San Diego-based bitcoin wallet provider, Airbitz, and the San Diego Bitcoin meetup group recently hosted a number of speakers from blockchain startups. Among them was ShapeShift CFO, Justin, presenting the company's new smart contract-powered platform, Prism.
Prism is a trustless digital asset portfolio management platform powered entirely by Ethereum smart contracts. The platform allows users to create portfolios of leading digital assets such as Bitcoin, Litecoin, Ethereum, Dash, Monero, and more, without counterparty risk.
Chris Groshong, CEO of CoinStructive Inc., introduced Justin by saying, “Prism is the easiest and most convenient way for a non-technical user to diversify and manage their crypto-asset portfolios.”
Justin introduced the new product to a packed house, showing a step-by-step video on how users create and fund their portfolios – known as “Prisms” – and also touched on some of the product’s features.
One feature, called the “Leaderboard”, shows the user a list of Prisms that other customers have created, and which ones are the current top-performing portfolios. Users can choose to create a copy of these top-performing Prisms or create their own unique collection from more than 50 different assets.
Justin stressed Prism’s advantage is easy access to a wide-range of blockchain tokens. Meetup attendees were enthused about this aspect of the platform and the potential for transactions in the world of cryptocurrency.
To create a Prism, the user first indicates the amount of funds in Ether they would like to invest, then chooses a name for their Prism and determines the assets they would like their portfolio to represent.
After the funds have been allocated among these chosen assets, the user is prompted to provide the platform with their Ethereum public address. This address will allow them to monitor their Prism over time, and is where their payout will be sent at the time they close their portfolio.
Lastly, the user funds their Prism by sending the exact amount of Ether indicated to the provided smart contract address. Once this smart contract address is funded, the Prism is live until the user chooses to close the portfolio.
When the user feels they are ready to close their Prism, they simply visit their Prism’s info page, click “Sell Prism,” and send a zero Ether transaction to the address provided.
“If the Prism gained 20 percent during the time the portfolio was open they receive 20 percent more Ether to the address they provided when they initially set up their Prism.”
- Emily, ShapeShift Chief Marketing Officer
ShapeShift announced Prism in May, during Consensus 2017 in New York City. Within 24 hours, 6,000 people registered for access a private beta, and requests continue to grow daily. “Those users currently active in Prism’s private beta have been able to give us incredibly helpful feedback, steering our technical updates and feature improvements,” said ShapeShift Chief Marketing Officer, Emily.
Private beta users will continue to test and provide feedback to the ShapeShift Prism team, allowing for updates to be made until the team feels it is ready for mass use. “Prism is a first-of-its-kind product, and we must ensure that the public-facing release provides users with the best experience possible. These private beta testers are helping us achieve this goal,” says Emily.
Following Justin’s presentation, CEO and co-founder of Nanome, Inc. Steve McCloskey, presented his company's vision of the future in biotech research, Nano-one. The product is a molecular visualization and modeling tool built for virtual reality platforms.
The Nanome ecosystem of will offer a system of “tokens” that can be used to make purchases on the Nanome website, and pay the developer of a model. The virtual currency space opens Nanome to a larger audience by hosting Nanome equations on the “blockchain.”
To help understand the vision of Nanome, McCloskey took the audience on a visual presentation into the nanoscale world where the basic unit is measured at billionth particles of a meter. The tools from Nanome will enable scientists and engineers to collaborate on designs with nanoscale precision.
McCloskey provided an opportunity for the attendees to try Nano-One on computers he brought to the event. The viewer could see the use of virtual reality in a model example of the HIV or ball and stick atom model.