Add SmartCash to currently operating peer-to-peer cryptocurrency exchange in Venezuela providing bolivars and bitcoin trading pairs

#1

Dear SmartCash Community,

Having recently seen a spike in growth in the SmartCash community in Venezuela, we believe that CryptoWay can provide, and be successful in reaching more people with a means to trade SmartCash for Venezuelan bolivars and Bitcoin. We would like to implement this project into our platform https://cryptoway.io/, and promote and market it in an educational way through our social networks.

Currently, Venezuela is experiencing an incredible economic crisis and inflation which is drastically consuming people’s purchasing power. While this is a terrible situation and unimaginable for those who haven’t lived it, many people have turned to cryptocurrencies to safeguard their funds. CryptoWay looks to provide people with an easy alternative to convert their bolivars into cryptocurrencies, allowing users to enter the crypto world with small amounts of money, accommodating as many people as possible.

Just this year, the IMF predict that Venezuela will experience 1,000,000% inflation - there alone we see a lot of potential for the adoption and incorporation of SmartCash into our platform as this project has a great, interactive community, fast transaction times, and low mining fees.

We also believe that the SmartCard has huge potential in Venezuela as the current payment methods are also beginning to fail for many businesses and people.

Proposal

In order to list SmartCash in our platform we would need to run our own node to handle blockchain communication and blockchain transaction management. We estimate a 6 month period will be required to fully integrate Smart Cash in our platform.

Setup testnet node and build all necessary endpoints to handle Blockchain communication and transaction broadcasting.
Cost: $1,700.00

Setup a second testnet node and program redundancy in order to handle system failures.
Cost: $700.00

Create webhook functionality in order to handle user’s deposits.
Cost: $2,000.00

Incorporate SMART’s deposits into our existing deposit system.
Cost: $700.00

Create withdraw functionality.
Cost: $3,000.00

Incorporate and test SMART into our markets.
Cost: $350.00

Setup mainnet nodes and deploy to production.
Cost: $500.00

Total: $8,950.00

Milestones

First Month

  • Test net setup and API for SMART’s Blockchain interactions
    Cost: $1,700.00

Second Month

  • Nodes redundancy
    Cost: $700.00

Third Month

  • Webhook Functionality
    Cost: $2,000.00

Fourth Month

  • Inclusion of SMART into our deposit system
  • Withdraw Functionality
    Cost: $3,700.00

Fifth Month

  • Incorporate SMART into our markets
    Cost: $350.00

Sixth Month

  • Setup mainnet nodes and deploy to production
    Cost: $500.00

Total: $8,950.00

By incorporating SMART into our system it will be by default in the next Blockchain products we will develop in the future in order to aid mass adoption of Blockchain Technology. These products will be focused on Commerce and Institutional Custody.

Please let us know what you think or if there is any other information that you need.

We are also open to any suggestions and feedback from the community.

Thank you for your time!

#2

Regards! Could you clarify why the cost so high for the development work they plan to implement? I understand that man hours must be rewarded! But if you own the aforementioned platform, you will not receive earnings after smartcash is listed?

#3

Effectively in venezuela we need more exchange for smartcash but the budget is very high, and the cost of the videos is too high.

#4

Good! I’m reading a bit and I’m getting the message that this is a project with a very large budget, I see that there is a huge exaggeration.

#5

Hi. I dont think the budget goes with the numbers you have now. 500 downloads from google play. If you can add your mettrics + demo vids i would be awesome.

#6

Já efetuamos vários pagamentos para comunidade elaborar conteúdo, não vejo necessidade de elaboração dos vídeos pois já existem vídeos com explicações em alto potencial que foram pagos pela comunidade.
Sobre impacto nas redes sociais a pergunta Ă©? Como chegou no valor pata postar conteĂşdo?
Sobre o par bolivar/smartcash acho interessante, porém peço que revise e apresente algo mais concreto, da impressão que você ainda está montando a exchange para depois lista smartcash. Você já terá lucro na compra e venda, sugiro que revise o valor proposto.
Quaisquer dúvidas estou a disposição.
Atenciosamente.

