#747 SmartCash Cryptocurrency Market + Social API

By IzzyCJR

Summary

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.

Description

Preface

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.

 

License

Every milestone will be open sourced

 

Opportunity

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.

 

Milestones

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.

Categories

Technology

Milestones

Date Amount (US$) Amount (Σ) Description Status
March 27, 2019 2,500.00 224,299.88 * Cryptocurrency Market Data API -
April 03, 2019 2,500.00 224,299.88 * Cryptocurrency Social Media Data API -
April 10, 2019 1,000.00 89,719.95 * Content Delivery Network ( CDN ) Caching -
* Estimated

Requested Amount

  • Total USD: 6,000.00
  • Estimated SMART: 538,319.71
  • Estimated BTC: 1.49652879

Schedule

  • Created Date: Tuesday, March 5, 2019
  • Voting Deadline: Tuesday, March 19, 2019 20:50:00 UTC
  • Payment Date: Payments will be made in accordance with the delivered milestones

Status

  • Not Funded

Votes

23.48%
Yes (8,998,434.64)
72.86%
No (27,928,156.80)
3.66%
Abstain (1,402,372.36)

Voting Audit

Address Voting Power Vote Is Valid

Proposal Audit

Date Description Yes No
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. -

Comments

  • jayrmotta 03/06/2019 11:19

    Who will run the operation and pay for this service cost over time? Who will admin the infrastructure? Do you think this is aligned with the mission of the currency which is meant to be a mean of exchange?

    IzzyCJR 03/06/2019 12:12

    When I implement the CDN caching milestone the monthly expenses will be minimal. Cloudflare offers a 100% free tier to cache site assets like html, js, etc. The back end service ( the code that gathers/manipulates the market/social data ) will be able to run on a very cheap VPS. When serving the API the main issue is scaling the infrastructure to handle the demand. In this case I will be packaging the data in a way that offloads this to cloudflare's free CDN package. For your last question that is for the community to decide. My thought process is as follows: I am a developer with plenty of ideas for this industry and I have the skill set to execute. Thanks to the governance portal I can submit my ideas and begin building for the SmartCash community ( if the proposal passes ). SmartCash receives x new service and I am able to build challenging/fun applications/services. Outside of 9-5 work most developers enjoy creating projects. Typical dev agency work involves dealing with the same Wordpress, Joomla, WooCommerce work day in and day out. I began part time work within this industry a few years ago building side projects and one of the first services I played with was the CMC API ( nearly every cryptocurrency app requires market data ). This service may not involve transacting in SMART but I believe this is an opportunity to begin strategically building services that other developers depend on. Doing so will increase brand awareness and attract development talent within the ecosystem. The ethereum ecosystem is a good example of this. In the short term this may not align with the mission of SmartCash, but this can be used to begin attracting talent interested in developing services for the SmartCash ecosystem.

  • IzzyCJR 03/07/2019 08:04

    As a part of my proposal I will be open sourcing and hosting the service being developed. If the Smart team finds my service valuable I will assist with direct integration in Smart products like the web wallet. My long term goal is to work with/for the SMART community to begin developing services that will grow the ecosystem. If you have voted no/abstain on this proposal would you mind providing feedback?

  • eriksz 03/07/2019 18:02

    How will you validate that sites using the API continue to display branding? I could see the branding requirement as something that discourages some sites from using the API (esp. the bigger ones). Also, I'm not clear what the value proposition is here. I also find it annoying that CoinMarketCap has deprecated their free v.1 API, but there are plenty of others available (I've been using CoinGecko).

    IzzyCJR 03/07/2019 18:26

    If this problem gets out of hand we can require api key usage ( for free ) and revoke access if they fail to place SMART branding. As far as the large companies avoiding the API I have seen large companies directly embedding the coinmarketcap widget which has the "Powered By CoinMarketCap" at the bottom of the widget so this shouldn't be a problem. For value proposition the SMART badge will increase brand awareness, and the API will attract developers looking for CMC API alternatives. With this API I will be returning more than just the averaged price data, this will include the average price data, social feeds, and recent market data from each exchange.

  • IzzyCJR 03/10/2019 22:54

    Here is a brief MVP of both API's. Market Data - http://eplusdemo.net/json Social Data - http://eplusdemo.net/social the market API will be updated to include the market data from each exchange if the proposal passes.

    IzzyCJR 03/10/2019 23:21

    I will be getting rid of the 'eplusdemo.net' domain in 3 days so I have uploaded the code to a new domain http://brackots.net - http://brackots.net/json - http://brackots.net/social