Etherspot is seeking a grant from XDC to undertake projects that will contribute to the improvement and evolution of the XDC ecosystem. The details of the application are outlined below.
II. Applicant Details:
(This application is being submitted on behalf of the CTO of Etherspot and the following details remain to be his)
I, Parthasarathy Ramanujam, have a Masters in Computer Applications (MCA). I am the CTO with 6 years experience in this field with 10 years experience working within startups. Altogether, I have 22 years of professional employment history.
Our CEO is Michael Messele and the team consists of 8 people and contractors from all over the world that also work on this project.
During the active grant period, we will be concurrently working to deploy our infrastructure on as many networks as possible, so as to expand the cross-chain account abstraction services we're able to provide for the users.
Additionally, ongoing efforts will continue on acquiring end users on our existing and future partner networks to improve our scope of services.
III. Grant Application Details:
Etherspot is a product of Pillar Project, which is a smart wallet non custodial wallet.
This a team project, please see the summary below:
Etherspot was launched in late 2019 and has been successfully running with the hard work of the team for the past 3 years.
Etherspot is owned by Pillar Project Foundation, a non profit foundation registered in Switzerland.
Support for over 10 EVM chains and roll ups such as Arbitrum and Optimism and regularly adding support for new chains.Over 30k batched transactions successfully processed via our relayers.With over 6 dApps and the Pillar Wallet with 200K+ downloads, projects have integrated Etherspot and this is continuing to grow with the dedication and motivation of the team to create success.
A managed, Account abstraction SDK that allows you to leverage the best features of the Blockchain Multiverse quickly with minimal effort and cost.
This is a remote controllable wallet that can be controlled by a key wallet to open up the transactional capabilities of Smart Contracts through the Smart Wallet.
Etherspot is a framework which has been designed as an all in one, EVM compatible platform that accelerates ideas and Ethereum product development.
Etherspot allows developers to do transaction batching abilities out of the box.
Meta transactions where gas payment is abstracted away are readily available too. This is a key feature in the case of users not having a native token on the destination chain when taking part in a cross-chain transaction. The Etherspot integrating dApp will no longer need its users to switch RPM nodes when they conduct cross-chain activities as the signature and broadcast are separated for forwarding requests to the correct chain ID without the need for roc switching.
These features combined with plugging in bridging solutions providers brings huge UX improvement in cross-chain asset transfers over EVM chains presently, where users’ touch point (signatures requests) is reduced by 70% or more while still remaining non-custodial.
Etherspot allows you to access multiple chains via our unified API.
Etherspot currently supports Ethereum Mainnet and the following sidechains and Layer 2 networks:
Polygon, Gnosis Chain, Binance Smart Chain, Fantom, Moonbeam, Aurora, Avalanche, Arbitrum, Celo and Optimism.
Utilising the features mentioned above a user can move assets from one vault in a EVM chain to another without having to worry about the native token for gas and only having to click twice at most, while still utilising non-custodial wallet constructs.
The Etherspot Payment Hub feature has been in the process of building since 2018.
Some features varying from:
Locking unlimited asset amounts in to Payment Hubs
Withdraw to other Payment hubs
Any ERC20/ERC721 standard tokens accepted
Create as many Payment hubs for whatever use case desired
Etherspot's other feature includes peer-to-peer P2P transactions. Essentially, transfer assets directly from one account to another’s off chain and at no cost.
There are many more aspects to Etherspot and what it brings to the Ethereum blockchain.
Project Goals and Aspirations:
Etherspot, a pioneer in account abstraction solutions, will play a pivotal role in empowering XDC Network with innovative developments. Firstly, the collaboration aims to establish an independent on-chain stack that will enhance the developer infrastructure ecosystem for account abstraction.
This will consist of an EntryPoint contract which is a singleton contract that’s used as an entry point to execute bundles of UserOperations and a Paymaster which is a smart contract that acts as a gas tank used to sponsor transactions, where a third party pays the transaction fee on behalf of the user and enable meta transactions to configure non-native gas tokens for gas payments. Finally, there’s also a Wallet Factory which is a smart contract that serves as a template for smart contract wallets.
This will enable XDC Network to process transactions cost-effectively, streamline the access to liquidity from multiple EVM chains and acquire/retain those users all while maintaining a high level of security, paving the way for the seamless integration of high-performance decentralised applications.
Secondly, the proposal includes the creation of an independent off-chain stack such as hosted bundlers, which are special nodes that monitor an alternative mempool of user operations, and bundles user ops from multiple senders into a single transaction so they can be executed on a blockchain, off-chain Paymaster services which can be used by dapps to configure their own paymasters enabling them to validate and generate the paymaster data for their end users, integrating the XDC network into the Etherspot Prime SDK alongside extended API services for running all this.
The Etherspot infrastructure is mainly open source with the end-goal of enabling account abstraction within the entire ecosystem. The infrastructure entails implementing infrastructure as per EIP-4337 consisting of smart accounts, bundler services, paymaster services and more.
Etherspot is up and running currently for the past 3 years.
Our roadmap is split into 2 major milestones across 3 weeks to fully integrate with the XDC.
Milestone 1: Independent on-chain stack which includes entrypoint contract, paymaster, smart contract wallet standard & factory.
Milestone 2: Independent off-chain stack which would include bundlers, userop mempool & node connectivity for seamless integration, miscellaneous developer tools
One time fee: $23.5k or 483,489.25 XDC
Monthly fee: $1.5k/month or 30,960 XDC.
The fees cover the following:
The human resources which will include project manager, developers, CTO, etc. as per the proposal. The estimate includes the amounts we’d be paying for the man hours invested in the project.
Monthly infrastructure fee is for finding a corresponding RPC provider and the cost for running the node is projected over 1 year and broken into 12 months. Additionally, there's cloud costs for AWS and APIs which are factored in.
We will be liquidating the XDC. This will be handled internally, after accepting the XDC as per the payout.
As a matter of principle, Etherspot prefers to work closely and strategically with our partner networks and as such, for revenue and growth chooses to bet on the increasing adoption of the network to monetize sustainably in the long term.
Initially, there will be a monthly infrastructure maintenance fee that will be charged to run nodes and the corresponding infrastructure on the network.
The bundler service and the paymaster service are revenue generating for us dependent mainly on the userops generated.
As such, the revenue generated from these services will be offset against the monthly fee, eventually reaching a point where we can cover the infrastructure maintenance costs through the network’s users themselves.
Additionally, the Prime SDK for Account Abstraction will be made available across the ecosystem to allow builders to implement AA features in their dapps as a free and open-source offering.
A premium service tier for the same will have a business model that is centred around the number of API calls, will be put in place for projects as a subscription.
Etherspot is an incorporated company registered in England.
If the proposal is accepted the recipient for funds is Etherspot.
The team has worked hard to create Etherspot and the vision we encapsulated has been brought to life. We aim to keep reaching new goals as a team and the organisation as a whole is always wanting to reach new goals and seeing what Etherspot can bring to the Ethereum blockchain.