Arcana Network AMA Summary Recap with Shin Chan Community
We held a live AMA with Co-founder, Aravindh Kumar from Arcana Network on 8th November at 9:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
JH | Shin Chan: Good Evening everyone, Let’s Welcome Co-Founder of Arcana Network, Aravindh Kumar and COO at Arcana, Ajay Shetty for joining the ama today🥳🥳🥳
Can you tell us a bit about yourselves and Arcana?
Aravindh | Arcana: Absolutely.
Before we start, I would really appreciate if you join our community to learn about the latest developments at Arcana Network.
Twitter: https://x.com/arcananetwork
Telegram Announcements Channel: https://t.me/ArcanaAnnouncements
Telegram Community: https://t.me/ArcanaNetwork
I am Aravindh, Co-founder of Arcana Network and handle Growth here. I have been in web3 space since 2018. Previous to Arcana, worked for a venture studio building products for other founders
Brief intro about Arcana:
At Arcana, we are a team of 20 designers, developers, cryptographers, business development and ops folks. Arcana was founded in 2021 and the goal of Arcana is to help improve the UX in Web3. It’s been quite the ride these last 2 years but we are only getting started and getting set to take things to the next level. As part of that next step, I am so happy that I have the chance to share our story and plans with you amazing folks.
Arcana is a UX-focused app chain on top of which we build products for developers that significantly impact Web3 UX.
Ajay Shetty| Arcana: Hello everyone. I am Ajay Shetty, COO at Arcana Network. I have been in the web3 space for about 3 years now. Prior to this, I had 10+ years of experience in Management Consulting and IT.
JH | Shin Chan: Can you give us an overview of the products that are live?
Aravindh | Arcana: Sure!
We intend to build a slew of B2B products and consumer apps on top of this core infra. On the B2B side, we have:
1. Arcana Auth — It’s an MPC wallet SDK. Developers can integrate this SDK into their apps and allow users to log in with email or social accounts so users don’t have to install 3rd party extensions or manage seed phrases or private keys. Imagine going to a Web3 dApp and simply logging into the app with your email and seeing a secure, non-custodial wallet right inside the app.
2. Arcana Gasless — It is an Account Abstraction (ERC4337) based SDK that developers can use to sponsor gas fees for their users. Now, users don’t need to have ETH, MATIC or BNB in their wallets to submit transactions on Ethereum, Polygon, or BNB Chain.
On the B2C side, we have an app called SendIt. SendIT is like PayPal for crypto. Anyone can now send crypto to an email id or Twitter handle. This is a complete P2P transaction, and the recipient does not need to be an existing SendIt user.
JH | Shin Chan: May we know who are the investors? How much have you raised so far?
Aravindh | Arcana: We have raised a total of >$4M in 3 rounds so far.
We’ve raised from some of the top investors in the space.
From people like Balaji, CTO of Coinbase, Aniket Jindal — Founder Biconomy, Sandeep & JD, founders of Polygon, and funds like Woodstock, Republic, Fenbushi, and others.
We have received great support and have excellent long-term alignment with all of them
JH | Shin Chan: My next question, Who are your target customers and what has been the growth so far?
Aravindh | Arcana: Great question.
Our users and our traction is everything to us. It’s proof that we are not simply an idea or some vaporware that no one uses.
On the B2B side, our customers are developers and projects. For our Auth SDK, we have over 80+ projects built with us, including games, NFT projects, and Web3 social apps. We add about 10 projects a month as customers.
SendIt is built on top of our Auth SDK as an experiment, a way to market the Auth SDK. We still set lofty goals for it by having a target of reaching 50k users in 2 months. We got 50k users in 6 days! We got 100k users in 12! Now 3 months in, we have around 500k users.
Auth SDK went live in Feb 2023 and has already generated over 1M wallets since then.
Our B2C app SendIT has processed over 2.5M transactions in the 4 months since launch
JH | Shin Chan: What differentiates your product from your competitors?
