Most cryptocurrency data providers now charge a monthly rate to access market data ( ex: https://coinmarketcap.com/api/pricing/ ) I believe this provides an opportunity to advertise SmartCash by providing a free to use API that includes market and social data for multiple cryptocurrencies.
My previous proposal contained multiple services in a single submission. I chose that route to avoid the 14 day waiting period between each submission ( ie: proposal voting process ). Under this model I would be able to complete a milestone, submit the proper SMART documents, and begin the next milestone.
Based on feedback from the community, and the advice of a few SMART team members I have closed the previous submission in favor of creating separate proposals.
In the event of multiple proposals passing the community is protected by the SMART team. I must complete each milestone in order to receive payment. Thanks to this rule I will be able to go through the voting process ahead of time, and the SMART community is guaranteed the delivery of each milestone.
Every milestone will be open sourced
Nearly all cryptocurrency services ( including news outlets ) require realtime market data. Charging for API access will begin turning potential customers/developers away. Instead of charging a monthly rate for API access I suggest making the API free to use if the customer/developer adds a "Powered by SmartCash API" badge to their website/service.
By doing so SmartCash will enter the "cryptocurrency utility" space. The SmartCash API badge will begin boosting the seo of SmartCash when developers search for "cryptocurrency market api's" launching SmartCash to the top of search engine results.
If the SmartCash team creates a documentation page for the API ( ex: api.smartcash.cc ) the team can provide a section outlining the SmartCash governance portal.
This process will create a funnel attracting potential developers into the SmartCash ecosystem. The developer will enter by looking for the SmartCash API, and they will become interested in the possibility of developing x, y, z service for the SmartCash community in exchange for funding. The low cost of creating a proposal is also a very large incentive to create multiple proposals.
Cryptocurrency Market Data API
I have already created a basic API that can be seen here ( https://cryptofeed.io/json ) I will expand on this API to return the exact prices from multiple exchanges.
Cryptocurrency Social Media Data API
This same service aggregates the social media data of each cryptocurrency and displays it in a central feed ( https://cryptofeed.io/eth ) I will create a JSON API that returns the social data of multiple cryptocurrencies.
Content Delivery Network ( CDN ) Caching
If the SmartCash team would like to host this API the costs need to be kept to a minimum. When this service begins gaining traction the server bills can quickly add up if the API is not cached properly. Once the API's have been completed I will create the "public access" part of this service in a way that relies on the caching of CDN's. Once complete a free service like CloudFlare can be used to carry the heavy burden of handling large amounts of API calls.
|Date||Amount (US$)||Amount (Σ)||Description||Status|
|March 27, 2019||2,500.00||855,730.98 *||Cryptocurrency Market Data API||-|
|April 03, 2019||2,500.00||855,730.98 *||Cryptocurrency Social Media Data API||-|
|April 10, 2019||1,000.00||342,292.39 *||Content Delivery Network ( CDN ) Caching||-|
|Address||Voting Power||Vote||Is Valid|
|2019-03-05 12:32:23||Proposal created. Waiting for approval.||-|
|2019-03-05 20:49:46||Open voting. Deadline up to 2019-03-19 20:49:46. (Discord Andrew)||-|
|2019-03-19 20:51:46||Voting closed. Status: Not Funded.||-|