By Jeremy G., Joel M., and Kenneth K
Edited by Kenneth K
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Elaphant Wallet and top Filecoin miner Storswift have reached a “strategic cooperative agreement” to utilize FIL coin in the Elaphant Wallet.
“The two parties are in discussions pertaining to Elastos Hive’s decentralized storage solution and the integration of Filecoin data storage technologies into the Elastos ecosystem. StorSwift also plans to use Elaphant Wallet as the preferred wallet for FIL coins, to explore additional synergies between ELA and FIL, and to explore further opportunities for collaboration between the two technologies.”
Shanghai StorSwift Information Technology Co., Ltd. is a leader in the distributed data storage industry. The company’s core team comes from a professional data storage company headquartered in Silicon Valley, and holds more than ten years of management, research and development, and market experience in related industries. StorSwift has both core hardware and software technologies in high-performance digital storage, distributed storage cluster management, and low-level I/O optimization, and specializes in the fields of RDMA acceleration, large-scale storage cluster management, and IPFS/Filecoin-based optimization solutions. With a number of technical competitive advantages in the areas R&D, operations, and technology maintenance, Storswift stands as one of the strongest teams in the Filecoin community.
Sjun, Elephant Wallet’s creator, explains the strategy behind this agreement:
“By providing a digital currency wallet as a basic tool, when users use the Elephant Wallet we can expose them to more applications and services, and these applications and services are profitable.
“Therefore, the Filecoin coin in the proposal is used to attract Filecoin holders, and the Web3 engine is used to build a fee-based DApp application.”
The Elaphant Wallet team’s Proposal was raised to voting by DMA’s Brian Xin. The total amount requested is $30,000 worth of ELA. These funds will help integrate the FIL currency into Elaphant Wallet and build Web3 tools.
The Elaphant Team plans to compensate the Cyber Republic back with various earning mechanisms built into the Elaphant Wallet:
“We’ve applied for CR to invest in Elephant Wallet, and we plan to return CR with relevant income. In this way, CR can evaluate the quality of the project through their return on investment which evaluates the effectiveness of the project and allows the CR to operate based on numbers–as well as allowing CR to obtain a sustainable source of income from community development. We believe that we have the ability to obtain corresponding income through operating services and applications in a growing Elastos community and ecology.”
Income generating programs the Elaphant Wallet team could build for the ELA and FIL communities were discussed in the original Suggestion.
“…We have not yet found a potential killer app that can generate a large amount of revenue…This is the way we test the market,” Sjun writes.
We’ve combined the original Suggestion and Sjun’s explanations into these revenue-generating ideas being discussed, as best interpreted by CR Press translators, and we will update as we know more:
- 0-loss gambling game based on DPoS rewards in cooperation with ELA Bank. The profit is based on 230,000 ELA per year, calculated on the basis of 10%～100% participation. The possible income is 2000 ELA～20,000 ELA. Approximately 5 million ELAs participated in CR voting. Currently, the number of ELAs participating in DPoS voting has reached 6.6 million ELA, among which 40 nodes have shared rewards through ELA Bank, reaching this 230,000 ELA/year. This is the user base and potential market size in the ELA community.
- The Elaphant mobile version of CryptoName supports ELA registration on the main chain, which is more convenient and quicker than Metamask because there’s no transfer to the ETH sidechain. It is calculated at 20% commission. Current CryptoName sales have achieved 4000 ELA in sales; the possible income is 800～1600 ELA. The maturation of the Elastos sidechain will provide more possibilities for Elastos ecosystem applications and provide more variety for coin holders, which greatly reduces the development cost of DApps. Combined with Elephant Wallet’s H5 end with friendly API capabilities provided, developers can use H5 to develop quickly. The development of CryptoName is about 1 to 2 months, the development of ELAMessenger is about 2 to 3 weeks, and the mobile version of CryptoName will be developed in about 1 to 2 weeks. This provides the possibility for a low-cost MVP.
- ShadowTokens map ELA to ETH to participate in Defi, similar to wrapped BTC, and also can map ERC20-USDT to Elastos’ sidechain as a stable currency. The initial risk control will limit the capital to 10,000 USDT. If calculated at a handling fee of 0.1 to 0.5%, 10 to 100 times a year [CR Press is uncertain as to what this frequency means], the possible income is 100 to 5000 USDT.
- An intermediary manages the transaction of funds through the smart contract and completes the transaction after confirmation by both parties. If a dispute occurs, the DPoS arbitrator or other trusted nodes will participate in the resolution in the early stages, and the buyer/seller who has accumulated sufficient transaction reputation could be part of the resolution process in the future. A typical application scenario is OTC trading. Calculated based on the handling fee of 0.1~0.3%, if the single transaction limit is 1000 USDT and the average order is 500 USDT, and 1K orders are completed, the fee income will be 500~1500 USDT. If calculated by 3 USDT/ELA, the above projection is expected to earn 9000+ USDT in one year.
- Filecoin will be online by the end of the year, and we will make some new ideas and applications in conjunction with FIL. The specific content is currently uncertain. But they are all similar to MVP projects, and the scale of income can refer to the above-mentioned projections. If everything goes well, it may reach the scale of income of 20,000 USDT in one year.
Elaphant Team and Storswift also plan to onboard around 100,000 Filecoin miners onto Elaphant Wallet. The number of users brought to Elaphant Wallet will directly increase exposure of ELA as well as bring more opportunities to the community. Sjun explains:
“In China, Filecoin is very hot and existing Bitcoin miners and new parties have invested tens of billions of dollars into it. Filecoin currently does not support smart contracts. The mined FIL coins will be locked for 200 days. This brings us many possibilities. If the cash flow generated by Filecoin can integrate with Elastos’s framework, that will bring new inflows to ELA through the mining of the FIL coins through the Elaphant Wallet.”
Web3 tools covered in this Proposal will replace the existing need for a Metamask wallet in order to execute tasks on a dApp. For example, users could buy/sell and transfer their Cryptoname directly on their Elaphant Wallet. These tools will greatly expand the user’s ability to interact with Elastos and FIL dApps directly on the Elaphant Wallet.
Tyro Lee, Elastos DMA, Michael S, and Orchard Trinity have already voted, “Yes,” on this proposal to expand the capabilities of the Elaphant Wallet. CRC voting ends in less than 7 days. With 14,000+ current users of Elaphant Wallet, this proposal attempts to continue crucial development of the wallet while corralling a whole new set of users into the Elastos ecosystem.