In today’s digital era, users from across the globe are fast adopting blockchain technologies. As decentralized technologies mature and their adoption grows, so does the kind of crypto services offered evolve. To interact with all these services and utilize their capabilities, users require to move funds and perform different actions on the blockchain. In the Cardano ecosystem, for instance, this would mean shifting across multiple tools or platforms. A team of developers is looking to address this gap by creating a multifunctional wallet that the Cardano community can use to access all the crypto services offered by the blockchain.
The Team Behind the Project
An Overview of the Ray Network Solutions
The Ray Network solutions is an advanced ecosystem consisting of open-source tools for the Cardano blockchain platform. It consists of the following:
- Ray Wallet – A lightweight multiplatform and multifunctional Cardano wallet that allows users to send and receive funds. It also provides access to staking pools, NFT marketplaces, DEFI swaps, and more. The RAY wallet is the primary focus of this project proposal.
- XRAY Token – A governance and payment token for services offered across the RAY network ecosystem
- Ray Swap – A DeFi protocol that facilitates automated transactions between crypto tokens on the Cardano blockchain.
- Ray KickStart – A decentralized fundraising platform that helps bring creative projects to life.
- Ray NFT Marketplace – A decentralized marketplace for buying, selling, and trading non-fungible tokens.
- Wiki – A database that serves as a central source of truth for Cardano and Ray Network information.
- Tokens list – A list of Cardano native tokens curated by Ray Labs
- Ray Stake – A staking solution operated by RAY where community members can delegate their ADA
- Ray Data Containers – A B2B data storage and authorization solution
The goal of Ray Labs is to build open-source solutions around the ADA token that make the ecosystem even more freely accessible to users of all kinds. Some of the above solutions are complete, while others are still a work-in-progress.
A Feature-rich Web Wallet to Address it All
Ray Wallet is a light wallet that will allow users to access a host of features through a single platform with a super-intuitive interface. These include sending and receiving funds, staking, minting tokens, swapping, fundraising, and accessing an NFT marketplace. Below is a snapshot of the Ray wallet on a web browser.
The goal of developing this multifunctional wallet is to simplify entry and expand the number of users on the Cardano ecosystem. The table below summarizes the status of the RAY wallet development at the time of writing.
|Generating crypto entities – Cardano-serialization-lib||Complete|
|Blockchain data streaming – Cardano-graphql||Complete|
|Send/receive funds||In progress|
|Token minting||In progress|
|DeFi swap||Upon smart contracts rollout|
|KickStart||Upon smart contracts rollout|
|NFT marketplace||Upon smart contracts rollout|
Project Budget and Timelines
According to the project owners, the initial public release for the Ray wallet will be live within three months of funding. More features will be rolled out after the initial release, with the team looking to achieve functionality comparable to Yoroi and Adalite wallets within six months of development. The end goal is to make Ray the most complete and feature-rich wallet within twelve months. At this stage, the Ray Wallet will offer access to features like send/receive, token minting, staking, DeFi swap, crowdfunding, and an NFT marketplace – all in a single platform.
To achieve this, the proposing team is requesting a total funding of 36,000 USD. These funds will cater for the project development costs for three months until the public launch date. During this time, the projected total labor input is around 1000 hours, with developers receiving $40 per hour remuneration.
As with other cryptocurrencies, users will always choose a crypto wallet depending on the features it offers. Developing a secure, easy-to-use wallet that provides a wide range of features and an intuitive user experience will enable users to maximize the benefits of Cardano. This is exactly what the Ray Wallet is set to achieve.
For more information about the Ray Wallet project, please have a look at the official Ray website or GitHub. You can also check out their Fund 5 proposal as submitted to Project Catalyst using the link below.