(conducted July 27th 2020)
We released a new platform and a new website just before the bull market started. In order to better explain what is going on with the platform and what is yet to come, we conducted an interview with our Product Owner Nino Kutnjak.
Since this blog might open additional questions regarding product and future development, you are invited to Product AMA with the Product Owner on Reddit: https://www.reddit.com/r/ICONOMI/comments/i9icff/iconomi_product_ama/
Why was the redesign needed?
In the past year, since we released Crypto Strategies for users, we have followed and measured all aspects of our platform. We have sent out several surveys and, of course, followed the “path of income” and everything led us back to Crypto Strategies. As the crypto sphere is getting more and more filled with providers that sell their first Bitcoin and onboard users with different value propositions, it has become clear that the initial core of crypto “funds” is becoming ultra-valuable for the market and should be offered to the general public, not only to institutional investors. This is why the new redesign is focused around ordinary users creating, sharing, and maintaining their own Crypto Strategies - either public (social trading) or simply for the ease of crypto management.
Besides the redesign, the platform needed a rewrite. The old platform was written in AngularJS that has since lost long term support from Google, making it unsuitable for long term scalability, security, maintenance, and development of new features. Also, the old platform had quite a few legacy issues that were brought on by rapid development back in 2016 when ICONOMI was released.
We have been thinking about the rewrite for quite some time now, and the redesign was ready for almost 1 year. Then Corona came and enabled us to start the rewrite remotely, focusing the whole team on a single task. The whole rewrite from the first line of code took us around 3 months and an additional month of bug fixing before publishing it to beta.
Few more technical candies that came with the rewrite:
- The complete design system from Sketch for each component results in a matching component in Angular. This provides us with super fast reusability & development and central management of the look and feel of the platform
- The rewrite was executed with white labeling in mind, meaning that, in the future, we will be able to provide white label solutions with custom branding (because of the design system that is in place) for bigger managers or institutions
- The rewrite was executed with translation in mind, meaning we are now supporting .xlf files and we intend to share the current file for the platform UI with the community and are hoping for help with localisation
- Performance, performance, performance
What does that mean for ICONOMI positioning?
It means we are positioning ourselves as the leader in Crypto Strategy management with social trading features for crypto. We will still be offering easy onboarding and a clear path for users who are looking to buy their first Crypto (presumably BTC), and as soon as a user has more than 2 assets in their portfolio, our crypto management will be superior to any other platform.
Here are the concrete paths we are offering to different user profiles:
Profile: Crypto rookies
We are aware most crypto rookies start their crypto journey with a single asset such as Bitcoin or maybe even Ether. In fact, “Buy your first Bitcoin with us” was one of our previous slogans or value propositions that we pitched soon after the fiat gateway was implemented.
And sooner or later these users get their first crypto and start looking for other projects to add to their portfolio. With a growing portfolio and more cash put into crypto, the pain of management starts to lurk from the darkness. This is what we are solving for complete beginners.
So what can beginners expect from the new ICONOMI?
- Ultra fast onboarding with understandable and polished UI
- Pre-made starter packs with top 3 assets diversified and a special surprise
- Possibility to Copy Strategies from best managers across the world - once a user puts more money into crypto and is still not quite sure of their management skills, they can always copy the structure of the best managers and make them grow their investment. No lockdown, no bullshit, straight profit. Besides profit, users may also follow managers’ daily posts and learn about their tactics, which can later be applied to their own strategy.
- Hassle-free crypto management, without order books and other complicated features that users face on exchanges. Our UI demonstrates how easy it is to manage a portfolio.
- Even relatives and other non-crypto friends can easily invest and follow the user's strategy.
Profile: Advanced users / traders
For all the users that have been in crypto for a while and have traded successfully on several exchanges we built a whole platform that can upgrade what they are already doing. With a possibility to earn passive income in doing so.
“You do the content, we take care of the rest”
ICONOMI is all about Crypto Strategies, this means instead of trading on several exchanges and keeping portfolio data in a spreadsheet, on ICONOMI, users can create a Crypto Strategy, enter desired assets (e.g. BTC, ETH, XRP, KAVA, KNC) in desired weights (e.g. BTC 30%, ETH 30%, XRP 10%, KAVA 10%, KNC 10%) and our trading engine will trade that for them in the background. Once traded, users may come back and change the structure by simply changing the weights or removing/adding the assets and then publish another rebalance. It is that easy. No need for any token transactions between wallets and exchanges, spreadsheets, or any other tools.
Oh and yes, all our fees are competitively priced and transparent, so users are always aware of exactly how much they are earning.
We also mentioned passive income. Once a Crypto Strategy is up and running, users may invite friends or family to invest with them. This means that they can create their own account and copy the user's strategy. So a user starts earning from fees that they set. With time and motivation, this private Crypto Strategy can go public and appear on the ICONOMI platform amongst others, so that any user may copy it.
Profile: Pro’s, experts, institutional investors
Even though this group is mentioned last it was in fact the first group ICONOMI catered to at its launch. Over the past 3 years over 30 verified experts have offered their ICONOMI Crypto Strategies to the general public, and they will continue doing so.
These experts are individuals with trading backgrounds either from the old world of finance, or companies/small offices that cater to their clients as well as other ICONOMI users. What makes them stand out from the others is the “skin in game” requirement, which means that all verified experts started their strategies with substantial seed capital.
So what are tangible features for their businesses?
- Mature platform with access to over 10 exchanges
- Fast trading engine you can rely on
- Algorithmic trading
- Advanced reporting
- API trading
- Custom development or deals
- Multiple Crypto Strategies
- Advanced support
- Elite verified position on the platform
- Building public or private track record
What is next?
Keeping up the pace with listing
We have improved and adjusted our listing process, allowing us to aggressively list all hottest DeFi projects in the following weeks. New improved process will allow us to follow asset trends closely and provide our users with top shelf assets quickly and responsively to the market.
Trading engine improvements
A lot of your feedback was connected to either the speed or lack of predictability of the trading engine behind rebalancing. We are committed to continuously work on and upgrade our engine throughout 2020, as we scale Crypto Strategies towards faster and more efficient rebalancing.
Social Trading - or making your Crypto Strategy public
Making your strategy public, or entering social trading. This is the next big step for ICONOMI. If managing your strategy is more than just a hobby, and you are looking to share your knowledge, build your following, and earn some cash by doing so, your objective is aligned with “going-public”. After the upgrade, users will be able to create public Crypto Strategies and publish them in the ICONOMI catalog of products, allowing any ICONOMI user to copy their strategy in exchange for a performance or following fee. In other words, experienced crypto veterans may promote their strategies and beginners may simply follow them.
For us, social trading doesn't mean only following a strategy, it's also about in-depth communication about rebalancing. An example of this would be posting your market insights with help of trading view charts or in-depth video explanations.
How do you see a thesis of monetizing knowledge?
It is very simple. We provide the platform with the technical magic, you provide the knowledge and build your community around it. More concretely, we want our users who decide to go public with their strategies to provide others with easy access to crypto strategies that outperform single assets and get paid in exchange for that knowledge. We are the only platform that provides a performance fee, giving our veterans an incentive to build attractive strategies that pay well when they perform well, overall making the experience for new users as simple, enticing, and profitable as possible.
Engage with additional questions on open Product AMA: