Chainmaille Wallet : Multi-sig, multi-chain, seedphrase recovery

[GENERAL] Name and surname of main applicant

Selim El Madani

[GENERAL] Email address of main applicant

selim@chainmaille.io

Additional applicants

David Thompson.

david@chainmaille.io

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

7

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.” .

No dependencies.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.”

Project will be fully open source.

[METADATA] Category of Proposal

Wallet

[METADATA] SDG rating

A crypto wallet project can contribute to one or more of the UN Sustainable Development Goals by promoting financial inclusion, transparency and accountability, environmental sustainability, and decentralization. By aligning with the SDGs, crypto wallet projects can help contribute to a more sustainable and equitable world.

Financial Inclusion: One of the primary goals of cryptocurrency is to increase financial inclusion by allowing people to access financial services without relying on traditional banking systems. A crypto wallet project can contribute to SDG 1 (No Poverty) and SDG 8 (Decent Work and Economic Growth) by providing access to financial services for people who may not have access to traditional banking systems.

Transparency and Accountability which provides a high degree of transparency and accountability. A crypto wallet project can contribute to SDG 16 (Peace, Justice and Strong Institutions) by providing a transparent and accountable financial system that can help combat corruption and promote good governance.

Environmental Sustainability: Some cryptocurrencies are designed to be more environmentally sustainable than traditional financial systems. For example, proof-of-stake cryptocurrencies require less energy than proof-of-work cryptocurrencies. A crypto wallet project that focuses on environmentally sustainable cryptocurrencies can contribute to SDG 7 (Affordable and Clean Energy) and SDG 13 (Climate Action).

Decentralization: Cryptocurrencies are designed to be decentralized, meaning that they are not controlled by any single entity. This can help promote greater equality and democratization in financial systems. A crypto wallet project that promotes decentralization can contribute to SDG 10 (Reduced Inequalities) and SDG 16 (Peace, Justice and Strong Institutions).

[IMPACT] Please describe your proposed solution.

The Problem:

There exists a significant and gross lack of security within wallets for the average blockchain user. While Ethereum Virtual Machine (EVM) has some more sophisticated options, a holistic approach for all blockchains is required. Multi-Signature protection is the first significant step to reduce success and access from a variety of scams, hacks, phishing attacks and more.

Our Approach:

When we started our first blockchain project we spent a lot of time looking for a multi-sig that would function easily and within a variety of blockchains we were involved with, and none exists. This project started out as a thought exercise that turned into a real architecture for a functional multi-signature that is chain agnostic, meaning it will work with any blockchain. This is the heart and starting point for chainmaille wallet, but there are additional optimizations and security methods that will further protect users and their assets. Our goal is to develop a mobile based hot wallet that will provide security and protection features that will rival that of a cold wallet.

Who Will We Engage:

This technology will be for all users, but we have a particular passion for people within developing countries that primarily have access to blockchain through only their mobile device and are lacking functional security within this rapidly developing space.

Demonstrate:

The grant received from Cardano will allow us to develop the first Proof of Concept that will be compatible with Cardano and Ethereum. This will provide a first step to develop the project further and seek additional funds.

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

Both founders are long time holders of Cardano and firmly believe in its development and future, but we will also admit chainmaille is meant to be a multi-chain wallet and is not exclusive to Cardano. Others have proposals multi-sig that only lives on Cardano while chainmaille will protect users entire portolio. This is a significant improvement to security and usability. This grant will ensure that Cardano is front and center within the chainmaille development.

[IMPACT] How do you intend to measure the success of your project?

The development of a functional cloud based Proof of Concept (PoC)we can share with the community to further develop and raise additional funds. While the final project will be mobile based the PoC will be web based but will be fully coded for integration into the final product. We do not believe in having any 'technical waste' during our development. The PoC will directly translate into the mobile version of the project.

[IMPACT] Please describe your plans to share the outputs and results of your project?

We have estimated the following timeline:

2-3 Months for PoC development and deployment

1-2 Months of beta testing and trouble shooting.

1-2 Months of public access for testing, trouble shooting, and further development.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

We have already developed the architecture for the project with our developer and have confidence in it's design and success. We are seeking funds to proceed with the next development steps.

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

Our main goals are to develop a working Proof of Concept that allow us to show the feasibility of the chain agnostic multi-sig by developing it for both Ethereum and Cardano. Other blockchains will be added to the platform as it develops.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

We have multiple milestones and tasks:

Phase 0.5

1. Receive funds from Cardano Grant
2. Develop Proof of Concept of chain agnostic multi-sig wallet on the Cardano and Ethereum blockchains.
3. Develop PoC
4. Beta testing
5. Release to Cardano community for additional testing

Phase 1

1. Fundraise for additional development
2. Build first product from the PoC.
3. Further develop PoC into mobile based version for iOS/Android
4. Additional Features
5. Mature Multi-sig to utilize additional signature types
6. SMS, Authenticator, 6 Digit Pin, Password, Email Confirmation, and Wallet Confirmation.
7. Additional Blockchains added to wallet
8. Easy to use interface
9. Simplified onboard for new users
10. Preference Recovery
11. Security
12. Preliminary testing and security audity by security consultants and trusted developers.
13. 3rd Party audit and penetration testing by Halborn
14. Launch of product and additional development through community feedback.

Phase 2

1. Additional Features
2. Seed phrase recovery
3. Chrome Extension
4. Gaming Wallet optimization for simplified onboarding and integration.
5. Institutional wallet upgrades
6. FIAT Onramp
7. Integrated Web Browser
8. Addition of 10+ blockchains to the wallet
9. Security
10. Additional security adjustments and improvements
11. upgrades to multi-sig
12. Continued auditing and penetration testing by 3rd Party Halborn.

There are additional improvements and features that will be developed in phases 3 and beyond. We will release those details as the project develops and matures.

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

A fully tested MVP wallet that can do multi-sig on 1 to 3 chains (depending on how fast we can link. We estimate Cardano to be the hardest but EVMs and BTC relatively easy).

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

The PoC will take up the entire ₳75,000

Phase 1 and beyond will take additional fundraising, which will be done through a mixture of grants, angel funds, and VC.

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The value for Cardano ecosystem is through the protection of users assets from scams and hacks. According to Chainalysis, in 2021 there was over $7billion in scams. This question is hard to quantify as it is measured in passive value to the ecosystem through securing users funds.

[IMPORTANT NOTE] The Applicant agreed to Fund10 rules and also that data in the Submission Form and other data provided by the project team during the course of the project will be publicly available.

I Accept