For the past couple of months, we have been working hard on developing our product suite, and navigating through the compliance and regulatory jungle associated with our business model (track with our trek in this blog post). Based on this understanding of the regulatory environment, we decided to adapt our roadmap by starting with an Alpha version to pre-registered testers of our Sweetbridge wallet, the entry point into the Sweetbridge economy.

The Sweetbridge wallet is the primary component with which our users interact with the Sweebridge economy. Many of the activities in the Sweetbridge ecosystem (assets transfer, collateralization, withdrawals and others) are triggered from the wallet, making it a pivotal component of the system.

To better understand the community’s needs and feedback, we will introduce the basic functions of the Sweetbridge wallet on this Alpha version on the Kovan Testnet. Each week, we will increase the amount of testers, and thereby increase the feedback sample size to better learn the community’s needs. During this Alpha phase, we will regularly update and iterate the Sweetbridge wallet with new features from our planned backlog and your ongoing feedback. Then, about 6–8 weeks later, we will release the Sweetbridge wallet to the Mainnet. We designed our release timeline in such a way as to ensure our community is taking an active role in the development of the Sweetbridge wallet, so that it serves their needs optimally.

Alpha Components: Wallet

The key piece of the Alpha is the Sweetbridge wallet. The wallet has 2 components: (1) A Sweetbridge wallet, and (2) External wallet(s).

The Sweetbridge wallet lives within the Sweetbridge ecosystem, and is the hub from which members interact with Sweetbridge applications. External wallets on the contrary are just pointers to other databases or blockchains to allow members to have an aggregated view on all of their finances. At this point, users will have an ability to establish only one Sweetbridge wallet that can hold SWC, BRC €, ETH and any of the following ERC20 token (Tron, OMG, QTUM, ICX, BNB, PPT, DGD, MKR, SNT, REP, ZRX, BAT, ETHOS, GNT). In addition to these, the member can display as many external wallets as they want.

The expanded Sweetbridge Wallet view

In the Alpha, members will experience the entire process of logging into the Sweetbridge system and setting up a Sweetbridge wallet in various ways, i.e. creating a new Sweetbridge wallet from scratch, or setting up an existing wallet created elsewhere on the blockchain and integrating it into the member’s Sweetbridge wallet. In addition to these, members will be able to display their external wallets on their Sweetbridge app and aggregate all of their crypto wallets in one place (the Alpha will support initially only addresses on the Ethereum Kovan testnet).

Members will be able to deposit, and withdraw/transfer assets from their Sweetbridge Wallet to other addresses. They will also be able to view their previous transactions per cryptocurrency. As new applications are introduced to the Sweetbridge ecosystem, new activities will be added to the wallet, such as exchanging currencies, buying SWC, sending assets for collateralization and more.

In the Sweetbridge Wallet, users can view a detailed order history of their transactions

As you can see in the photo above, external wallets, due to their nature, will be in a display-only mode: members will only be able to view the assets in them. If you want to use these funds in the Sweetbridge ecosystem, you can click on “Import”and move these funds to the user’s Sweetbridge wallet.

Alpha Components: Accounting Journal and financial statements

The second piece of the Alpha is in the backend of the product. Everything that happens in the Sweetbridge economy is translated and registered in an accounting journal that is the agreed upon truth of activities. (This is the enabler of the Sweetbridge process described here). As such, the journal records any activity triggered by the user from the Sweetbridge wallet or manually added by the user, based on his external wallets activities.

This data can be queried and organized into member-specific financial statements (Balance Sheet, Cash Flow and Income Statement). These financial statements are displayed for the user as a module in the User’s Dashboard, to which the user arrives after logging into the system.

Every member’s transaction feeds into the member’s financial statements

On the Alpha, these financial statements provide the high-level view of the member’s finances, however as the app will evolve members will be able to dive as deep as they want into their financial activities. The first step towards that is through the raw data that is the basis for the financial statements, which can be viewed through the cash flow section.

The details of each transaction is captured on the member’s transaction history

Here, members can filter all of their past transactions based on dates, categories, transaction numbers and others. Members can also add new transactions that were created outside of the Sweetbridge ecosystem, or edit a category of an existing transaction (e.g. fees) in order to represent them properly on their financial statements.

These capabilities are critical to support most of the future activities on the Sweetbridge ecosystem (e.g. loans, settlement), however due to their immediate value for our community, we decided to release them from day one.

To take this new product for a test drive, register to become an Alpha tester here, and to learn more about the Sweetbridge economy, join our Telegram group here.