Basic Details
Project name: InteractWith
Author name and forum name (please provide a reliable point of contact for the project):
Hey @Adam1, giving you a heads up that this will be the formal comms channel with the grant council builders subcommittee, which consists of @Gonna.eth,@jackanorak, @danelund.eth, and myself.
We’ll make sure we’re around to address any questions you have in this process. We might also be asking additional questions here during the review process so please check this thread for updates on a regular basis.
One thing to be mindful of is that in the Cycle 11 we require the milestones to be precisely defined into two categories - critical milestones and benchmark milestones as described in Milestone Assessment . Could you please restructure your milestones description to follow this structure?
Some additional questions that came to my mind while reading your proposal, answering them may affect our rating of your proposal:
- On which chains are you going to launch InteractWith? You noted that InteractWith is “not yet” Optimism native, but is it going to be exclusive for Optimism or is Optimism going to be just one of the chains you’re going to launch with?
- Why do you believe Optimism is the best place for launching InteractWith, what are the features of Optimism that make it best suited for launching your platform?
- How are you going to integrate with fiat onramping? Do you have any ongoing partnerships, which onramp solutions will you integrate with (if any)?
- Will you use the Grant solely to incentivize building on top of InteractWith? I see that you plan on structuring the details of the incentivization program during the project but can you share any early vision of what would it be and how will it work? It’s important as this is the main usage of the grant distribution if I understand it correctly.
- What are the revenue streams from your project? You mention that your core product will be free and there won’t be any subscription plans as opposed to your competition - so what exactly will you charge for and how will you split the revenue stream with the teams building on top of InteractWIth?
Thanks in advance for the answers, in case you had any questions don’t hesitate to ask here or reach out to us!
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@Adam1 in your introduction, are you saying you led all of deloitte’s blockchain consulting work worldwide? In what sort of context has your team acquired expertise with regulatory matters?
In addition, friendly ping to check out the suggestions laid out by @kaereste – in particular, it will help to get a better understanding of the milestones.
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Hey Jack, I’m referring to leading the Deloitte blockchain consulting in Israel, which is part of the Deloitte US branch. We’ve worked with blockchain companies on regulatory matters quite often, whether to create 1) digital financial instruments such as security tokens or blockchain based dividend yielding investment platforms, 2) communication channels with regulators and AML, KYC requirements for a top 3 privacy coin. 3) being part of a special committee of Israel’s SEC to establish guidelines for operating with crypto\blockchain projects in Israel.
I’ll be sure to take a look right now and start working on it. Thanks!
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Hi, @Adam1, thanks for the previous updates, we are giving some project final suggestions to improve the chances to finish on the top 10 of the final list.
Please verify if your milestones are crystal clear, meaning they have: potential dates of completion, clear objectives to be accomplished, and an open source of truth to verify they are completed.
Please keep in mind that milestones score higher if they are oriented to:
- Draw more developers to Optimism ecosystem
- Making the project composable with Optimism ecosystem
I would also appreciate it if you answered my previous questions.
The sooner your edits, the greater the chance they will be considered in the final review. We are looking to wrap up on Monday. Please tag me if you make any changes.
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Hey @kaereste thank you for your kind reply and apologies for the late response!
Addressing the questions you brought up:
- Until today we’ve tested and deployed some of our products on BSC, ETH, OKX, ZKsync and Aurora. We’re actually looking for and in discussions to find an exclusive partner such as OP that we could offer a long-term exclusive partnership with. We still haven’t signed any exclusivity deals as we are considering different incentives and business terms.
- Optimism is an ideal platform for launching InteractWith because it offers several features that make it well-suited for our platform. One of the most important features is its high throughput, which means that it can handle a large number of transactions quickly and efficiently. This is crucial for our platform, which aims to facilitate interactions between users and dApps in real-time.
In addition, Optimism is highly scalable, which means that it can accommodate a growing number of users and applications without compromising performance or security. This is important for us, since we expect to grow rapidly as more users discover our value and utility.
Finally, Optimism has a strong community of developers and users who are committed to building and supporting innovative web3 onboarding solutions. This community provides a valuable resource for InteractWith, as we can tap into their expertise and experience to improve our platform and ensure its success. - We are an integration partner of Stripe, which covers our fiat on-ramping.
- We plan to use the grant primarily to incentivize building on top of InteractWith. Our goal is to create a vibrant ecosystem of developers and users who can benefit from the platform’s features. We envision a program that rewards developers for creating innovative applications and integrations that utilize InteractWith’s capabilities.
One potential approach is to offer a series of hackathons or coding challenges, with prizes awarded to the best submissions. Another option is to provide ongoing grants to developers who create valuable tools and integrations that enhance our platform’s functionality.
We also plan to leverage our partnership with Optimism to promote the program and attract top talent to participate. We’ll work closely with the Optimism community to ensure that the program aligns with their goals and priorities. - Our revenue model for InteractWith is centered around the creation and transfer of NFTs within our platform. While we plan to offer our core product for free to users, we will charge a fee for every minting of an in-app item to an NFT, which we anticipate will be around $4-$5. Additionally, we will charge a fee of $2-$3 for each transfer of an NFT from one wallet to another.
As for teams building on top of InteractWith, we plan to offer them a revenue-sharing model. Specifically, we will charge a platform fee on all transactions made within their dApps, with a portion of that fee going towards supporting ongoing development of InteractWith. We believe this incentivizes developers to build on our platform while also ensuring that we can continue to improve our product and offer ongoing support.
I’ve also adjusted our original application as to your comments @jackanorak @kaereste.
Please let me know if there are any additional questions.
Appreciate your attention,
Adam