List Smartcash on Golix | A software development proposal


#1

At Golix, we are committed to being the leading cryptocurrency exchange in Africa and we have achieved a lot in our short history.
We have operations in 7 African countries, namely, Zimbabwe, Uganda, Tanzania, Rwanda, Kenya, Cameroon and South Africa. We allow cryptocurrency to fiat conversions in those 7 countries that operate in and in terms of geographic reach and presence, Golix is Africa’s leading cryptocurrency exchange.
Golix was born out of the frustration from an inability to make online and/or cross-border payments. The cryptocurrency exchange therefore exists to give every person in Africa Financial Autonomy. We are also one of the oldest.
We have designed our hot and cold storage wallets to provide the highest level of security for all the 7 cryptocurrency projects we have listed today and this proposal outlines a patch of buildup and integration for Smartcash support within Golix’s expensive production offering.

Integrating with Golix will make it substantially easier for for anyone in any one of the seven countries that we operate in to buy and/or sell cryptocurrency with the local fiat. Our platform has processed over US $8 millon in cryptocurrency transactions to date and our throughout our existence (we have been live since September 2015) our volume has doubled every 3 months.

Besides the exchange, we also have a wallet service so another problem we solve is custodial services for customers who cannot store their cryptocurrency themselves.
Our API is used by tens of thousands of people (either directly or indirectly) not just in Africa, but all over the world. We also have a full time technical team ready to help onboard any new customers and that would like to programmatically integrate with Smartcash either via our API or directly to a Smartnode.

The compensation that Golix seeks will primarily be used to pay for the man hours required for full wallet integration. Most of our development team is based in Zimbabwe and South Africa but we employ the best people we can find on the continent who come from the leading companies in Africa. We therefore pay competitive salaries. Because we have top talent, we are confident we can make a significant enhancement on the UX for someone looking to buy and/or use Smartcash in any of the current markets we operate in as well as the future markets we are going to grow to.
The compensation is divided into three equal payments, tied to the completion of 3 major milestones described below:

MILESTONE # DELIVERABLE # DAYS

#1 Smartnode setup (both testnet & mainnet) 4
#2 Smartnode Fault Tolerance 3
#3 Hot & Cold Wallet Procedures 5
#4 API routes & API integration 7
#5 Explorer & Market Data 10
#6 Smartcash Deposits/Withdrawals 4
#7 Smartcash fee and fee estimation implementation 2
#8 Wallet Integration 1
#9 Integration against each fiat pair in 7 countries 1
#10 Integration against USDT 1
#11 Integration Testing on Testnet 2
#12 Full testing on testnet 2
#13 Deployment on main net 1


#2

What is the compensation amount that is proposed?


#3

Just pointing out some questionable things here.

There is no need to setup smartnodes or do fault tolerance…whatever that is.

If you are an exchange you should already know about hot/cold wallet procedures, this doesn’t change with a different coin.

Most exchanges review our code so they can be sure there is nothing malicious. This is a standard practice that all exchanges do. This does take time. This is a major red flag that this is not in the actual activities.

The other part about fees and how to create transactions with smartcash is all in the exchange setup guide. There are some unique things with smartcash, but we can help with that.

Your website looks like you have raised almost $8 million for the GOLIX Token. Suspiciously, this is the same amount of transactions that you said you have processed.
https://golix.com/tokensale


#4

We are asking for $5.16 k

The man hour cost of the integration is significantly higher than what we are asking for - we are going to cover the bulk of the cost ourselves because we really like Smartcash. But we think it will be really awesome if we can get some support from this community.

BTW, we’ve already started working on the integration and we’re going to still moving forward regardless of wheter our proposal gets a vote or not.


#5

Thanks for pointing these out. We’ll use your feedback to improve our final proposal. I wanted to comment on the issues you raised though:

I disagree on the fault tolerance and smartnode setup. We’ve had so many DDOS and activity that was than we initially expected that we think it’s necessary to plan for the worst case scenario. We also always run a full node for both our testnet environment so that we don’t have to rely on a thirdparty. Secondly we make sure we’re prepared to handle any amount of load - whether unexpected user growth or malicious DDOS attacks. I’m sure most exchanges will take a similar approach.

Regarding code review, we’ve already done this. It’s the reason why we put so many days on milestone 1 and milestone 2. We not only review every line of code, but we do a lot of tests and static analysis. If there was any malicious code, we would have picked it up already.

Thanks for the offer to help with figuring out fees - that’s the stage we are at actually. What’s the best channel to connect with you on?

About the $8 million, it was actually supposed to be $28 million - sorry. To provide some evidence, we have some press mentions in the past that demonstrated our traction:

  1. https://www.techzim.co.zw/2017/11/zimbabwean-bitcoin-exchange-golix-processes-1m-monthly-now-profitable/
  2. https://www.newsday.co.zw/2018/05/golix-traded-20-million-has-50-000-clients/

#6

Hi @tkembo I still don’t understand what do you mean by fault tolerance. also when you say smartnode setup are talking about OUR SmartNode this (https://smartcash.cc/smartnodes/) ? because I honestly think you’re talking about something else.


#7

Either you are trying to act intelligent and making things up or you actually don’t understand what a SmartNode is. A SmartNode requires 10,000 Smart stored in a wallet with a 2nd server that is active all the time. There are no exchanges running SmartNodes as far as I know.

You do want to run a full node. Just start a node and open the specific ports you want to allow communication. We also suggest exchanges use litemode=1 so they don’t have to spend extra CPU managing smartnode actions.

Using fault tolerance and DDOS attacks like it is something new to exchanges or websites doesn’t make much sense to me.


#8

You’re right @Control. I was badly mistaken. I thought a smart node is a full node. What I really meant is a full node.

Hey, if you Google Smartcash Full node, guess what comes up first:https://www.google.co.zw/search?q=smartcash+full+node&oq=smartcash+full+node&aqs=chrome..69i57.3035j0j7&sourceid=chrome&ie=UTF-8


#9

You’re right @Solarminer - I was badly mistaken. I thought a smart node is a full node. What I really meant is a full node.


#10

@Solarminer is there an exchange integration guide/documentation you can point me to? I’d be very interested in comparing what we think vs what you recommend.


#11

You want the smartcash community to pay and smartcash developers to teach you how to do an exchange integration?

This proposal is shit.


#12

A professional exchange can do this in two weeks, easy. It’s basically bitcoin with a slight tweak to the hash by keccak sha3 rather than double sha3.

This is an earlier guide on it, basically the same as it is now (just use v1.2.5 as the latest release): https://smartcash.cc/wp-content/uploads/2018/10/SmartCash-Listing-Manual-for-v1.2.2.docx


#13

Thanks for this document @mark-smartcash. This is very helpful. We’re going to also share a document/tutorial that gives a more detailed guide on how we did the integration to help other exchanges that want to do this after us.
If you know of an existing online tutorial (on a wiki or something), you can share it with me and I’ll suggest improvements when we’re finished.


#14

You are welcome. SmartCash is based on bitcoin core so any guide for Bitcoin would be pretty similar for steps to integrate. There is no wiki but you are welcome to share on the forum anything you create.

Here is an updated guide for 1.2.6: https://smartcash.cc/wp-content/uploads/2018/10/SmartCash-SMART-Exchange-Listing-Guide-v1.2.6.pdf