MIP10c14-SP6 Proposal: Appoint MyCrypto as a Light Feed

MIP10c14: Subproposal to Appoint MyCrypto as a Light Feed for the Maker Oracles

Preamble

MIP10c14-SP#6: 
Author(s): Harry Denley
Contributors: Jordan Spence, Mia Alexander
Type: Process Component
Status: Proposed
Date Proposed: 2020-07-13
Date Ratified: <yyyy-mm-dd>

Specification

Organization

Introduction

Motivation for running a Light Feed

MyCrypto has provided infrastructure for the Ethereum blockchain for many years, and are one of the few teams to do so. We love the Maker team, and
our engineers are experienced, reliable, and eager to learn more and contribute to Maker’s goals in this arena!

Community

What has your organization contributed to the crypto community?

MyCrypto provides a client-side, open-source interface to the Ethereum blockchain that allows users to access and manage their ETH &
ERC20 tokens, and interact with smart contracts directly, among many other things. We also provide infrastructure with an Ethereum node, alongside
Infura and Etherscan.

Successful products, services, tools, libraries, thought-leadership

How will the Maker Community benefit from your inclusion as a Light Feed?

MyCrypto has a solid track record of providing valuable products, resources, and infrastructure to the community. Many don’t realize it but
we’ve been running our own infrastructure since 2017. This runs in our blood! We believe that we’d be a valuable addition to the others
who are participating.

Changelog

  • List of updates
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MIP10c15: Subproposal to Appoint Feed (OT)

Preamble

MIP10c15-SP#: 6 
Author(s): Niklas Kunkel
Contributors: 
Type: Process Component
Status: RFC
Date Proposed: 2020-08-04
Date Ratified: <yyyy-mm-dd>

Specification

Introduction

If ratified, this subproposal would appoint MyCrypto as a Light Feed. Feeds submit data to the Oracles for the prices of assets. They are an important part of ensuring that the Oracles are reliable and secure. Only entities with strong credentials that the community trusts should be permitted to be an Oracle Feed.

Organization

The following information was provided by MyCrypto in their MIP10c14 application and verified by the Oracle Team to the best of its ability.

* Name: MyCrypto
* Website: https://mycrypto.com
* Github: https://github.com/MyCryptoHQ
* Number of Employees: 15-20
* Email: [email protected]
* Incorporated: 2018
* Domiciled: Delaware C Corp
* When was the organization founded? 2018
* Who are the major investors in your organization?: Polychain, ShapeShift, BoostVC, Ausum Ventures, Mick Hagen, Chance Du, Lily Liu, Albert Ni
* How much funding has the organization raised either privately or through a token sale?: $4 Million
* Please provide public references for the above where possible: https://medium.com/mycrypto/our-first-funding-round-9acf048c9d05

Light Feeds

Reputation

  • Does the organization have a strong reputation in the crypto community?

MyCrypto, is recognize as one of the pioneers of the Ethereum ecosystem, dating back to its MyEtherWallet origins. Many crypto-natives can trace their crypto origin story back to generating their first Ethereum wallet through MyCrypto. MyCrypto was one of the first to recognize the dire state of UX and lack of education in the Ethereum ecosystem and adopted a design philosophy centered around these cornerstones. This has rightfully earned them a strong trusted reputation.

  • What contributions has this organization made to the crypto ecosystem?

MyCrypto provides a client-side, open-source interface to the Ethereum blockchain that allows users to access and manage their ETH & ERC20 tokens, and interact with smart contracts directly, among many other things. MyCrypto also provides infrastructure with an Ethereum node, alongside
Infura and Etherscan.

  • Would including the organization as a Light Feed instill a sense of trust in the Oracles?

MyCrypto is a long-standing and trusted member of the Ethereum community whose inclusion as a Light Feed would be valuable addition to the circle of trust backing MakerDAOs Oracles.

  • Are there any public accusations of misconduct? How severe and numerous are they? Have they been confirmed?

The Oracle Team makes no deliberation on whether any inappropriate activity occurred. In the pursuit of full transparency, the fork from MyEtherWallet is something Maker Governors may want to consider.

Here are the two published first-hand accounts from Taylor (MyCrypto) and Kosala (MEW).

It’s important to acknowledge the team behind MyEtherWallet team transitioned to MyCrypto in the aftermath of the dissolution of MyEtherWallet LLC.

Verification

  • Were sufficient public-facing resources provided or found that confirm the information in the application?
    The Oracle Team was able to identify the existence of the Delaware C Corp MyCrypto through the Delaware Division of Corporations Register with file number 6673533 and registered on 12/6/2017. There is a minor discrepancy here as the applicant claimed to be incorporated in 2018

  • Was the applicant honest with respect to:

  • Given the applicant’s major investors, is there a risk adding this Light Feed would give a single investor too much influence over the Oracle protocol?
    The Oracle Team does not see any conflict of interest arising from amount of influence any single investor may have.

  • Given the incorporation and domicile location of the organization, is there a risk adding this Light Feed would give a single jurisdiction too much influence over the Oracle protocol?
    The Oracle Team does not see any issue with regards to jurisdictional influence accrual that adding MyCrypto would pertain.

Identity

  • Did the Oracle Team get in contact with the organization to confirm their application?
    Yes the Oracle Team talked directly to Taylor Monahan the Founder and CEO of MyCrypto.

Cost-Benefit

  • Given the ratio of Dark Feeds : Light Feeds, does the Maker Protocol benefit from adding another Dark/Light Feed at this time?
    The Oracle Team believes that an additional Light Feed from an esteemed company like MyCrypto is appropriate given the current number of Dark Feeds relative to Light Feeds.

  • Given the extra cost of appointing a new Feed, does the benefit of the marginal security / marginal trust in the protocol exceed the cost?
    As the Maker Protocol is scaling in size both in terms of deposits as well as outstanding Dai supply, it requires a greater and greater security threshold. Adding a new Light Feed at this point time seems prudent.

Oracle Team Recommendation

Given the stellar reputation MyCrypto has built up not just as an infrastructure provider, but as a core member of the Ethereum community and industry-leader in the education and UX domains the Oracle Team highly recommends the Maker Governance community consider appointing MyCrypto as a Light Feed for the Maker Oracles.

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