Name of Project / DAO / Company
Useless Crypto
Application type
Partnership
Proposal overview
Who we are
Useless Crypto, LLC is an American blockchain start-up reinventing what accessibility, convenience and security mean in cryptocurrency investing. Currently, 80% of the US cryptocurrency trading volume is concentrated on two CEXs, which collectively offer fewer than 300 cryptocurrencies out of an estimated 20,000 available. Moreover, today the choice of an average cryptocurrency investor is confined to a mere 5% of the tradable cryptocurrency market. Meanwhile, the remaining 95% has been undeservingly overlooked by most due to its lack of infrastructure, high barriers to entry and inadequate security – all of which have been significantly detrimental to the introduction and wider acceptance of cryptocurrency as an investment asset by the retail and experienced/professional traders alike.
This state of the market is unacceptable and destined to change. We see this as a massive market gap that has flourished due to the monopolized nature of the cryptocurrency exchange industry. Our flagship product – All For One is our solution to this problem. All For One will give traders access to thousands of cryptocurrencies in one place without the need to switch between exchanges, some of which are unnecessarily complicated, lack transparency and have inadequate security. We are able to achieve this by utilizing our proprietary Decentralized Exchange Network (DEN), enabling fast and seamless trading of cryptocurrencies listed on any DEX. If you can trade it, All For One has it. (more on All For One can be found below).
Harmony is one of the few companies that clearly understands existing imperfections and opportunities in the crypto-asset space, and shares our desire to change the existing status quo. The common goal of providing a “decentralized economy for everyone ” is why we believe a partnership between Harmony and Useless Crypto would result in many mutually beneficial synergies.
“We are passionate about decentralization, and the thought of using centralized bridges to facilitate us going multichain was a difficult pill to swallow – so we set out looking for a solution. We evaluated Harmony holistically and got more than we bargained for! We were impressed with Harmony’s bridging infrastructure, the speed and security of the FBFT consensus protocol, well-documented APIs, friendly and welcoming community, low gas fees, horizontal scalability (thanks to sharding), energy-efficient POS consensus mechanism, 2-second transaction finality, and cross-chain operations.”
– David Wyly, Useless Crypto CEO
Our mission statement
We envision a market where a person of any age, background and experience, be it a retail trader or an institutional investor, has the ability to effortlessly and securely invest into one of the fastest growing asset classes in history. Therefore, our objective is two-fold:
- Breaking down the barrier to entry of cryptocurrency investing for millions of people who have been overwhelmed and ultimately put off trading by the convoluted excess of services and products.
- Opening the gates to the entire world of cryptocurrencies, rather than a small subset pre-selected on ambiguous and oftentimes biased criteria, giving investors an unparalleled number of investment opportunities and an unmatched diversity of choice.
Our products
All For One is a crypto-trading app providing its users access to an unparalleled number of cryptocurrencies regardless of their chain, supported by a variety of features, infrastructure and security necessary for a new, as well as experienced investor. These include an integrated multi-chain cryptocurrency wallet protected by our proprietary security features, wallet tracking, fiat currency on-ramping, intuitive charting and analysis tools, along with other quality of life features focused on facilitating and simplifying discovery and trade execution. This infrastructure is built around our proprietary Decentralized Exchange Network (DEN), enabling fast and seamless trading of cryptocurrencies listed on any DEX. We plan on monetizing All For One by charging transactional fees variable upon the user’s monthly volume, selling premium listing features for available cryptocurrencies, and eventually converting the app to a freemium model.
The Useless token currently listed on BSC ($USELESS) is utilized within our in-app ranking system called Eclipse. Each cryptocurrency or token listed will be automatically provided with a unique contract, which can be topped up by anyone using Useless tokens. The balance within that contract, which decays overtime, determines the cryptocurrency’s global Eclipse ranking. To further develop utility of the Useless token, we have decided to migrate to the Harmony platform to implement your best practises of high speed and security, cross-chain operations and horizontal scalability. This move was widely supported by our community of 15,000 holders.
