|Freelancer||Octomatic, Vvk, Permie, Joelva, Marko Paasila, BitProfessor, Dominic2200, Jackodb, JRizzly, Cryptick1, Kimchiking, Cryptokong123, Don_Gabriel|
|Total||Up to $148,800 paid into the cabinet-multisig-dexbot-wp2 account (As WP2 was intended to be 12mo)
Daily Reserve Fund Payrate of 16,300bts/day. The project will be fully funded if the bts price > $0.05/bts.
|Duration||2019/07/01 – 2019/31/12 [6 months]|
|Accounting & Reporting||A Steemit account created for the purpose|
This Worker Proposal will continue the DEXBot Project. The original plan for WP2 was for it to run for a full 12 months as it had done the year before. However the WP was split into two seperate 6 month chunks – in order to be able to reassess the bts price and therefore the daily bts payrate required to fund the $815/day DEXBot project.
This Worker Proposal WP3 is the second 6 months of that decision.
Over year one of 2018 the DEXBot team built a basic market making liquidity program (a trading bot) and created a community to help address the liquidity problems currently present in many of the BitShares markets.
During the first 6 months of the 2019 project the team has focussed on the goal of building a competitive centralised-exchange to DEX arbitrage feature. After research into this topic it was decided that a refactor of the core code was needed to ensure that the final arb feature was quick and intelligent enough to remain competitive in the crypto-trading environment. DEXBot aims to crowdsource market making and make it available to everyone. To build an uncompetitive arb-bot would soon result in the general user being left behind. Arbitrage is a time-sensitive trade that profits by taking advantage of price-discrepancies between exchanges. The early bird catches the worm. A slow, last-place arb bot is not very useful. Arbitrage between the DEX and outside exchanges will do a great deal to ensure that the DEX stays competitive and that price-pegs are tight.
Unit testing and bug-fixing the current pre-refactor code was the first step to this end. We needed to ensure and test that the functionality of the bot pre-refactor was the same as post-refactor. A tested and stable version of the pre-refactor software will be available as a 1.0 stable release.
A post-refactor DEXBot that is capable of fast-paced arbitrage is fast enough to conduct near-all other market making strategies.
Now that the core code is soon to be refactored to be faster, more efficient, and more readable by newcoming developers DEXBot can focus on adding new market-making strategies, price indicators and trade history information in WP3.
We believe the project should continue to scale and require worker funding to fully realize all of the potential BitShares benefits of open-source market making bots.
The DEXBot team has grown to 2 core developers Octomatic and Vvk, Windows Developer Dominic, Visualisation Developer Jacko, Visualisation Developer JRizzly, small-feature dev Marko, Build Maintainer Joel and Quality Assurance Dev BitProfessor. With potential for the team to expand further.
DEXBot has hired and trained new developers who are now familiar with the BitShares ecosystem. More developers entering the Bitshares community allows larger teams and more scalable development as The BitShares Network grows.
WP3 will continue building DEXBot to utilise any and all strategies that bring liquidity to the DEX.
Users rightfully expect DEXBot to be simple, intuitive to install and easy to run on a variety of systems (Linux, Windows, Mac) DEXBot has hired a dedicated Windows developer to build an install wizard for DEXBot on windows.
WP2 was originally intended to be a continuous 12 month WP. Now that the WP has been split into WP2 & WP3 of 6 months each, in WP3 we shall begin to engage in networking activities to build relationships with potential strategic business partners for the future. The budget for this from WP2 has been saved in anticipation for it to be spent after WP2 had built the refactored bot and CEX to DEX arbitrage was available to users. We did not want to lead influential people to an unfinished product without the capability to link with multiple exchanges.
The CEX-DEX arbitrage feature allows DEXBot to directly connect with other exchanges and allows the owners and users of those exchanges access to DEXBot. CEX-DEX arbitrage makes DEXBot much more appealing software.
Increased liquidity across major trading pairs will greatly benefit all BitShares users and building relationships with well-connected individuals within the cryptosphere will bring more value and awareness to the Bitshares community.
