[SCP-20] - [Official Ideation Thread] Proposal for Integrating Yat into Shapeshift Wallet

Moved From Product Workstream category

This will serve as the ideation thread on Boardroom for 7 days.

Backstory : Why are we doing ideation here? Boardroom and the Ceramic team have both now confirmed that the ideation room has a critical bug that is preventing from any new threads being made. This governance process is only temporary until the bug is fixed, and has been suggested by Willy and Jon.

Summary

This proposal is for the integration of Yats as a preferred digital address system across the Shapeshift wallet. Instead of users sending digital currency to an address like “0x931d387731bbbcdfsd44345” they could send it to examples like :eye::heart::beer: or :gem::moneybag::raised_hands:.

Including a 101 Video on Yats here – https://emojis.y.at
Those that are interested can also explore our Yat creation tool at Yat

Abstract

The integration would allow Yat owners to use their Yats within the Shapeshift wallet to map their digital currency addresses to their Yats. It would also allow for any Shapeshift users who are interested in creating their own Yats to do so from a prompt within the Shapeshift wallet. Concurrent with the launch of the integration, Yat Labs would would launch support for Portis to make the integration as seamless as possible for the Shapeshift/Portis community.

Motivation

Emojis are a universal language. They are immensely popular in every country in the world, and on every social platform that exists. People send emojis to each other to play, tell stories, express emotions and connect. Yats allow people to own a string of emojis that best represents them and enables them to use these emojis as an online identity and internet address. Part of the utility of Yats is focused on allowing people and companies to transmit value to each other. They simplify how users use digital currency systems, eliminate borders, cultural barriers, and have the potential to increase adoption.

By being one of the first wallets to integrate Yats, Shapeshift will be able to dramatically simplify digital currency addresses within the wallet and eliminate the intimidation factor that often comes along with traditional hexadecimal currency addresses.

Specification

There would be a need for 1 project manager, 1 UX/UI designer, and likely 1 engineer for the desktop version, 1 for the android version, and 1 for iOS version (though 3 engineers may not be necessary depending on the engineers’ skillset across platforms).

Delivery of the UX/UI designs to the community for a period of feedback. Including a link to our proposed user flows here. Note that these would be updated to include Portis support in addition to Metamask.

These are designed to maximize adoption and thus the revenue share. This milestone will be considered complete once we achieve consensus on the user flows between the community and Yat Labs.

Delivery of the agreed-upon in-app designs on desktop and mobile from the design team. This milestone will be considered complete once the design team submits final designs to the community and Yat Labs, both of which will have to sign off before dev work is to commence.

Delivery of the integration in the mobile wallet on IOS and Android. This milestone will be considered complete when engineering signs off on the code, the product team signs off on functionality.

Delivery of the integration on the desktop wallet. This milestone will be considered complete when engineering signs off on the code, the product team signs off on functionality.

Delivery of Portis support by Yat Labs. This milestone would be considered complete upon the successful delivery and QA testing by Yat Labs as confirmed by members of the DAO.

We are offering a bounty of $60,000 in FOX for the PM to distribute to the team accordingly.

Benefits

For users:
Yats dramatically simplify digital address systems into addresses that are personal, easy to remember and allow for self-expression. Current crypto addresses are intimidating for new users and are a barrier to the mass adoption of digital currencies. Being one of the first wallets to integrate Yats as the potential to open up Shapeshift to new, more “mainstream” users.

For the DAO
We are proposing a 25% revenue share on the sale of Yats that come from Shapeshift wallet users.

Drawbacks

The major potential drawback is that time and resources get invested in the integration, and nobody uses it. That said, it’s worth considering that in 6 months’ time, we have sold over 120,000 Yats, and have hundreds of influencers and big-name artists and investors like Paris Hilton, 888, Steve Cohen, Steve Aoki, Disclosure, G-Eazy, Lil Way (to name a few) with a total follower count of over 500 Million, so this risk is low. We can also mitigate this risk by developing a co-marketing plan announcing the launch of the integration. In any case, there is little financial risk to the DAO as Yat is offering a bounty to cover the integration costs.

  • I support this integration
  • I do not support this integration

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