The Slips team spent the last week working on a project plan to outline what they want to do over the next two months. As mentioned in the last update, they managed to raise a seed round a few weeks ago (in addition to the pre-seed funding they received from Expanse through the EXP Grants program). So now with added funds, the team wants to create a plan for how they will spend the money. They intend to build the shop, add voice chat and some other cool features, but they are now looking on an April timeline, during which time they are also hoping to raise their Series A round of financing.
Kyle recently moved to San Francisco and has been speaking with investors and other potential stakeholders about Slips. Husain is currently sorting his arrangements for the move and will be joining Kyle next week. The reaction they have received so far has been amazing, and it seems that there’s a lot of appetite in Silicon Valley for a product like Slips.
The team has also finalized deals with a number of parties, e.g., the developers they were working with last year are on board again, (which was a big deal for continuity’s sake!), and they’ve also got some marketing lined up so people will start to use Slips in the next few weeks.
Slips also plans to introduce Tokenlab to the community they are working with to promote Slips, so this is definitely good news for LAB stakeholders. The team is busy with lots of behind-the-scenes work, which is extremely complicated (legal, shop compliance, etc.). This is primarily what is holding up the official release of Slips.
The Slips team has still not sorted all the bugs out, but it’s getting closer. They need more volunteers to do test sessions on Slips and report issues. The more times they can test Slips, the quicker they would be able to spot and fix problems, which is hampering their launch. They request interested individuals to help them in testing Slips. Please contact them on the Slips channel on Discord.
The entire Expanse community has been asking about when Slips will be released. The team knows the excitement that is surrounding their progress and launch, but they have had a slow start to the year. Trying to raise funding was a complicated process and they also had to factor in big moves (new state for Kyle, new continent for Husain), which slowed them down further. But, the team is finally building up momentum, and lots of interesting things will start to fall into place.
We need to appreciate that while many people in blockchain fall into the anarchist camp, unfortunately, a gambling-related platform like Slips cannot be non-compliant to existing regulations. And getting all the legal and regulatory boxes ticked is lot of work, that is both time- and resource-intensive.
One major issue the team is concerned about is the fact that although the Slips user experience is quite nice, it also means they might be seen as a money transmitter since they directly handle user funds by having access to the private keys. So they will need to do a lot of re-working their existing code for the sake of appeasing the country where most of their userbase will reside. If you are interested, this document is fascinating reading about Virtual Currencies and Online Gambling in the US:
So on the whole, the team is doing a lot of uninteresting work at the backstage to lay the foundations for a successful fund-raise and release in the next few months. Stay tuned, and thanks for the support.