Retrack protocol

Funding Proposals Grants
1

Name of Project/DAO/Company

Retrack protocol

Application Type

Product Launch

Proposal Overview

More than 40 Billion dollars worth of Ether have already been lost to the ether ( no pun intended) because of the wrong recipient address. Moreover 8 Million Dollars worth of coins are lost each year. But these errors are more than just typos. The same thing for instance happened to us. We lost $10,000 of a harmony grant because of a wrong custodial Crypto.com eth address. Had there been a system like retrack protocol that money would have easily been recovered. Retrack is aiming to be the ERC-20 standard of safe transactions via a retractable funds protocol. It acts as an intermediary between senders and receivers, allowing senders to retract funds if they have sent it to an incorrect address. We are currently building two web3 projects, both of which will be dependent on the existence of such a system. The first project is Execblock, a public credential verification system. This is the project we are currently building on Harmony. The second one is a web3 credit system. This one will be even more dependent on such a protocol as retractable transactions are a key part of credit cards. These applications however are just from our side, we believe this protocol will become the base for multiple dapps and defis to come and our aim is to provide safer transactions for this use cases on Harmony.

Technical Breakdown

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How the retrack protocol works: When a user chooses to pay with retrack, they pay to our smart contract rather than directly to the designated user. We will then send the designated recipient an equivalent standard in our tethered native token. The recipient can then claim the funds by exchanging the native token back for the payment amount stored in our contract. However, if the money was actually sent to the wrong account and thus there is no one who can exchange the native token back, the original sender can refund their funds back and we will provide them with their funds along with burning the tokens provided to the recipient. We additionally have a 7 day buffer period where if no one claims an action from either side, the payment is returned to the sender account. Thus, we are creating the first safe transfer service to protect against sending money to dead/unknown addresses.

Where we’re at

Currently, we have completed our smart contracts and are in the middle of building a testable web-3 JS webapp for prototyping. Next we will be moving to a testnet launch in the next two weeks as well as auditing and integrating with Harmony-native wallets.

Where we’re going

The long term vision for retrack is to be the universal standard for crypto transfers, allowing the flexibility and safety of dual approval transactions. Initially, we are targeting the harmony ecosystem, and are hoping to have key integrations with major wallets to boost this KPI. Next, we are looking to move toward large players in the industry like metamask and integrate with their platform to provide this service.

Team

Experienced web3 founders, builders, and roommates. We are currently freshman at Harvard studying computer science and have built a multitude of products from the NFT space to digital identity. Recently, we placed in the top 10 at the Harmony University Hackathon, and are especially excited about building in the harmony ecosystem. Playing off of each others strengths well, we are excited about a bold future of payment transfers with retrack.

Hileamlak Yitayew - https://www.linkedin.com/in/hileamlak-mulugeta-yitayew-a8b43317a/, https://twitter.com/wehmmcoin

Matt Tengtrakool - https://www.linkedin.com/in/matt-tengtrakool/, https://twitter.com/MattTtkool

Grant Purpose

Harmony’s support would go a long way in helping us to make the key partnerships to scale our protocol. We are in the middle of building APIs and integrations and are looking to grow our team of developers and operation management to work with wallet providers as proof of concept customers. Moreover, we are excited to use these funds for brand creation focused missions including advertising and growing our cause for safe money transfers.

Proposal Ask

$50K contingent upon below metrics for success.

Metrics for Success

  • $10K after launching a feature-complete product on Harmony testnet
  • $10K after forming a DAO with 5-out-of-9 multisig with Harmony DAOs
  • $10K after launching on Harmony mainnet with audit
  • $10K after integrating with a harmony wallet provider (1 wallet specifically) + 1k users (with launch video, full PR promotion)
  • $10K after 10k daily active users (with a detailed roadmap, governance process)
2

Thanks for your proposal, it has been assigned and the team will review and respond shortly :blue_heart:

1 Like
3

Our smart contract can be found here: GitHub - hileamlakB/retrack-protocol: A safer way to transfer your web3 assets. No more sending money to a dead account! No more worrying about sending your hard earned money to the wrong account

4

Contract launched on testnet at 0x52aA4Ea253A0C70D425ba9EeE05E10C19a48a359, graphical test coming soon at sender_side @Mattyontap

5

Here is the version 2 of the protocol live on testnet along with a demo dapp. RetrackProtocol - YouTube, @Mattyontap

6

Hey! Would it be possible to know the timeline for decisions?

7

Retrack and bouncePass Labs partner to create a safer protocol for transferring ONE and HRC20 Tokens.

One wrong copy paste is all it takes.
A better way is to just cancel and get a refund: if the other person doesn’t accept :-1:, doesn’t exist :ghost:, or in the unfortunate case can’t find their Hardware Wallet :face_with_diagonal_mouth:.

