Building a safer web3 for everyone. Webacy helps you Assess risk of wallets, Monitor assets, and Act in case of emergency, with a suite of tools that enhance and enable digital freedom.
Maika Isogawa (CEO): Cybersecurity at Microsoft. CS / AI at Stanford University
Vincent Chan (Head of Engineering): Tetrascience, Acornpack, Everyhome, multi-time founder/designer/engineer
Wesley Deacon (Growth): Former Auditor at Keybank US, Day 1 Degen
Full team here: Webacy - Company
Product Docs: https://webacy.gitbook.io/webacy-docs/
[Telegram: Contact @maikaisogawa (Telegram: Contact @maikaisogawa)
Webacy does not currently have a token.
Grant will be used to incentivize signup and consistent use of Webacy services and safe user activity on the Arbitrum network. We will be leveraging the grant to reward users for being safe on chain, which includes activities like setting up wallet monitoring, checking their risk score and approvals, and overall not getting hacked in a certain timeframe.
User rewards will vary depending on the level of safety they have achieved on the Webacy platform as well as the duration they have remained safe.
Support for the Arbitrum network on Wallet Watch is already complete, which means we can begin the incentive program immediately after passing of the proposal.
Multis Wallet - multisig with 2 our of 3 signers (project owners, separate people) - abstracted wallets.
Bring Webacy’s Safety Suite to the Arbitrum ecosystem and promote safe activity in the network:
Webacy now serves over 30k users globally, has over $150M in assets under monitoring, and sends over 300k notifications via e-mail and SMS per month. Our tools and services have been well-received by self-custodied users on Ethereum, and now we’re looking to bring these advanced safety tools to Arbitrum!
The objective of this grant is to incentivize users to utilize our services to safely interact on the Arbitrum network. Our plan is to reward regular users of our services with Arbitrum tokens for staying safe over a certain period of time, similar to how auto insurance companies now reward safe drivers. The incentive will only be for users that leverage Webacy services on the Arbitrum network.
100% of the grant will be distributed as user rewards.
Our two main near term objectives:
3k users monitoring wallets on Arbitrum / 10k notifications a month specifically for Arbitrum
5-10M in asset value monitored on the Arbitrum network
Longer term objectives:
15k users monitoring wallets on Arbitrum / 100k notifications a month specifically for Arbitrum
Integration of Webacy’s Risk Score APIs with major Arbitrum compatible dApps
Webacy’s Wallet Watch used to monitor all Arbitrum developers and their teams wallets
100M in asset value monitored on the Arbitrum
Natively recommended product to all Arbitrum developers and users
While L2s natively offer robust safety tools from an infrastructure level, the issues and UI concerns of self-custody still remain. Webacy’s safety tools transcend chains, and we hope to bring our impact to Arbitrum’s robust communities. Users must feel safe to freely interact with projects, tools, and tokens, and our services enable this freedom.
Our APIs empower teams to bring safety to their platform before it’s too late. Not only can teams project their projects internally through our real-time monitoring services, but they can raise safety insights to their end-users to inform them on where their assets are going, what they’re interacting with, and when to be safe rather than sorry.
This grant will allow us to spread the word of Webacy’s safety services by incentivizing users to sign up, utilize, and stay consistent with best security practices.
This grant also will empower us to bring safety engineering into the Arbitrum ecosystem which helps improve public perception of user safety and security on blockchain products. This will enable more non-Web3 native users to eventually feel comfortable interacting on arbitrum as they become more accustomed to consumer-facing blockchain dapps.
In order to properly incentivize users to take action to improve their crypto security, the reward needs to be sizable enough to compel users to act. With the amount of users we’d like to reach in our short term and long term goals, the size of the grant will allow us to give each user a sizable reward, with the amount of the reward ranging depending on specific factors (i.e. usage, activity, consistency, etc.)
Reward size per user will rely on a combination of things, both to verify that real users are the ones being rewarded, as well as confirming that the activity taking place is valid and leading the user towards better security. Metrics to determine reward size per user will include data like: how many wallets the user has monitored through Wallet Watch on Arbitrum network, how much value each of those wallets holds, how frequently the wallet receives notifications through Wallet Watch (aka how active is the wallet) among others. We can provide the exact details of the algorithm to the grant team upon request.
After the initial loading period (give users time to sign up and set up wallet monitoring), distribution of rewards will be tiered based on the reward size algorithm that we’ve created, including a factor of time. The longer users are utilizing Webacy Wallet Watch, the greater their reward.
We’ll set up monitoring and dashboarding as an extension of our systems to be able to track the progress of users and share feedback on the execution of the grant proposal.
We’ll continue marketing, integration, and co-branding efforts with other projects in the ecosystem to ensure that the proposal is a success and more users on the Arbitrum ecosystem are set up with the safety tools they need.
We estimate that the implementation process will take around 3 months (prior to 31 January 2024):
- Determination of how the rewards will be distributed, and what triggers will contribute to higher / lower rewards (1 week)
- Building the tracking, dashboarding, and dapp changes necessary to monitor progress (2-3 weeks)
- Crafting the marketing and launch plan for the incentivisation process, including reach-outs to partners, agreements, and any integrations that might be necessary (2-3 weeks)
- Launch – longer duration of safe practice may result in higher rewards, which is why the 3 month range was given. For example, we may give a higher reward for users that can go an entire year without getting hacked, vs someone who just sets up wallet monitoring.
Do you accept the funding of your grant streamed linearly for the duration of your grant proposal, and that the multisig holds the power to halt your stream?
Webacy is a multichain application.
We’re also exploring support for Polygon and Optimism for our smart contract product (Panic Button, Backup Wallet). Our Wallet monitoring product is already compatible with Polygon, Optimism, and Ethereum Mainnet.
Our Wallet Watch feature is deployed in beta for Arbitrum wallet monitoring since September 14, 2023
We currently serve over 30k users, have 150M in assets monitored, and send over 300k notifications per month. We expect this to grow with the introduction of support for new chains.
In addition to adding support for more chains, we’re excited to continue to add value to our users by enhancing our current feature set. Our notifications will become more robust and informational. Webacy’s Risk Score is enhanced daily through new data sources, models, and algorithms, bringing the most cutting edge risk mitigation information to the space. We’re also in the R&D phase of multiple exciting new developments within safety and self-custody using technologies like ERC 4337 and ERC 6900.
Audit History can be found here: Webacy - Trust and Safety (under Certik links)
Dashboards - yes. We have an internal dashboard (Retool) and can raise certain insights to relevant parties.
Yes - a Webacy team member can provide updates bi-weekly on the Arbitrum Forum thread. This would include numbers on our KPIs as well as progress updates on the build, any roadblocks we may have, asks, etc.
Does your team acknowledge that failure to comply with any of the above requests can result in the halting of the program’s funding stream?: [Y/N]: