Dear DoraHacks Community,
We are excited to submit a proposal for funding from the DoraHacks GrantDAO to support the development and promotion of Desig, our blockchain-agnostic multisig solution. Desig aims to revolutionize how users secure and manage their digital assets, addressing the vulnerabilities and usability challenges of traditional multisig wallets.
We request a $50,000 USD grant from the Dora GrantDAO to further the early-stage development and subsequent deployment of Desig. Below is the project overview, team background, milestones, and other information for your consideration.
Overview
Desig is a secure and user-friendly multisig wallet that applies Threshold Signature Scheme (TSS) and Multi-Party Computation (MPC) technologies to divide the master key into shares, ensuring enhanced security against smart contract exploits and private key hacks. By distributing key shares among signers, Desig prevents attackers from recreating the entire master key even if one signer’s key share is compromised. Additionally, Desig offers easy addition or removal of signers, eliminating the tedious process of manual wallet addition and upfront charges associated with traditional multisig wallets.
Github: Desig Labs · GitHub
Website: https://desig.io
Team
Our Founder & CEO - Mr. Tu Phan
- 10 years of experience in Blockchain development, OG on Solana since 2018
- Mentor & Judge for large-scale national hackathons (e.g. Solana Vietnam Coding Camp)
- Author of innovative DeFi & PriFi solutions
- Translator of the Solana Cookbook
Achievements:
- 2nd Prize - Solana Inaugural Hackathon 2020
- 2nd Prize - Serum x Wormhole Convergence Hackathon 2022
- 5th Prize - Solana Riptide Hackathon 2022
Our team:
A full house of hackathon winner team with 5+ years of experience in Blockchain development. Expert in building DeFi & NFT products in the Solana ecosystem
Achievements:
- 03 consecutive wins at Autonomous Vehicle programming contests
- Top 5 outstanding individuals in the Solana Coding Camp Season 1
- 1st U20 track, 2nd DeFi track, top 10 outstanding perf at Solana Coding Camp Season 2
Product Details
Since 2020, the total amount of money hacked in Web3 is 6.19 billion dollars. In particular, Private Key compromised hacks took away more than 400 million dollars from the crypto market in 2022 alone.
From ImToken’s most recent crypto wallet report, we noticed a trend in crypto users’ fear of security. 29% of users fear their wallets being hacked. 18% fear losing their wallets by their own mistake. 40% are willing to pay up to $100 for a new solution to solve all existing issues with their wallet. 51% are willing to switch to a new brand with added security, in the form of multi-factor authentication.
We are only at the start of 2023 now, and the Web3 market already lost over 180 million dollars over 155 hacks. This situation is why we decided to build Desig Protocol - a blockchain-agnostic multisig solution.
Desig divides the master key into shares and gives each signer a share to keep. When someone proposes a transaction, each signer will use their key shares to approve or reject. If Desig collects enough approvals, the key shares will be combined into a valid master key. This way, even if one signer’s key share is compromised, the attacker won’t be able to recreate the whole master key. Signers can also be added or removed easily. The key shares are automatically sent to all members added, so no time is wasted.
There are no differences between Desig’s combined signature and other single-key wallet’s master key signature. Since all DApps are designed to be compatible with standard single-key wallets, naturally, Desig is compatible with all DApps.
By applying TSS off-chain, Desig is smart contract-less, so there is no point of failure to exploit and no fee is charged in the process. Due to its blockchain-agnostic nature, Desig is naturally scalable. It doesn’t rely on smart contracts, which means no devs are required to bridge Desig to any new chain.
Features
Social Recovery
Desig emerges as a trailblazing multisig solution in this evolving landscape, taking social recovery to new heights. Our unique approach empowers you to recover your wallet password through your trusted social accounts, such as Gmail, Twitter, or Discord. This breakthrough eliminates the need for traditional seed phrases or reliance on trusted guardians, bringing a new dawn of convenience and security in wallet recovery.
Notification
Users will be notified of every transaction made and can lock or unlock their cards immediately in-app to ensure their funds are safe and secure.
Tracking & managing
All payment transactions are displayed on the dashboard. Administrators can connect multiple wallets and monitor, analyze, and download payment histories.
Users can view and categorize all your transfers related to their funds:
- Share their transactions and insights pages publicly as a read-only link to stay transparent with their community.
- Label smart contract addresses
- Retroactively edit all historical transfer details.
- See their transfer categories manifest as graphs and charts in our insights experience.
- Create custom charts out of any single-select transfer property.
Funding Milestones:
The $50,000 grant could be allocated towards development, marketing, community building, integration with Layer 1, testing, and deployment activities. Around $25,000 could be allocated monthly towards development activities, $10,000 towards marketing and community building activities, $10,000 towards integration activities, and $5,000 towards testing and deployment activities. The remaining $5,000 could be allocated toward final review and reporting activities.
Month 1-3: Development Phase
- Hire additional developers to speed up the development process and increase the quality of the codebase.
- Conduct regular code reviews and testing to ensure the solution is stable and secure.
- Complete UX, UI
- Hire an external audit to review the Desig multisig solution and ensure it meets all requirements and aligns with the project’s goals.
- Ensure that the solution meets the requirements and is user-friendly.
- Allocate around $25,000 towards development activities.
Month 4-5: Marketing and Community Building
- Roll out an alpha test to take feedback and review from users
- Develop a comprehensive marketing strategy to increase the adoption of Desig among wallet users, including creating content, social media campaigns, and attending conferences.
- Join IRL events to organize a workshop and live demo to increase brand awareness and attract core contributors to DesigDAO for further growth development.
- Organize meetups, workshops, and other events (Twitter Space) to build and nurture a strong community around Desig.
- Allocate around $10,000 towards marketing and community-building activities.
Month 6: Integration with Layer 1
- Integrate Desig with Layer 1 to increase its visibility and adoption within the broader blockchain community.
- Allocate around $10,000 towards integration activities.
Month 7: Testing and Deployment Phase
- Conduct comprehensive testing to ensure the solution is stable and secure.
- Deploy the Desig multisig solution on test net environments and work with the grant provider(s) to conduct an external audit.
- Release beta main net, mobile version, browser extension
- Allocate around $5,000 towards testing and deployment activities.
Month 8-9: Final Review and DAO setup
- Conduct a final review of the Desig multisig solution and ensure it meets all requirements and aligns with the project’s goals.
- Provide ongoing support for the solution and maintain and update it as needed.
- Allocate around $5,000 towards the final review and DAO setup.
Q2 2023 Milestones:
- Launch beta mainnet on Chrome extension and mobile version
- Deploy on EVM, BNB, Solana, SUI
- Join IRL events
- Launch marketing campaign
We anticipate an enthusiastic reaction and ongoing assistance from the outstanding DoraHacks community. 