The Cabinet believes that while tweets and social media articles are great, a more direct marketing approach of chasing up leads and targeting potential candidates with personal touch can take DEXBot to the next level, once it is suitable for mass adoption.
People come to the decentralized BitShares blockchain to trade and exchange various cryptocurrencies. Liquidity – the ability to easily buy and sell an asset at a fair price – has long been an issue within the BitShares decentralized exchange. By the adding of liquidity on various trading pairs, customers can more easily trade, get a better price, and find more stable markets. While primarily a software development project, DEX liquidity greatly benefits from cultivating relationships and encouraging DEXBot use from prominent individuals in the wider market making community.
The DEXBot software builds liquidity on markets, is open for all to use, increases the number of transactions on the blockchain, and helps pay for itself through increased trading fees. Better spreads, increased liquidity, and communication with potential power-users of DEXBot will help the BitShares DEX attract more coins and users.
DEXBot’s CEX to DEX arbitrage feature allows the user to play a vital role in keeping the DEX price competitive with other exchanges whilst increasing trade activity which encourages more market makers.
Videos, PR and Marketing
From research conducted into the t.me/DEXBotbts telegram chat – 50% of our community members are from outside the BitShares Community. 50% have no shared groups in common the with Cabinet except DEXBotbts.
This shows that our online articles are drawing in crowds.
We want to continue our efforts with videos and online PR as it has been proven to be very fruitful so far.
Developers are contracted to work on features considered important by the Cabinet and community, and paid per hour.
- Project Manager Permie and Lead Developer Octomatic discuss the project with the entire team in a dedicated DEXBot dev-chat on telegram.
- The team have defined roles so most work is assigned by Permie to a particular dev to work on.
- Once ready a task can be recognized by making a Pull Request on github. The Lead Dev will review, ask for changes, and finally the Build Maintainer Joel will merge the changes.
- Hourly rates are negotiated with the particular developer before joining the team and hours worked are paid in regular batches of multi-sig transactions approved by the Cabinet.
The Cabinet (multisig escrow group) will oversee Permie’s work, and approve payments if he has worked in accordance with Cabinet’s guidance.
New devs will be encouraged to get involved and “first task” appropriate work so as not to interfere with ongoing work from the rest of the team.
Bugs cause unexpected behaviour and eliminating unexpected behaviour is critical for a financial application.
The Cabinet have prudently allocated $30,000 to be held in reserve to fix critical bugs well into the future. Regardless the status of the Worker Proposal the Cabinet will ensure that Bitshares’ DEXBot will be maintained and usable.
Quality Assurance Engineer BitProfessor has been hired to ensure DEXBot runs as smoothly as possible. The QA lead will be assisted by the DEXBot community testers and shadowed by a Deputy QA Engineer; who will be separated from the Lead QA Engineer to mitigate bad-collusion. The shadow QA Engineer is important for redundancy and to retain essential knowledge of QA protocols and history in the event of the unexpected.
Quality Assurance Best Practices will be followed to ensure thorough testing procedures. Unit testing of the code and new features will continue to ensure a useful and stable DEXBot.
Additional Strategy Development
The DEXBot community is regularly discussing new strategies to implement. All strategies that add liquidity or increase trade activity on the DEX will be considered and those suitable will be discussed and commissioned to a developer. Each additional strategy added to the bot increases the value, utility and liquidity on the DEX.
The www.dexbot.info website has a “Request a Feature” function to write up a brief description and have it recorded for the developers and the Cabinet to read.
Improving the User Experience
GUI Visualisations are in progress to visually demonstrate what the bot is doing, profit estimations can often be tricky when asset balances aren’t in the same state or price is at a different level as to when you started. A picture paints a thousand words and visualisations will greatly improve a users understanding of how the strategy is working out for them. Mountain Mode is first and we believe a representation of the success of a trading strategy without the need to reveal specific amounts of capital will be very useful for users to discuss strategies amongst themselves and for sharing on social media like you can with Trading View charts.
Video, Documentation and Website
We will create and publish more documentation and user guides. Comprehensive information will increase the confidence of users and thus usage of the software.
