Eternl - Accessible Multi-sig - F10

[GENERAL] Name and surname of main applicant

Marcel Baumberg

[GENERAL] Email address of main applicant

marcel.baumberg@tastenkunst.io

Additional applicants

-

[GENERAL] Requested funds in ada

69240

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

6

[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?

No

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

Eternl wallet is not open source, and so will be this new feature.

[METADATA] Category of Proposal

Wallet

[IMPACT] Please describe your proposed solution.

Our solution will implement CIP-1854 in the Eternl wallet. Users will be able to create a shared wallet for a set of parties. Transactions made from this wallet will follow a selected set of multi-sig rules, e.g., 2 out of 3 required signatures, or time-locked transactions where funds cannot be spent until after a certain date, etc.

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

This solution offers multiple benefits for users:

Shared transactions

In a shared environment or a DAO there may be a need for transactions to be approved by multiple parties or individuals instead of just one. Multi-sig rules prevent the unauthorized movement of funds, with no possibility to circumvent these rules.

Added Security

Users that want to secure their funds in addition to or as a replacement for a hardware wallet could use multiple instances of Eternl running on different devices. This way, an attacker would need to gain control not only over one set of keys but several thus adding security. 

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

This project will be a success when the following features are implemented in Eternl:

+ Create multi-sig wallets

+ Sign multi-sig wallet transactions

+ Import/export multi-sig transactions for signing and submitting

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

We will provide monthly reports illustrating the progress in regard to the predefined milestones and roadmap.

Once released, users will be able to use this feature in Eternl.

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

The Eternl team is well-known in the Cardano community and has been providing wallet services for quite some time. During the time we have been developing and enhancing the Eternl wallet, we have also been in close contact with the community and have listened to the reported issues and feature suggestions in order to provide the best wallet experience. 

We have extensive knowledge of the required technologies and actively monitor new CIPs and implement what is needed and what seems feasible for our product.

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

Our goal is to implement CIP-1854 to provide features that are requested by users and already in use on other blockchains. This will help the community by expanding Cardano's accessible feature set.

[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.

Possible project milestones are:

1) UI Concept - 1 month

2) MVP - 1 month

• Export of multi-Sig keys to allow for multi-sig wallet creation 
• First multi-sig wallet creation using simple rule sets.

3) Multi-sig wallet creation with configurable rule sets - 2 months

4) Import/export of generated/partially signed multi-sig transactions - 1 month

5) Release Eternl multi-sig update - 1 month

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

1) UI Concept

• Deliverable: Figma file of Eternl Multi-sig center
• Intended proof: a screenshot of the Figma file

2) MVP

• Deliverable: Internal demo
• Intended proof: several screenshots (export of keys, creation of wallet)

3) Multi-sig wallet creation with configurable rule sets

• Deliverable: Internal demo
• Intended proof: several screenshots (in-app wallet creation UI with the created rule set)

4) Import/export of generated/partially signed multi-sig transactions

• Deliverable: public beta app
• Intended proof: public beta app

5) Release Eternl multi-sig update

• We make this feature available to all Eternl users

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

We calculate with a single part-time developer will work on this project at a rate of 2,500€ per month.

Funds requested are based on:

• ADA-EUR: 0.26€
• 20% slippage to account for market movements
• 6 months runtime

Total: 69,240 ADA

Amount per month: 11,540 ADA

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

Constantly improving and adding new features to Eternl is of interest to the community. Cardano should also have at least the same feature set as other popular blockchains. Therefore, multi-sig is an important step beyond offering non-shared wallets.

[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