Upcoming NFID Wallet SNS Decentralization Sale

Governance SNS Project Governance
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NFID Wallet: The first decentralized cloud wallet

In Web3, wallets are Web3’s most valuable layer because they’re the gateway for user entry—but all single-signature wallets exploit this position to extract hundreds of millions of dollars in fees for centralized corporations, like MetaMask does for Consensys.

NFID Wallet takes a user-centric approach, replacing corporate control with a decentralized organization governed by its stakeholders. Designed to be easier to use, harder to lose, and powered by a global community, NFID Wallet is the only one that allows people to take a stake in its growth, rather than the corporations.

Our vision is to become the decentralized Apple Pay of Web3 wallets—enabling seamless payments on any chain with any token, secured by simple and intuitive methods like face or fingerprint scans.

With $4M in funding from leading investors like Polychain, Tomahawk, Outliers, and the original developer of Internet Identity, we’ve built a product trusted by over 150,000 users worldwide. NFID Wallet redefines how assets are managed in Web3, empowering users to participate in shaping the future of decentralized finance and identity.

Additional project details and market comparison can be found in the whitepaper.

Project maturity

NFID Wallet stands as one of the first ICP projects launched and has:

  • 150,000+ users
  • The only 3rd-party audited wallet codebase
  • Integrations across nearly 100% of ICP applications
  • The only open-source ICP wallet codebase
  • The only ICP project with an all-green audit
  • Swap fee revenue collecting in a canister wallet

Our team of 8 full-time and 4 part-time developers has been developing since genesis, partnered with DFINITY to author and co-author 12+ ICP wallet standards to help the ecosystem grow, written an open-source “WalletConnect for ICP” toolkit called NFID IdentityKit, and built ICP’s only open-source, user-controlled canister multi-sig NFID Vaults.

We’ve helped dozens of application developers and each of the ecosystem’s wallet developers adopt standards.

We understand ICP development inside and out, and are actively prioritizing unblocking ICP developers from the identity and wallet issues they’ve been experiencing without a proper standards infrastructure.

Additional team details can be found in the whitepaper.

Security aspects

Internet Identity was our original inspiration, and its creator was one of our investors. NFID Wallet leverages canister signatures and passkeys like II does.

The codebase is unit- and e2e-tested via GitHub actions, and manually tested before each release.

SolidState has audited the codebase and given an all-green assessment. View the technical architecture in our whitepaper.

Why did we choose to build on ICP?

Ensuring all wallet revenue benefits the DAO instead of a corporation and hiding the complexity of cross-network swaps in a decentralized way requires a network capable of meeting three critical requirements:

  1. Cost efficiency to scale swap fee revenue sustainably.
  2. Blockchain-agnostic smart contracts to generate signatures for any chain.
  3. Fully on-chain architecture for hosting the wallet’s codebase—frontend and backend.

At the time we started this project 3+ years ago, and still true today, ICP has been the only network to meet our needs.

More information on why now is the right time can be found in the whitepaper.

Role of the SNS

NFID Wallet is the first and only wallet to give users direct governance over its codebase and revenues and as such, the DAO’s primary responsibilities are to replace what centralized corporations do today: Manage the treasury, its revenue, and approve code changes.

More information on NFID Wallet DAO can be found in the whitepaper.

Funding target

350k ICP (plus neuron fund contribution) for 20% of the 2.134b tokens. The development team and investors will each get 10% of the token allocation, vesting over 3 years (1 year cliff of 25%, and monthly vesting thereafter for 24 months). The development team additionally is restricted from selling its vested allocation until investors break-even on their $4m investment.

Additional tokenomics information can be found in the whitepaper.

Use of funds / roadmap

  1. Deploy an ICP wallet that works for everyone, everywhere, every time. Already today, NFID Wallet takes wallet creation from minutes to seconds with the easiest onboarding in Web3. It is the best flow for users new to crypto. For other segments of the market, in particular existing Web3 users, NFID Wallet browser extension and mobile clients, and email-free onboarding will be prioritized.

  2. Become the go-to for swaps and staking within ICP. Market data shows that leading wallets in EVM (MetaMask) and SOL (Phantom) capture approximately 1% of their respective swap markets. We believe the same potential exists within the ICP ecosystem, and NFID Wallet is well-positioned to earn its market share by offering the best-priced swaps across all of ICP’s DEX’s within the most open and trustworthy wallet codebase.

  3. Easily bring fiat liquidity into ICP. The barrier for new users looking to bring liquidity into ICP applications—whether for governance, liquid staking, NFTs, DEXs, or other commercial use cases—is currently too high. We will simplify this process with NFID PaymentKit, offering seamless fiat on-boarding, off-boarding, and in-app payments.

  4. Unlock ICP developers from the identity and wallet issues they’ve been facing for 3 years since ICP Genesis. Half our time these days is spent writing standards, developing toolkits, helping Stoic, Plug, and Oisy wallet developers adopt those standards, and helping app developers do the same. It is critically important to make wallet connection for dApp developers simple so they can build the next big Web3 dApps.

  5. Become the decentralized Apple Pay of Web3 wallets. Crypto should work as easily as swiping a credit card does today – swipe in any country without concern of the country’s currency. We have already been in contact with Lendfinity to help with their liquidity problem by introducing such flows where users auto-swap-and-bridge tokens from other ecosystems into Bitfinity EVM. Just like in-wallet swaps, NFID Wallet will charge for this simplicity and deposit into the DAO treasury.