#7

Hola! me gusta su propuesta y aplaudo la idea que CriptoWay quiera incorporar a sus operaciones a SmartCash y los pares de BTC, pero causa un poco de suspicacia el costo de elaboración de los videos, ayudaría mucho si lograran incluir algunos números de sus métricas en redes, cantidad de usuarios en la plataforma y tiempo desde su entrada en funcionamiento, esto con el motivo de soportar lo mostrado en su propuesta y ganar la aceptación en la comunidad.

#8

I like the idea that this exchange wants to enlist smartcash and make pairs, which certifies that this proposal is being presented by the Exchange programmer or CEO? Does not the budget seem an exaggeration? This calls a bit of tension because nobody from the team has interacted with any of the Smartcash community in Venezuela.

#9

Hello @rafaeljloyop. Thank you for your feedback. Our developers earn between $1,000 and $1,500 a month, which totals to $12,000 - $18,000 a year. This is a very basic salary for a blockchain developer who also specializes in the rest of the technologies that we use. However, they do it because of their passion for Blockchain Technology and the dream of seeing this technology massively adopted worldwide. When we estimated the length of the development we were thinking of getting 2 full time developers for the 5 months. After seeing the input/feedback from the SmartCash community we decided to recalculate these numbers and base them on 1 full time developer. That’s true, we will be receiving earnings from every trade but you have to keep in mind that we charge a 0.4% fee and listing SmartCash will bring us permanent costs. Such as, 4 virtual machines, 2 for development (testnet) and 2 for production (mainnet). Even though the SmartCash community in Venezuela is growing it still needs more Marketing, Education and Software. Finally, by us listing SmartCash will also mean that we will be promoting it and also educating all users who are interested in investing in it as well as businesses who wish to accept it as a payment method. Thanks again for your comment, we will let you know once our pre-proposal has been revised.

#10

Hello @franvel26. Firstly we want to thank you for your comment. We are sorry you feel that way. We will be removing the videos, social network posters and recalculate the numbers with only 1 full time developer. Thanks again for your feedback and will let you know once the pre-proposal has been modified.

#11

Hello @amontecal1. First of all, thank you very much for your comment. Our developers earn between $1,000 and $1,500 a month, which totals to $12,000 - $18,000 a year. This is a very basic salary for a blockchain developer who also specializes in the rest of the technologies that we use. However, they do it because of their passion for Blockchain Technology and the dream of seeing this technology massively adopted worldwide. When we estimated the length of the development we were thinking of getting 2 full time developers for the 5 months. After seeing the input/feedback from the SmartCash community we decided to recalculate these numbers and base them on 1 full time developer, remove the videos & the social network posters in order to reduce costs. Thanks again for your feedback and will let you know once the pre-proposal has been modified.

#12

Hello @oucan. Firstly we want to thank you for your comment. Our phone app is currently limited to just visualizing data and this is why it hasn’t created great traction yet on Google Play. We have already begun developing and will be launching the full mobile app in the next couple of months and this should increase the traction since we have many of our current web users asking for this tool in order to improve their activities. After seeing the community’s input we have decided to delete the videos, the social network posters from the proposal as well as recalculating development numbers with only 1 full time developer.
In our pre-proposal you will find our youtube channel (https://www.youtube.com/channel/UCB9YqdUuTIFVAT-voS89ftQ), our social network profile names are also listed there where you can freely review our current content and community. Thanks again for your feedback and will let you know once the pre-proposal has been modified.