Aravindh | Arcana: With the Auth SDK, it is a crowded market but our design and tech help us stand out.
We are the only decentralised solution in the market. There are many MPC wallet solutions but they all store or require to back up cryptographic material or private keys to centralised servers. This means you can never do self custody of these keys.
Imagine gaining assets and reputation on a particular wallet address but never being able to truly own it.
Also, we are built on top of the latest, peer reviewed cryptographic paper which means our solution is the most modern and most efficient.
Our Distributed Key Generation and Management, that powers the Auth sdk, is an order of magnitude more efficient which makes us the fastest onboarding experience in the market.
Logins take under 5 seconds through our auth.
You can try it out on our SendIt app and see for yourselves 🙌 https://sendit.arcana.network/
JH | Shin Chan: amazing, cant wait to try out all the products
Can you let us know what does your roadmap look like?
Aravindh | Arcana: After spending the first 1.5 years deep in development, building stuff, breaking stuff, and getting things right, we now have a rule at Arcana that we need to have one major release every quarter.
- SendIt in Q2.
- Arcana Gasless in Q3.
So you can always expect a packed roadmap from us.
In Q4 this year we launch our app chain’s testnet with a proposed mainnet in Q1 of next year.
We have our Access SDK scheduled for release in Q2 of ’24.
It will give a way for developers to token gate anything like a file, arbitrary data or any secrets.
Also, we are very excited about Arcana CredIt, a whole new way to transact crypto, due for release in Q2/Q3 of ’24.
JH | Shin Chan: glad to see that your team Build your products consistently even in the bear market
Can you tell us a bit about your token and its utility?
Aravindh | Arcana: Our goal of improving UX in Web3 would be meaningless without us stressing on the need to be decentralized. As a result, launching our products on our own app chain is extremely crucial.
The immediate utility of the $XAR token would be to bring economic security to our app chain via staking.
The Arcana app chain would be a delegated Proof of Stake chain where all holders will be able to stake the $XAR token with validators and receive a reward for improving the security of the chain.
In the long term, we intend to be a public good that a DAO governs. So the token would be further utilized in the governance of the overall network.
JH | Shin Chan: My last question,
Any initiatives by Arcana that the community can participate in?
Aravindh | Arcana: Multiple!
We would like to immediately invite the community to join the Arcana community, ask questions, give feedback and if you like what you see, participate in our upcoming Reg-D token sale on Republic.
There are more details here: https://www.arcana.network/token
We have early access exclusively for Arcana community members which would have its own set of benefits.
www.arcana.network (https://www.arcana.network/token)
If participating in token sales is not your thing but still like what we are doing, then we invite you to join our ambassador program and start contributing.
More details on the ambassador program here: https://www.notion.so/8783c910aa4b49f88adb4d2a44a35729?pvs=21
If you are a developer, come join our developer discord here: https://discord.com/invite/6g7fQvEpdy
and start building the app of your dreams.
JH | Shin Chan: we still have the opportunity to join the pre-sales Whitelist?
Aravindh | Arcana: Absolutely, you can join the whitelist by visiting here: https://www.arcana.network/token
JH | Shin Chan: Awesome! Thank you for sharing us about Arcana, it so informative to our community 💯💯🚀🚀
Quiz Section
Q1: What product did Arcana Network launch first on the mainnet in Feb 2023?
Answer: The correct answer is B. Arcana Auth
Q2: How many users has SendIt surpassed in Nov 2023?
Answer: The correct answer is D. 500,000
Q3: As of today, which of these chains are NOT supported on SendIt?
Answer: Its D. SOLANA.
Q4: Where is Arcana Network hosting XAR RegD public sale in November?
Answer: Correct answer is C. Republic
Q5: Who is the ideal customer for Arcana Auth/Gasless?
Answer: Its D. All of the above. Gaming, NFT projects and De-Fi.
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