VLIK is a simple online file validation service where signatures are generated from the hash of a file, and then written into an immutable blockchain. Clients can then check the authenticity of files received by checking the signature of the file on hand, with the signature saved on to the blockchain.
The name VLINK represents it’s inspiration from V-ID, a similar block validation service that is currently a centralized solution. The LINK represents the use of Chainlink oracles to determine the price of each file validation in Ether.
Currently, VLINK is a bootstrapped startup. I have 3 small clients, but with the lack of funding due to of COVID-19, VLINK is facing difficulty in scaling to cater to more clients. My objective is to raise some funds from the dxDAO ether pool, and revenue generated from the VLINK to be shared among all dxDAO token holders.
Funds will be used so that I commit full time to this project, as well as hire additional manpower for marketing and soles roles. More information on how the funds can be used will be shared towards the end of this post.
I will be heading the VLINK Company. The company is for-profit and will set up infrastructure for the interface layer of the file validation service.
VLINK is made up of two layers, the interface layer and the smart contract layer. The smart contract layer is singular, whereas there can be multiple interfaces, which provide entry points to the smart contract layer. The VLINK Company will provide PAID enterprise support to potential clients, thus generation a revenue stream.
Clients or individuals who do not want to pay for enterprise support can simply build their own interface. We aim to make this process simple, with prebuilt libraries and good documentation.
The interface layer provides:
- An Ethereum Node, with an account loaded with Ether
- A service with REST endpoints to allow the uploading of file. The file hashing is also done on this service.
- A service which relays the file hash to the Ethereum node to be stored on the relevant smart contract
The smart contract layer consists of these contracts:
- Hashing contract – provides setter and getter to save and obtain the file signature to and from the blockchain.
- Price contract – Determines the price per file validation in ETH via Oracles
- Disbursement contract – Pools and disburses revenue to dxDAO stakeholders
Our current model requires parties to pay to write the signature to the blockchain but reading & verifying them is free.
Our economic model also does not use any form of additional ERC20 tokens, which is common with other ‘decentralized’ services. Our native token will simply be Ether.
There will be two revenue streams:
VLINK Company provides enterprise support for companies wishing to use the decentralized VLINK service. Companies can opt to not use this service and set up their own infrastructure from our open source codebase.
-> 10% of the profits generated from the VLINK Company will be used to directly buy dxDAO tokens from the bonding curve, pushing up the price of the dxDAO tokens, and then immediately sell them on the bonding curve, thus burning them. We aim to publish our audited reports on a quarterly basis, and purchase of dxDAO in a quarterly timeline.
Each File Upload costs a fixed price of $1USD per file. All participants regardless if their interface was set up by the VLINK Company or self-hosted will have to pay this fee. This fee is mandated on the smart contract level, and the equivalent value in Ether will have to be sent alongside the file hash and gas fees.
Each file hash uploaded by a client directly benefits dxDAO stakeholders:
-> $0.20 (10 cents) in Ether will be accumulated in the Disbursement contract.
-> $0.70 (90 cents) will be used to cover gas fees, with the remainder going to VLINK Company’s account.
-> At the end of the month, this Ether minus gas fees will be Airdropped to ALL dxDAO holders, based on the number of dxDAO tokens that they own.
Thus, it can be seen that dxDAO holders will benefit from 2 revenue streams.
We have run a beta test with 3 enterprise clients based in Singapore, with a total of about 50,000 files hashed and uploaded to the Ethereum blockchain. This is done on the ropsten network. These 50 files represents approximately 3 months’ worth of paperwork.
In our beta test, we used the VLINK-T ERC20 token as an economic model. This VLINK-T will be removed moving forward. You can see all the hashing transactions here:
Each token transfer represents 1 file hash and upload.
The current proposal is at phase 1 will request for 15eth for me to commit full time to this project and pay for operating costs.
Phase 0 (Completed)
Creation of the beta platform for simple file validation service and then uploading it into the ETH blockchain. This stage is done, and used the VLINK-T token as a payment method. This stage has already validated approximately 50,000 files
Move the project away from using the VLINK-T ERC20 and upgrade the smart contracts to the validation, price and disbursement contract model, along with required tests
Redesign a separate interface layer for 3rd parties to interact with the same contract layer and release it as a community edition
Payout of 20 Eth (4000 USD)
15 Eth will be used so that I can commit full time to this project. 5 Eth will be used to hire a designer for the redesign of the interface layer.
Following the completion of phase 1, we will be able to onboard the 3 enterprise clients that is taking part in phase 0 and officially launch.
Following the end of phase 1, we will finally be ready to onboard new clients.
I expect to overall validate a grand total of at least 300,000 files before the end of 2020. The amount of eth reqeusted to be released will be determined as we are nearing the launch date.