Additional Development of the DEXBot code are handled by developers who work under the direction of the Project Manager.
Payments are facilitated and overseen by The Cabinet and Pull Requests will be merged by the Lead Developer and Build Maintainer.
Tasks will be assigned on GitHub and follow-ups by the PM will continue weekly to coordinate efforts and ensure everyone is on track and happy.
We will work with Codaone for Build Maintainer as they have a reputation on the line, and they are most familiar with the codebase.
Furthermore, the BitShares Cabinet will retain a management fee billed at $50/hr for each of the 6 members of Cabinet for all activities related to the on-chain worker proposal, multisig approval of transactions, guidance of the PM, and occasional discussions. The Cabinet will ensure all worker funds are tracked and presented to the community in a manner that is transparent and accessible.
Financial Services Networking
DEXBot has attracted noteworthy individuals and Financial Services firms to its Twitter account and online PR. Quite a few in fact.
We want to keep their attention and make sure that DEXBot and Bitshares stay on their radar.
The Financial Services Networking budget of WP2 has been saved to be used in addition to WP3 budget. We decided to wait until DEXBot was more appealing to important market makers before approaching them. The CEX-DEX arbitrage feature does just that.
16hrs per month will be spent personally contacting these individuals and mining them for information on what can be done to increase or retain their interest. We believe a focussed approach on certain individuals could yield benefits disproportionate to the cost of the hours to contact them.
Bitshares 3rd Party Exchange Co-operation
50% of our DEXBot telegram community members are from outside Bitshares. Many arrived from google searches for “example-bts-exchange trading bot” google searches.
DEXBot benefits massively from the 3rd party exchanges that run on top of Bitshares.
We want to continue to spend 16hrs per month to liaise with these exchanges to make sure DEXBot suits their needs and to make new exchanges aware of the benefits that DEXBot brings them and to encourage exchanges to not only promote DEXBot to their customers but to use it themselves.
We have a DEXBot channel on various 3rd party exchange’s discord servers so their users can message us directly without having to find alternative chat rooms. DEXBot should be a common tool and visible in as many places as possible.
Lead Developer/Supporting Dev Role
Contributing developers need guidance from the Lead Dev. To ensure a quick response time both the Lead Dev and Supporting Dev will be available 10 hours per day each to monitor a telegram/slack channel where only Contributors vetted by the PM may post.
The Lead Dev role and the Supporting Dev roles will be sporadic so a flat fee has been chosen to compensate them and to ensure prompt response times.
During times where both Lead and Supporting Devs are unavailable the Project Manager will help Contributors refer to a “Contributor Guidance Template” written by the Lead Dev.
|Role||Monthly Fee||Availability Hours (UTC)|
|Lead Developer||$600||16.00 -02:00|
|Supporting Developer||$600||07:00 – 19:00|
|Role||Hourly Rate||Monthly Hours||Monthly Total|
|Senior Contribution Auditor||$100/hr||20||$2000|
|Quality Assurance Engineer||$100||15||$1500|
|Shadow Quality Assurance Engineer||$50||10||$500|
|Strategy Software Development||Bounty||Bounty||Bounty|
|Total Bounty Budget||$6950|
|Financial Services Networking||$50/hr||16||$800|
|Online DEXBot PR||$50/hr||30||$1500|
|Telegram User Support||$15/hr||16||$240|
|Strategy Research and Development||$50/hr||16||$800|
|Bitshares 3rd Party Exchange Cooperation Services||$50/hr||12||$600|
|Cabinet WP Management – 6 members, 3hrs per month||$50/hr||18||900|
The Cabinet :
- Role: Worker Proposal Management and Multisignature Security
- The Cabinet was formed in early 2018 to unite 6 Bitshares community members in a team focussed on efficient allocation of Reserve Fund resources to invest in BitShares. The Cabinet’s debut project is DEXBot
- The Cabinet operate a 3 of 6 multisignature Bitshares account to hold all WP funding
- Role: Lead Developer,Senior Contribution Auditor, Code Review
- Experienced Python Dev
- Active in DEXBot and community and large contributor
- Years of experience
- Role: Supporting Dev, Contribution Auditor
- Active in DEXBot community and large contributor
- Experienced in GitHub Maintenance
- Role: Build Maintainer
- DEXBot Lead Devs last year
- Expert Knowledge in DEXBot code
- Established Development Company
- Role: Project Manager
- 4 years experience in BitShares Community
- Gained the trust of multiple BitShares Whales and prominent community members
- Organised and encouraged the DEXBot Cabinet and project inception
- Co-developed the Staggered Orders Strategy
- Wrote the first prominent paper wallet guide for BitShares 1.0
- Wrote extensive business and economic analysis in 2015 of “Why BitShares will succeed.” Expanding on Bytemaster’s fantastic blog about Austrian Economic Theory
- Business-to-business Client Support experience
- Financial Services experience
- As Project Manager Permie will liaise with the development team and the Cabinet. He will discuss and supply project direction, organise tasks, vet potential new developers, review and prioritise twitter leads and organise phone meetings with financial firms to encourage further interest in DEXBot
- Role: Quality Assurance Engineer
- Has been involved in BitShares since 2016.
