Project to massively increase SCRT value

Hi @Cryptojoe ,

Great questions, thank you for keeping the conversation going. Here are my responses

1) Regarding hours

The only honest thing I can tell you with regards to cost estimate is that it’s too chaotic to tell. https://ask.slashdot.org/story/17/04/26/2040212/ask-slashdot-are-accurate-software-development-time-predictions-a-myth

I could, for example, provide granular hours estimates which will invariably be questioned. What then? We could adjust the delegation of hours to satisfy specific grievances, but at the end of the day, it’s just another estimate that is little more than a guess. If that’s what the community wants, then I guess we can go down that route, but I see it as a futile exercise.

I believe the whitepaper explains the architecture sufficiently such that anyone with an understanding of the Secret network can have a general opinion on the level of effort required. Is this an incorrect assumption?

2) Regarding price
If we took this project to any large organization, the proposed cost would be at least $1M - for a prototype only. My goal is to build the product for half that price which already bakes in a lot of hope that SCRT will increase significantly in value. I would be much more confident with 1M SCRT and thrilled with 2M SCRT. That level of funding does a lot to overcome the risks of price uncertainty and volatility.

What is the correct price target anyway?
Prices are lower, yes. ENG is half of what it was valued at in February but that was based on a completely different tech stack. A lot has changed since then. While we all want the same thing for ENG (and presumably SCRT), we cannot know the value of a coin months or even weeks away.

What is backing your claim that SCRT will likely hit $1.00?
The last time we saw ENG at a dollar was two years ago, coming off an insane high from the previous bull run. If (cross your fingers) SCRT spikes to $10 then you certainly won’t see a second proposal, you’ll see a completed product. If SCRT dropped to ENG prices mere weeks ago ($0.08) then, unfortunately, there will be another zero behind the next proposal.

3) Regarding personal profit
Is it not enough to claim community growth and attention as a driving force? I believe the offer that I’m bringing to the community is transparent, both in what I’m proposing to build and the expected return to the community.

If you are asking for my future business model, I can not speak to the specifics of that because I simply don’t know. The goal for the future is first to develop a user base and then identify avenues for profit, sticking to options that maintain the ideals of the company, which are security and privacy.

4) Regarding conflicts of interest
This is a for-profit venture. That is the only thing I can think of which might be considered a conflict of interest. However, the clear fact that this is a mutually beneficial project and the commitment to open-source code should make that a non-issue. I think there is room for everyone to win here.

Hey everyone! CoS (http://chainofsecrets.org) will be providing infrastructure services and secret contract development in support of the Gridlock project.

I specifically will be focused on working with another Enigma Collective member, @Franklin, to design and implement the secret contract. And likely getting advisory help from @Avret on the secret key share generation :wink: .

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Based on the continued discussion, here is a draft proposal ready for on-chain governance
Draft Proposal v2

Please share your thoughts

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Hi everyone! Will be working with @laura’s on the secret contract. Experienced with Python and C/C++. Learning Rust.

Have worked at two start up’s before where I was involved with the data science side of the business, https://innius.com/ and https://seita.nl/. Truly excited to be a part of the Gridlock team :slight_smile:

@can @Cryptojoe

I put the latest proposal on-chain in the deposit period. Do you have any input on it?

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Great job on the whitepaper. I’m not sure how I personally feel about the amounts requested to be honest, but it’s clear that you’ve put a lot of work and effort into this.

A quick technical recommendation - I see you’re citing the work of Lindell et al. when it comes to Threshold ECDSA. I’d recommend you look at GG18 and GG20 as better implementation candidates. The first has a lot more implementations out there to use from, and the latter is simply the state-of-the-art and can add extremely beneficial features such as non-interactive threshold signing and identifying cheaters.

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Thank you @Derek, this is a great improvement over the initial version. My main feedback revolves around details of the milestones + some work on go to market

Milestones:

  • These are very high level descriptions. It’s still not 100% clear to me what we will have working after milestone 1. It would be helpful to document exactly what you expect to build in milestone #1. If you were to do a demo after milestone one, what would you show us? How do User Experience and Technical Process flow parts match to proposed milestones above?
  • How does 80K SCRT help you get to milestone 1? Regardless of what the price is, have all contributors committed to working on milestone 1 and in what capacity do (full-time, part-time, advisory) they expect to contribute? Are contributors OK to accept SCRT or will you need to create a liquidity event?
  • Can you use milestone 1 to raise external funding?

Regarding customers / GTM:

  • Who is going to use this product for (retail vs. institutional),
  • how will they find out about it, which crypto-currencies,
  • what are their alternatives, why use gridlock over other solutions?
    Have you created a whole user flow of the experience and received any feedback on this?

Regarding success factor:
Not sure how the community would react to “completion of the project” as a success factor. We are spending community funds to grow the ecosystem. This depends a lot on adoption and usage (imagine this being similar to Defi for Secret network ecosystem for the sake of argumentation). I think the proposal and plan lacks information on how to get adoption. I would personally vote no if we only care about finishing a product. I think one of the success factors should be the ability to raise external funding say after milestone #1.

At this point, I’m looking at this similar to a y-combinator or angel round investment proposal, because you are starting a for-profit company that’s going to also benefit the Secret Network ecosystem. I’m not sure if we have enough details.

I do want to highlight that I’m excited about the idea in general and I also think that addressing these concerns will help everyone making their decision.
Cheers

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