Centralized Exchanges don’t do any better.
Send to this address, if on this chain, from this shard, on Tuesdays from 5-9pm only!

Even if you have never sent to the wrong address or had CEX Support tell you they can’t access your :moneybag: with their :key:. I bet you still double and triple check.

We build on top of recommended Pull-Payment Strategies to achieve flexibility in how users transfer funds. Transferring should not be stressful, it should just work, or I get my money back!

The project is built, open source, as a public good, funded in part by an approved :harmony: Harmony Launch Grant. We look forward to partnering with Wallet Providers and Exchanges to create a better experience for our Harmony Community.

Progress:
Currently seeking Community Members and Harmony DAO Signatories to complete the 2nd milestone of the launch grant and form a DAO of Trusted Advisors. We look forward to updating the community with our progress as we begin collaborations with the newly formed team.

Cheers, @kenny @Hileamlak_Yitayew @MattTtkool

8

this has been reassigned to @jbeltran

10

Hello:

Thank you for posting your proposal at Harmony
I think it’s a great idea.
After reviewing the video and the process:

  1. As far as I can see, If the receiver clicks on top of redeem the transaction get into concluded and the ONE’s get’s in the wallet, correct?
  2. Does the receiver always has to have the web interface to redeem the transfer? Would it be a sig-up process?
  3. If there is no interaction in the receiver, the sender can take control of the transfer. Can you show how? Like the video you did?

Thank you in advance
Best,
:mechanical_arm: :blue_heart:

1 Like
11

Looks like an interesting idea that could save a lot of lost assets! I have a couple of questions though.

  1. Doesn’t the sender have the same risk of sending to the wrong address when sending to your smart contract vs direct to recipient?

  2. Since you’re exchanging the asset for your own native token after receiving, isn’t there the risk of heightened and unintended price fluctuation, dependent on your token performance and volatility?

12

Thank you so much for your response!

  1. Yes, until then the money stays locked in the escrow smart contract
  2. The web interface isn’t necessary, our end goal is to have the redeem interface you saw on the webapp to be integrated to wallets for a convenient use. And that is one of the reasons we need your support
  3. Yes, that feature is part of the smart contract, we can write a demo web app to show it. But as I said the webapp is just temporary; the end goal is to integrate the protocol with wallets.

Thanks you so much for this great questions! Let us know if you have more.

13

Thank you so much for the questions!!

  1. This is a great question we have been thinking about. Users can’t make the mistake of sending it to the wrong address when sending to our smart contract, because our smart contract address will be built into wallets. Users don’t have to memorize the protocol address instead they will just have to opt in to use this system from there wallets, and there wallets do the rest. And as we described in our timeline once we have the audited protocol deployed we plan to work with wallet providers.
  2. The native tokens are just symbolic. We don’t expect them to be traded, or have any market value besides the equivalent asset they represent. The system would work the same way without them. The only reason we have them is for wallet integration purposes, as ERC tokens are nicely displayed in many wallets. If, however, our tokens being traded is a problem, we can avoid them all together and implement the display feature from the wallet side.

Thanks you so much for this great questions! Let us know if you have more.

1 Like
14

To just clarify, would you like us to make a video showing the re-track feature on a temporary webapp?

15

I just want to say. This is kinda of a odd proposal. Looking at: retrack-protocol/RetrackProtocol.sol at main · hileamlakB/retrack-protocol · GitHub

All that happens is it goes into your smart contract owned by your team. There is no sovereign entity that automatically moves the money once two people agree to move it outside of your own protocol.
I click. It goes into your smart contract.

End user clicks, it redeems it.

Other solutions already exist where there’s an actual voting mechanism where both sides need to agree and there’s a time-lock mechanism as well that both sides can vote on.

Also, I doubt the problem that this solution is claiming to solve really solves it.

The problem is this: users screw up and send it to an incorrect address sometimes.

OP’s solution: send it to a middle-man.

If the person on the other side needs to get it, then they go to the middleman (Retrack) and get the money.

The user is always sure that they get the money.

The issue I have with this is the vast majority of transactions are rarely peer to peer. It is between defi protocols and users. Would a defi protocol like Aave really want to a middle man that holds the money – which they then have to request on each transaction? That seems pretty questionable.

If it is for money remittances like sending between a user in the US and to a user in Brazil… then the truth is the vast majority of these transfers take place on exchanges like Binance (not the chain… but the exchange).

Finally, and this is the biggest issue… if Harmony implements its social wallet, then the other side will have a “social network” profile that you are sending the money to. Like, if it is a profile of your friend, and you have his handle, how could you get the transfer wrong? You have his handle already. It is an active account. You are messaging each other already.

Therefore, I think considering that they probably didn’t think about these issues out… it would be best to decline this project.

3 Likes