AIP Idea: ApeCoin Wallet

Please Note: This is just an idea right now, I am not requesting this be promoted to the Analysis phase unless there is community appetite to collaborate

Abstract

Develop a branded ApeCoin Wallet that is dedicated to managing ApeCoin, BAYC, MAYC and BAKC (and ETH by extension). The purpose of this wallet would be three fold:

  1. It should be a self custody wallet (not your keys, not your crypto) that provides users direct control over their assets as well and be able to connect over WalletConnect
  2. There should be a vendor side to the wallet, so businesses can easily integrate this wallet into the Point Of Sale (POS) system
  3. Any staking or gaming developments can be done directly in the wallet – making it a platform itself.

Motivation

I mostly like thinking about how Web3 will evolve over time, things that can drive adoption of ApeCoin, and the intersection between these two things. I suspect a fully branded wallet can be a hub or platform application that users know is not a scam as well as, provide a rich feature set dedicated to the ApeCoin DAO events, activities, projects, voting and funding (maybe we could even surface the conversations happening in Discourse in this app in a separate section)

Rationale

Having a single Branded wallet aligns well with the community’s mission to scale ApeCoin adoption, recruit more members and provide trust that this wallet is a safe place to custody your ApeCoin and NFTs.

Specifications

To bootstrap this project, I think we can simply fork the source code of MetaMask and then add the functionality we want and remove the stuff we don’t.

Estimated Steps to Implement

  • Fork MetaMask (plugin version to start with, or if we are feeling more ambitious, fork the mobile wallet)
  • Understand MetaMask architecture
  • Develop a new design for ApeCoin Wallet
  • Create a feature set and then align it with a product road map
  • Create a Project Management board in Jira
  • Design and document the new architecture
  • Begin creating User Stories, tasks, and acceptance criteria
  • Develop the app
  • Deploy app to Chrome Store OR Mobile Stores (if the mobile version)

Timeline

I have not really thought about the timeline yet as I mostly wanted to see if this was an idea the community was interested in. If it is, and some members want to investigate this product further, I would be happy to collaborate with everyone. If no one is interested in working on this, I’ll probably just withdraw this idea after the 7 days.

Overall Cost

  • 3 or 4 developers @ 200K a developer?
  • 1 Project Manager - 130K
  • Company formation (or just develop under the ApeCoin DAO directly and leave it as wholly owned by the DAO)
  • I would guess marketing would be minimal (as I think we would be able to count on ApeCoin community to be early adopters and provide feedback)
7 Likes

This is very against web3 ethos. Nobody with a BAYC NFT would ever use this. I am sorry.

2 Likes

@Papasito thanks for the feedback, I am obviously new to the ecosystem and just trying to learn. No need to apologise

3 Likes

A great idea my friend! Keep them coming please :smiley:
Even if it is against culture, it can be a seed for a new breakthrough for all of us.

Also let us not forget that cultural transformation is a must for our growth.

2 Likes

Hello @Papasito
I really didn’t expect this answer from my famous (brainstorming) facilitator. Whenever I think about applying for my work as a human-centered designer (I even found this new crazy platform to do it), you come to my mind in a very positive way as a supporter.

The most important in our facilitation assignment is as below:

As Nobel laureate Linus Pauling famously said, “If you want a good idea start with a lot of ideas

That is why we make sure to defer judgment which also allows others to express their ideas as well. For example, I came here to share my first rapid prototype as an AIP-Procedure, but such a short answer could make me hesitate.

Love n Respect

4 Likes

Sorry for the long talks, I am really immersed in all of this :smiley:

Btw can we have help from any of our top partners, especially Yoga Labs?

2 Likes

I just really can not see the desire behind storing my NFT anywhere but my hardware wallet. I believe most people would agree there. I want to put my effort in as much as possible but it also has to be an idea that I truly believe the community would support.

3 Likes

HI @kingkunta thank you for support, I appreciate it. I was feeling a bit timid after posting the idea.

Hi @Papasito, thank you for elaborating on the problem being the NFT not being stored anywhere but a hardware wallet. I assumed that folks knew that you can integrate a hardware wallet into MetaMask and therefore you have the optionality to create a further layer between where your keys are and where your software that makes transaction signing requests sit.

So, just for the sake of further articulating how this could possibly work, this software wallet could be key a store for a minimal amount of ApeCoin while being a window into further assets that the keys are stored elsewhere on. The way I think about this is, IRL, you have a wallet (and before 2020) you probably had cash and debit / credit cards in it. You wouldn’t store your life savings in cash, in your wallet, and you probably wouldn’t store your life savings in your bank account (real-estate, investments, other assets, e.g. NFTs :slight_smile: ).

So creating a software wallet would be like creating a IRL physical wallet, it stores an accessible amount of real-time ApeCoin that can be easily spent (on Merch let’s say) but you are willing to lose it without incurring significant loses as compared to your total net-value. It would also be like a debit card, it can give you further access to further funds with a few physical steps, going to an ATM or connecting to your hardware wallet.

3 Likes

Final thought on this current brain dump: I think that we (all the members of our DAO) have a huge balance sheet and we should not be afraid to chase down, iterate on, be open to and spend on a lot on ideas. Some ideas will produce value, some will totally fail – it’s all good. If you look at comparable venture or private equity business models, most of the capital deployment are losers and 1% produce 1000x return. I get that some of us are new, some of us are OG holders of MAYC, BAYC, BAKC but all of us have a responsibility to challenge the way things work now.

2 Likes

Thanks my dear friend for the awesome advice! I am really inspired by your attitude :heart_eyes: :facepunch: :facepunch:

We can iterate our ways using rapid prototypes or even live prototypes!

"You will never succeed more than you fail

That’s not how it works

You know why

Because failure

Is a wonderful teacher

Is the only way to learn

Failure is part of the process

I tell people that all the time."

Micheal Jordan

2 Likes

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