The Pillar Wallet Road Map

  • Registration This wallet will be a normal “self storage” wallet with email address and 12-words seed. Have to require that they back up their seed.
  • Recovery If the app is lost, they can give their email address and reinstate the wallet using the 12-word seed.
  • Receive ether Give their address and QR code. Show that ether has been received.
  • Send ether Paste or scan a QR code to send ether to. May want to limit volume at the beginning?
  • Move in Pillar tokens People can get their wallet address and QR code sent to them in an email, then they can send their Pillar tokens to their wallet.
  • Dashboard See assets and market value (market value not a strict requirement at this point but would be nice).
  • See history See previous transactions (would be easier if our blockchain explorer project were ready (does anyone want to join us and be the product owner of our blockchain explorer?), but this is not too difficult with the Etherscan API).
  • Fill out your profile. This will be handy for other things, later. The information will be stored in off-chain encrypted storage (you’ll have several to choose from eventually).
  • Get help in the app Contact form that sends a support email. Keep in mind that support is done by third parties, not by Pillar.
  • About Pillar Something about our culture and ethos.

Wallet 2: The ICO Wallet

Our goal is to create the go-to ICO wallet. It starts by registering and identifying anyone who buys an ICO token using the wallet. This is a joint venture with 20|30, who will manage the ICO onboarding process. We believe most ICOs will benefit from having customers registered and identified before they purchase.

  • Anonymous registration You enter your email in and create a password.
  • Simple registration Put whatever info you want into your profile, it’s up to you. You don’t have to fill out the profile to use the wallet.
  • White-Star registration — personal KYC If you want to buy an ICO using our wallet, you will need to register your details. This is the KYC (Know Your Customer) process banks need to be compliant with regulations. It’s similar to the process you have probably already gone through to register with a big exchange, except that you’ll build your own KYC profile and own it — we don’t have access to it. The best part is that once you do it, you can use that same info for all your ICOs and many other things later. This costs a bit of money — you will see the price from a third-party provider and pay in Pillars to register. Remember — this registration is yours to use or not, as you see fit.
  • Gold-Star registration — accredited investor An accredited investor is a wealthy person or investment group who is deemed “sophisticated” by regulators and can therefore buy “risky” securities that the public can’t. The rules are slightly different in each country. Again, these people will pay for onboarding, or the individual ICO will pay. An accredited investor will have a gold star or some other icon on her dashboard to show that the accredited status is on.

Wallet 3: The Consumer Wallet

This is the real basis for the wallet that we hope will become the personal data locker. It’s the “grandma” wallet. We’ll take our experience building the first two wallets and wrap them into a much easier user experience. We expect this wallet will use multisig to protect our users. It will have an address book, so you can send people cryptocurrencies by name (we’ll do as much as we can to hide addresses). It will likely have messaging. Eventually, we will add an exchange. Exchanges are hard to build. We will publish a separate update on exchanges as we get into this.

Wallet 4: The Business Wallet

In the past, I have called this the OEM wallet. We also call it the GDPR wallet. The goal is to give companies a way to replace accounts with wallets and be GDPR compliant as a byproduct. We have a team working on this and will report on it separately.

Appendix 1: ICO Purchase Modes

Wallet holders can purchase ICOs in the following ways:

  • Normal: Send ether to a smart contract on the blockchain, same as you would today with MyEtherWallet. Get tokens back when they are issued. No restrictions. We may want to institute a black list to help prevent people from sending to scam addresses, but it’s impossible to keep a black list up to date at all times.
  • White Star: An ICO on our wallet for KYCed investors. This is open to the public, as long as they KYC. The good news is, once you KYC yourself, your white star lasts two years until you have to renew. Note that since these are standard tokens, you can then send them to an exchange and sell them to someone else.
  • Restricted White Star: An ICO on our wallet for KYCed investors who can only sell their tokens to other KYCed investors on our platform. This will come when we have an exchange. This option provides full, 100% knowledge of all token holders at all times.
  • Gold Star: An ICO for a security token only available to accredited investors in that jurisdiction. The gold star must be renewed every three months in the US.

Appendix 2: Security Considerations

Once we issue an ICO wallet, there will be tremendous incentive to hack, spoof, and phish it. We will need legal protection, good license agreements, and a community of people helping us spot the bad guys. Here is a partial list of potential vulnerabilities:

  • Putting identical wallets into the App store/Google play.
  • Trying to send a different address.
  • Trying to hijack the way we send the address or flags.
  • Putting up web sites claiming to be ours.
  • Twitter imitation.
  • Sending a signal to our wallet that the sale is on.
  • Changing the hard-coded address.
  • Sending messages that our wallet has been hacked and here is the fix.
  • Others?

Appendix 3: Customer Support

We are an open-source software foundation. We don’t plan to offer services directly, except for integration and consulting services. We will set up a FAQ and an online community for the wallets, and we encourage others to set up for-profit customer support services. Users will pay for support with Pillar tokens.

Appendix 4: Pillar Tokens

Pillar tokens should be available in the wallet itself. However, we won’t have an exchange at the beginning. So we can do a workaround: we could (or another third party could) purchase Pillar tokens and then sell them in the ICO wallet as if they were another ICO. There’s an inventory and a fixed price, so you can buy them and get them in your wallet. We may have to keep adjusting the price, because we won’t have a bid/ask system, just a fixed price. This is effectively a “cashier” function, because as people use their pillars for services, whoever gets those pillars would come back to us and sell them back for ether. The paid services imagined at the beginning are:

  • Tech support — paid by the minute?
  • KYC — we believe this will be free until May 2018 and then will be charged in pillars thereafter.
  • Storage of KYC documents, paid in pillars.
  • Accredited investor check, also paid in pillars.

Appendix 5: Exchanges

There are many kinds of exchanges. Several wallets just use ShapeShift to handle the exchange functions, but we want to do something much bigger. We want to use an open exchange protocol like Swap or 0x to expose Pillar wallet orders to all exchanges, creating a web-wide order book and matching capability. This piece on open exchange protocols is a good start. We have a working group exploring this and welcome your involvement.

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David Siegel

David Siegel

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Provocateur, professional heretic, slayer of myths, speaker of truthiness to powerfulness, and defender of the Oxford comma.