Timeline
- Completed
- App open-beta (incl. blockchain charting, top holder analytics, news feed, in-app token purchase)
- Eclipse contract for in-app project promotion, USELESS token
- Successfully gathering real time blockchain transaction data for Harmony for auto-checking token balances
- Spring
- Non-custodial Multichain Wallet release
- Launch of Decentralized Exchange Network (DEN) support for Harmony Mainnet+Testnet, ETH Mainnet+Testnet+Classic, Polygon Mainnet
- 2022
- Signing on-/off- ramping partnerships
- Soft launch in Canada/Australia
- Hard launch in the US
- Expanding our support for more blockchains
- Release uCrypto beta-test (our web-based offering for more experienced traders)
- Reach 33,000 total active All For One users and 2,500 total active uCrypto users
- Beyond
- uCrypto hard launch
- Expanding into Canada, UK and India
App Interface Examples
Team
David Wyly – CEO
Responsible for developing strategic objectives and outlining the company’s general direction. David played an essential role in assembling the leadership team and remains a key member of the development team. He is an inspiring leader always putting the success of our team and community above all else.
- Experience – 15 years in Software Engineering and Management
Lance Badger – CTO
Directs our software development team covering web development, infrastructure and QA. Lance recognizes the crucial role decentralized networks will play in the future and is focused on pushing this innovation further.
- Experience – 15 years as a DevOps Engineer and Systems Architect
Amir Arafat – Chief App Architect
Responsible for development of the All For One app as well as its integration with our innovative blockchain contracts. Amir’s vast experience and skillset makes him an indispensable member of our team.
- Experience – 12 years of UI Engineering in mobile app Architecture and Development
Jackie Dutton – CMO
Oversees development and execution of marketing campaigns for both All For One and the Useless token. Jackie’s sense of humour and positivity, combined with her talents in marketing have helped us gain thousands of beta-testers and community members.
- Experience – 6 years in Marketing and Stand-up
Joseph Andrews – Chief Product Officer
Manages the project pipeline from assisting in planning to evaluating projects’ performance, overseeing successful execution at each stage. His perfectionism and knack for identifying the root of the problem are invaluable assets to our project.
- Experience – 7 years in Software Engineering and Product Management
ADC – Chief Token Officer
In charge of implementing and directing Useless token’s strategic objectives ensuring their alignment with the goals of All For One. From the start ADC has been the backbone of our company ensuring we maintain our direction and cohesiveness to achieve our targets.
- Experience – 3 years in Software Engineering, 6 years in International Law and Law Enforcement
Jelly – Head of Business Development
Responsible for identifying and pursuing promising business opportunities, as well as means of improving our product portfolio. He has played a key role in developing the vision for All For One, and establishing Useless tokens’s presence in the market.
- Experience – 5 years in Finance and Macroeconomic Research
Proposal ask
-
Requested Amount
- $3,460,000
-
Breakdown
- Engineering – $682,000
- Product management – $115,000
- Admin – $83,000
- Operations – $359,000
- Marketing
- ASO services – $100,000
- Advertisement costs (incl. ad management fee) – $2,100,000
- Press release distribution – $20,000
-
Mutual support – our primary goals are to promote global acceptance of cryptocurrencies by breaking down barriers to entry and giving people back control and power over their assets. We share Harmony’s objective of facilitating the move of the global economy towards decentralization and, therefore, see numerous opportunities to help both of our communities and teams to not only support each other but help spread our shared vision to an exponentially wider audience. Some of these initiatives include:
- Organization of conferences highlighting projects within the Harmony platform.
- Working together with Harmony to outline a set of criteria for vetting multi-chain projects listed within All For One that underline our shared values.
- Providing teams and communities on the Harmony platforms with first-user access to all new product features in order to gather feedback and ensure that our offering fits the global goals and objectives set out by Harmony and upheld by all your communities.
Justification
We are more than happy to discuss exactly why, where and how every dollar is going to be used. However, in the interest of security and confidentiality we kindly ask to allow us to do this privately with the appropriate members of the Harmony team, as opposed to releasing these details publicly.
Metrics for success
Our primary metrics for success would be Total Active Users, the range of our paid CPI, percentage market share of US trading volume.
In case of a successful partnership we expect the above end-year metrics to reach:
- TAU – 45,500
- Paid CPI – $2.00-$3.00
- Percentage market share of US trading volume – 0.5%-0.7%
We are extremely excited about this opportunity and are looking forward to becoming part of the Harmony family!
External links
Website: https://uselesscrypto.com/home
Discord: Useless
Twitter: https://twitter.com/uselesscrypto
Reddit: https://www.reddit.com/r/UselessCrypto/
