Ted Livingston founder & Code of Code Wallet shares update on progress
by Ted Livingston founder & Code of Code Wallet:
Hi everyone. I’m looking forward to a good Space later today. I thought I would share an update ahead of time so that we can have a good discussion.
The short update is that we are making great progress on Code, while still being in a bit of a holding pattern waiting to see what the FTX wallet does with their remaining Kin.
Of the approximately 350B Kin that the FTX wallet had, it looks like they only have about 8B left. Since finishing their most recent sales we haven’t been able to get a hold of them, despite several attempts. They also haven’t been selling for a week or so, so we aren’t sure what their plans are. This makes us a bit hesitant to launch bigger features until we have more clarity.
We are using the time to keep building. Some of that has been more tactical items like better metrics so we can fine tune things like the on boarding experience. We also built and launched some of the community requests like enabling biometrics and disabling the camera from auto starting if desired.
The two bigger things we have been working on are the VM and Messaging. The VM is coming along nicely, and will allow us to essentially eliminate the cost of creating accounts. This will reduce our scaling costs, while also opening up new features like Gift Cards, where we need to cheaply create millions of long lived accounts. The VM will also make Code even more robust during any Solana outages, and make it faster for us to develop new features. We are still a ways out from migrating to this new system, but progress has been faster than expected so far.
The other big thing we are working on is messaging. We think Tip Cards will be a slick and unique experience, but that they need a social component to make them sticky. People need an incentive to continually tip their favorite creators, something that anonymous Tip Cards alone don’t provide. This is where we thinking messaging could be interesting. Now when you tip your favorite creator it would give you a shot at getting into a conversation with them. We think that could be quite powerful for both the tipper and the person being tipped, especially when you let creators customize their minimum tip amount.
We are making good progress on messaging. We will see when it is ready to launch, but our hope is that a first version might launch at the same time as Tip Cards. It will be basic to start, with just text back and forth, but we are curious to see how people might use it. We also have a ton of ideas for how we could build on this first version.
Finally an update on Pennypost. The short version is that Pennypost continues to wait on the shelf. We are reluctant to launch it with the uncertainty of the FTX wallet. We also want to be careful to not try to do too many things at the same time. Given this we’ve decided to prioritize launching the VM and Messaging first, and then Pennypost after that. That said this ordering could change as we learn more.
Overall I couldn’t be happier with the progress of Code. I have the pleasure of working with one of the most talented teams I’ve ever been part of, and one of the smartest communities in crypto. Hopefully the uncertainty around the FTX wallet will subside just as we’re ready to launch some of these bigger features. We will see. I’m looking forward to discussing more on the Space later today.
login for clickable links: https://t.me/KinCryptoTelegram/105055
Hi everyone. I’m looking forward to a good Space later today. I thought I would share an update ahead of time so that we can have a good discussion.
The short update is that we are making great progress on Code, while still being in a bit of a holding pattern waiting to see what the FTX wallet does with their remaining Kin.
Of the approximately 350B Kin that the FTX wallet had, it looks like they only have about 8B left. Since finishing their most recent sales we haven’t been able to get a hold of them, despite several attempts. They also haven’t been selling for a week or so, so we aren’t sure what their plans are. This makes us a bit hesitant to launch bigger features until we have more clarity.
We are using the time to keep building. Some of that has been more tactical items like better metrics so we can fine tune things like the on boarding experience. We also built and launched some of the community requests like enabling biometrics and disabling the camera from auto starting if desired.
The two bigger things we have been working on are the VM and Messaging. The VM is coming along nicely, and will allow us to essentially eliminate the cost of creating accounts. This will reduce our scaling costs, while also opening up new features like Gift Cards, where we need to cheaply create millions of long lived accounts. The VM will also make Code even more robust during any Solana outages, and make it faster for us to develop new features. We are still a ways out from migrating to this new system, but progress has been faster than expected so far.
The other big thing we are working on is messaging. We think Tip Cards will be a slick and unique experience, but that they need a social component to make them sticky. People need an incentive to continually tip their favorite creators, something that anonymous Tip Cards alone don’t provide. This is where we thinking messaging could be interesting. Now when you tip your favorite creator it would give you a shot at getting into a conversation with them. We think that could be quite powerful for both the tipper and the person being tipped, especially when you let creators customize their minimum tip amount.
We are making good progress on messaging. We will see when it is ready to launch, but our hope is that a first version might launch at the same time as Tip Cards. It will be basic to start, with just text back and forth, but we are curious to see how people might use it. We also have a ton of ideas for how we could build on this first version.
Finally an update on Pennypost. The short version is that Pennypost continues to wait on the shelf. We are reluctant to launch it with the uncertainty of the FTX wallet. We also want to be careful to not try to do too many things at the same time. Given this we’ve decided to prioritize launching the VM and Messaging first, and then Pennypost after that. That said this ordering could change as we learn more.
Overall I couldn’t be happier with the progress of Code. I have the pleasure of working with one of the most talented teams I’ve ever been part of, and one of the smartest communities in crypto. Hopefully the uncertainty around the FTX wallet will subside just as we’re ready to launch some of these bigger features. We will see. I’m looking forward to discussing more on the Space later today.
login for clickable links: https://t.me/KinCryptoTelegram/105055
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