking i18n & accessibility
- Not optimized for mobile use
We have already seen incidents where users loses their funds by accident and some who even forget their passphrase after creating it. It wouldn’t be surprising if some are keeping POKT in centralized exchanges due to the convenience factor they have (Most CEX have mobile apps). This will also help improve the current monitoring tools available for node runners by offering them a single point view of their node earnings and detect when they are jailed. Users have asked for an alternative time and time again, and our team acts to serve as a medium to solve that problem in a timely fashion.
Below is just some of the recent snapshots we’ve seen that have supported a need for a mobile wallet:

PoktFund’s Wallet will aim to fix all of these, instilling trust and providing a seamless user experience for new and existing users.
Deliverables & Budget
We’re looking to launch core functionalities of Wallet by Q2 (fiscal quarter) and core team members are working to meet this imminent goal.
Milestone clarifications:
- Milestones must be unlocked in order (Milestone #3 can’t be granted before Milestone #2)
- Governance lead (@Jackal) will qualify, determine if milestones are met, and disburse funds from the treasury on behalf of the DAO.
- The cost of development should be thought of as a total. The milestones are broken down in this manner to minimize risk for the DAO and do not necessarily have a 1:1 value correlation with the work being performed in each milestone.
- If the milestone outlines are not met, out of good faith, BaaS Pool LLC will commit to returning the grant to DAOOwner address so that other projects can be funded.
Grant ($75k):
Our team has identified the scope of what a mobile wallet should look like for Pocket and built out a MVP for community members to try out. This grant also serves as reimbursement given the team has already completed in terms of identifying the scope needed for this project and development of the MVP. There is still lots of development to do before the wallet is ready for production use in terms of Q/A testing, open source readiness, and functionality. The team will continue development and polish the MVP for Milestone #1 First Release Candidate.
Milestone #1 - First Release Candidate v0.1.0 (FUNDED BY INITIAL GRANT)
- Open source the product with getting started documentation
- Customizable endpoint to interact with Pocket network (with free endpoint provided by Portal as default)
- Wallet history view to see outgoing/incoming transactions
- Import wallet via Private Key and PPK
- Backup keys to local device (encrypted via iOS KeyChain and Android’s Keystore)
- Protect wallet with local pin
- Listing on App Store and Google Play
Outcome: A mobile wallet that the mass can begin to use that offers more than feature parity of the web wallet.
Milestone #2 - Development continuation v0.5.0 ($75k)
- Design overhaul - components and screens to support features listed in Milestones #2 and further.
- Multiple account support with sending/receiving/transaction history
- Protect wallet with native biometric security starting with Face ID
- Jailing push notifications
- Overview to see all accounts and track staking rewards
- Watch only import (Import public keys, address, or domain only)
Outcome: A mobile wallet that even node runners can use while providing industry standard security that’s available on their mobile device.
Milestone #3 - Adoption v1.0.0 ($75k)
- Reaping rewards across multiple accounts to one address
- Local contacts / aliases for addresses
- Import and Export keys to native cloud (Google Drive / ICloud) - which will be encrypted by a passphrase
- Mnemonic pass phrases (BIP 32/39/44 impl)
- Localization starting with Espanol
Outcome: A mobile wallet that offers convenience features that puts the wallet up to par to industry wallet standards and drives adoption across the crypto ecosystem
Final Grant - Long Term Support v1+ ($125k, awarded upon Milestone #3 completion)
- Development is an iterative process. We will open channels for the community to suggest features. We ask the community to support us so that we can continue to provide first party support for the wallet.
- The work covered in this milestone would be repository maintenance (Code reviews & PR’s), localization, documentation, QA testing, user suggestions, and providing feature updates as we move into V0.8 and V1.0.
- BaaS Pools LLC will commit to two years of long term support, providing the needed code maintenance so that the core features of the wallet remain operational.
Total: $350k
Dissenting Opinions
This cost too much.
BaaS Pools LLC was specifically formed to develop and contribute to the Pocket ecosystem. Everyone in our team has vested interest in Pocket and wants to see it succeed. We are committing to not only deliver a feature rich wallet, but to continue supporting the wallet as Pocket continues to grow for multiple years to come. We also want to point out the sheer value of the development in terms of boosting the Pocket ecosystem which would offset any disbursement from the DAO treasury. The asking amount is fair given the expertise of our team, the value it will bring to the ecosystem, and our proactiveness to bring this application to the users as soon as possible while providing two years of long term support.
We are only comfortable with reimbursement due to the risks involved.
There have been previous statements regarding PoktFund seeing the DAO as a VC. We want to make it clear that we do not see the DAO as a VC. Our new milestone based grant approach does not involve equity or any private parties and is more risk averse. This product will always be free and open source. The DAO is a self-governing community with the purpose of enabling the development of value and has the shared treasury at its disposal to help accomplish this. We hold the stance that the ecosystem can benefit heavily from enabling/funding development instead of always reimbursing it in retrospect - as long as the risks are more controlled. By delivering a MVP, reducing the asking amount, and breaking down the disbursements into milestones, we believe the risks are now mitigated.
MVP (Use for Testing purposes only)
- Android Play Store
- IOS Test Flight
- We’re taking feedback / questions about the beta here
- The MVP currently only supports HD wallet imports generated by a BIP39 mnemonic phrase.
- You can impersonate any address you’d like to populate the UI with actual Pocket Chain data by going to settings and typing and tapping impersonate address. This will allow you to check out the test out features (statistics & transaction lists) without the need to import your private key.
Images
Videos (with IPhone 12)
Onboarding:
https://www.poktfund.com/videos/onboarding.mp4
Node Statistics:
https://www.poktfund.com/videos/statistics.mp4
QR Code Sending:
https://www.poktfund.com/videos/qr-code-sending.mov
Normal Send:
https://www.poktfund.com/videos/sending.mp4
Contributor(s)
BaaS Pools LLC as a whole, but to simplify the process, @PoktBlade will be the main lead/PoC for ensuring the success of each deliverables.
Copyright
Copyright and related rights waived via CC0.