WalletPort Whitepaper Spaces Recap
As many of you now know, we’ve just released our Whitepaper for WalletPort. Thanks to everyone for their patience and support over the last few weeks as we’ve started rolling things out. This write-up is just to give everyone a brief synopsis of what we discussed in our spaces on Thursday past. We’ve written the Whitepaper in a way to convey the seriousness of the message behind the protocol whilst keeping the terminology as simple as possible, so anyone unfamiliar with crypto will still understand how it can help them.
As we’ve discussed now on several occasions, this is a protocol that is very important and can resonate with anyone holding assets securely in a self-custody wallet for themselves or their loved ones. We’ve all seen the existing pitfalls around the area of self-custody in recent months and we’d all like to rest assured that in the worst possible scenario involving our health, our assets can safely transfer to our loved ones. Our aim is to provide a remedy for all those situations and scenarios that cannot be prepared for.
Harry outlined during the spaces how after initially having the idea, he approached trusted people to collect their thoughts. It’s been a gradual progression of ideas and growth since then.
The overall concept is quite simple. Interact with the protocol, set a time-lapse period and upon expiration, your assets are moved to your selected backup wallet. A lot of consideration has been taken regarding the design end to make it as user compatible as possible.
It was important to develop something that didn’t involve moving the assets or taking control over them, which was an important aspect for us. There’s been a lot of back and forth throughout the whole process to ensure this notion was at the forefront of everything in development.
A little bit about how it all works from a payment point of view. Owning an NFT will mean lifetime access to the protection of assets within that wallet. Otherwise, users can sign up for the subscription model at a monthly cost that will be tiered and dependent on the value of assets secured. With the NFT, all assets are covered regardless of the value of the assets covered. There’ll be a variety of options for different users. After the subscription process is in place, we will launch the token. Some of the revenue of the subscriptions will go towards token holders, a split revenue model. There are more stages to get through with the token, this is just a light overview of what’s happening on the backend.
From a user experience POV, you can edit and amend the selected security measures and update them as you please, meaning you can change the time you select to secure your assets before they’ll be transferred to your backup at any time. It will all have a very convenient and easy flow. As simple as possible. The back-end stuff is incredibly complex, but the focus is on making it as user-friendly and easy to use as possible. The overall process should take 5–10 minutes tops. Gas fees are covered by WalletPort for transactions to move also, so users don’t need to worry about gas either.
The NFT itself, you’ll need to stake it to utilise for protecting assets. WP NFT will also transport on the timelapse trigger. It will work with all self-custody wallets. There’s also a feature included where in the event your wallet is somehow compromised, there’s an emergency withdrawal function which skips the time period setting and will move funds immediately.
It’s worth concluding with the fact that Harry confirmed on the spaces that the White Paper doesn’t fully encompass the full scale of the project. There’s still plenty of work to be done. However, development is coming on well. We’re being cautious with dates and roadmaps for now, but we cannot wait to share more exciting updates with you all very soon.