- BitProfessor is one of the participants in influential Proxy “cn-vote”.
- Developed an automatic mortgage robot and a triangular arbitrage robot using python, python-bitshares and uptick.
- Is a believer in Austrian economics and believes in a free economy.
- CIO of a company in China.
- Experience with ERP development work, studied Computer Science and has an MBA.
- Role: Dedicated Windows Developer
- After examining smart contracts on EOS and Ethereum, Dominic developed a kind of block explorer with some temporal progression to provide some charts and analysis features to the users’ balance during 2018.
- Dominic was looking for different projects and discovered DEXBot in 2019 by a recommendation in a EOS group.
- Next to the work on DEXBot Dominic is a full time software engineer with focus on web applications. Before that, Dominic developed 3 years desktop applications for Windows and will use this experience to provide a stable release of DEXBot on Windows.
- Role: Visualisation Developer
- After regular participation in the DEXBot telegram channel Jacko offered his skills to provide charting tools for DEXBot.
- Role: Visualisation Developer
- Developed personal charting and analysis tools for the Bitshares blockchain.
We have a growing community of contributors who are likely to contribute but not required to. Project Management will heavily involve sourcing and encouraging new developers to contribute to DEXBot via the bounty system. We have a telegram room of over 900 members and we want as many people as possible to come into contact with DEXBot development.
Worker Proposal Detail
With cautious and prudent management of funding, the DEXBot project can withstand $30k worth of emergency bug-fixing and a 2 month period of being voted-out of the WP system.
This WP3’s $815/day budget requires a 16,300bts/day payrate, and would be fully funded so long as the bts price remains above $0.05/bts.
WP2’s $815/day budget required 20,375bts/day, and was funded so long as the bts price remained above $0.04.
In part due to the Cabinet’s careful management we are able to comfortably reduce the daily payrate required for DEXBot by 20%.
The Cabinet managing the multisignature spending authority of the WP funds do not know each other personally and live in multiple jurisdictions – ensuring a decentralised nature to Cabinet Multi-Sig authority. All transactions require 3/6 approval.
A public spreadsheet will describe and account for every transaction made by the multi-sig account.
The Cabinet all have Bitshares reputations to maintain and will not collude. Our combined reputations exceed 10 years of active participation in the Bitshares Community. With a Monthly Budget of $24,800 this Worker requires $815 per day. 16,300bts per day is required to sustain the project down to a low bts price of $0.05. Payments will be made in bitCNY, which will be bought from the market in a manner that doesn’t move the price.Throughout DEXBot WP1 and WP2 the Cabinet have never taken orders off the book. Each time we have needed to sell bts to buy bitUSD or bitCNY the Cabinet have placed bts sell orders at gradual % increments above market price and then waited for someone else to take out offer. The Cabinet will continue this method through WP3. Left-over BTS will be given back (reserved, burned).