#13

Hello @joaogabrielcorrea. Thank you very much for your comment and I want to apologize for not being able to respond to it in Portuguese. I’m aware the SmartCash community has funded a lot of content already. However, we struggled to find a high quality video in Spanish that explains the project, something similar to this: https://www.youtube.com/watch?v=OE3QTbgh-p8. Nevertheless, after seeing the community’s input we decided to remove the videos, social network posters from the proposal as well as recalculating the development numbers based on 1 full time developer. Even though the SmartCash community is constantly growing in Venezuela it still needs more Marketing, Education and Software. By listing SmartCash we will also be taking a risk since we will be adding permanent costs to our structure knowing that growth can take time and to be able to generate volume, we will need to be patient since we would be the only exchange with the BS_SMART pair and we have a small marketing budget. We are a self-funded Software Startup that initialized activities in January this year. We are not profitable yet, we see this project as a long term investment. Thanks again for your feedback. We will let you know once we have modified the pre-proposal.

#14

Hola @ancollins. Ante todo, muchas gracias por tu comentario. Después de ver los comentarios de la comunidad decidimos eliminar los videos, social network posters y recalcular los números del desarrollo basado en 1 solo programador full time. Muchas gracias por la sugerencia, te notificare una vez hayamos hecho las modificaciones en la pre-propuesta.

#15

Hello @amontecal1. Thank you very much for your comment. This proposal is being presented by the CryptoWay team and in order to prove the ownership we will be granting access to our development environment so that the SmartCash community can audit our implementation hand in hand with the milestones presented. I’m very sorry you feel our budget is an exaggeration. We find it very unlikely that Blockchain Technology can reach its full potential if the developers get paid less than any other profession. However, as said in our previous response, we are going to revise our budget and make changes accordingly to lower our costs. As mentioned before, we are a young Software Start-Up and still lacking a representative to take care of our PR. However, we are excited about the opportunities presenting themselves in Venezuela for SmartCash and we believe that CryptoWay is a useful tool people are going to need if they wish to do business with SmartCash in Venezuela.

#16

Hello everyone. Thanks again for your comments & feedback. Based on this we have modified our pre-proposal. Please don’t hesitate to contact us should you have further doubts or queries.

#17

Regards! Thanks for the reply @JessDotJS . Could you set how much transaction volume moves cryptoway? As you say, your developers pay between $ 1,000 and $ 1,500 monthly. For which I assume that in average gains they receive more than that in the fees and others of the platform is not like that? To cover the salaries and others of the people who work in it. Otherwise, I think that this proposal is going up only to get the resources to pay your employees and enlist smartcash is the means to the end. If so, it seems a lack of consideration to do it that way when you could calmly request it without having to lie about it! And well, I’ll be waiting for the corrections mentioned! A lot of success in your proposal!

#18

mmmmmmmmmmmmmmmmm no lo se Rick…

#19

Thanks for the clarifications, and of course it seems a good idea to see that they want to add to the markets they sell crypto in Venezuela, I have seen that they are starting and taking the proposal to different crypto, I saw that they are presented in Dash. I talked about the budget I thought it was exaggerated, of course the developers maybe they could deserve it but the videos? The same with the proposal and if you are doing good work believe me that these comments like mine will go down when they do what they propose in high form.

#20

We are terribly sorry that is the message you received. You had asked why costs are so high and we thought it was appropriate to mention salaries.

We truly believe there is a growing demand and opportunity for Venezuelans to use and transact using SmartCash and we were inspired by the amount of work going into the events in the community and our idea is to support these activities and adoption in the way we know how, with software.

However, setting up and running a node takes time and resources, as well as including APIs into our platform. Also keep in mind that running these nodes will add a permanent cost of $200/month that we will be paying for.

In the edited version of our proposal you can see that we have decided to assume marketing and software costs.

We currently have more than 3000 registered users and over 1700 verified for trading, we receive around 20 identity verification requests daily. Keeping in mind that we have a small marketing budget and have not performed paid advertising. We have not received any profit from this project yet, as I mentioned before we are pulling this together from our own pockets but are willing to do what it takes.

We believe that adding SmartCash to CryptoWay could be a great opportunity for us and for the wider SmartCash community.