Additional roadmap details can be found in the whitepaper.

Regulatory structure

The NFID Wallet DAO will be wrapped in a BVI and Cayman Foundation, with Internet Identity Labs as a service provider.

Detailed information

Please review our SNS init file, frontend-, and backend-codebase before we submit the NNS proposal in early January.

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Hi Dan, excited to see NFID going to SNS. :slight_smile:

I’m really looking forward to the Fiat onramp because this is the number 1 barrier for mass adaption imo, it is just painful to get some fiat money on the blockchain. If NFID can solve this problem where it becomes easy for anyone to use that would be awesome. :sunglasses:

Now on to the SNS…

  • Why did you choose for a non capped token supply?
  • I don’t see the ROI for people holding your token. You get rewards for staking the token in the SNS but why would people outside the SNS buy the token? NFID wallet is free to use besides the swap fees, so why buy the token… How do the fees go back to the community? If those swap fees can be converted to stables or ICP and then given to token holders, that would be a good reason to hold your token.
  • you paying for 3rd party email security: Can you give more info on that? Is this a web2 service or Dmail? What are the plans to bring this in house or at least on-chain?

Good luck on the SNS launch! :slight_smile:

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Hi @dostro ser I know you guys have been building since Mercury Genesis🫡
Bullish on the SNS move, you have my full support⚡

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Hello sir and agree liquidity takes too long to enter the ecosystem!

  1. Uncapped token supply: We believe governance should be incentivized and a burn model introduced to limit the total supply in circulation.
  2. Reason to hold NFIDW. We are a US entity that cannot speculate on ROI of a token and in particular not NFIDW because it is a governance token whose utility is for governing the NFID Wallet codebase and treasury. Having said that, the DAO could make such a decision as you propose. However with the buyback-and-burn model we outlined, the DAO would be willing to pay more to buyback each NFIDW token as revenue increases (see chart in whitepaper under “Burn Mechanism”).
  3. Email onboarding costs. As with Sui Wallet and others that are starting to incorporate email onboarding, off-chain components need to be used for securing the connection. We don’t know what Dmail does but given what we’ve researched, we’re not convinced it’s entirely on-chain. We of course hope to bring this all on-chain over time.
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Thank you for the support over all these years! We’re honored to have it :pray:

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Hi Dan,

Thanks for the replies.

Point 1 and 3 makes sense, thanks for explaining. :slight_smile:

As for point 2, I still see no reason why people need to buy the NFIDW token other than to participate in governance and getting staking rewards. Burning mechanics are good but this is not what would drive a price higher as we’ve seen in many other projects. As long as there is no real incentive to buy the token outside the SNS, i fail to see the investment part in NFIDW. A proposal to share the fees, like you said is possible but at this stage it not a guarantee.
So the SNS luanch seems more of a funding to build out the project, which is not bad of course but for smaller investors like myself, i have my doubts.

Anyway, thanks for your time as always, I strongly believe NFID will set the standard. Looking forward to the upcoming features outlined in your whitepaper. :sunglasses:

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TOP Wallet! We have integrated it into https://claimlink.xyz, and I must say the integration works perfectly, providing our users with an easy way to connect and interact with our dApp.

Good luck NFID :partying_face:

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Thank you @dostro and the NFID team for the detailed forum post. For clarification,

The NFID Wallet DAO will be wrapped in a BVI and Cayman Foundation, with Internet Identity Labs as a service provider.

The SNS will be a BVI and Cayman Foundation and Internet Identity Labs will be a contributor?

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Can you please also include the link to your audit?

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That’s correct

It’s already linked in the security section. Here again for visibility.

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This is a very impressive project, and a very well put together announcement! Many of my questions have been answered by following the links provided. It’s also refreshing to see a repo with a long history and many commits (rather than squashed into a single public commit, as several other prospective SNSs seem to prefer to do). The repos are nicely structured (easy to see where the code for each canister resides).

According to the init.yaml file there are 7 canisters that will be decentralised under this SNS. 2 of these canisters are also controlled by an 8th canister which is not included as a canister to be decentralised under the SNS. Could you describe what this canister is for?

The init.yaml files shows that close to half of VP at genesis goes to the 3 principals declared as ‘investors’, ‘developers’ and ‘airdrop’. I found the pie chart in the whitepaper useful to visualise this distribution.

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Can I ask how it can be verified that these 3 principals are operated by distinct entities (one’s who would not be inclined to collude and force proposals on the community established by the decentralisation swap)?

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Actually, my calculation was overly simplistic, and was based on token allocation without taking into account actual VP (influenced by dissolve delay). Note to self - the graph on the right is the more accurate measure.

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This allocation is not dissimilar to many other SNSs at genesis, and is very good if the distinction between devs and investors can be depended on.

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Thank you sir! We’re proud to have been building so long to achieve our multi-year mission of decentralizing wallet governance.

This canister is responsible for the ICRC-1 token registry that will allow stakeholders to vote on which registry each token should be a part of. Here’s how our registry works:

  • user imports token through NFID Wallet UI, which makes it viewable for all NFID Wallet users
  • token is added to “community” registry
  • stakeholders will vote on whether to change this category to “trusted” or “spam”
    Only the Bity team has been using this package, and we think waiting for more maturity on this package is the most appropriate way forward.

We have legal contracts in place enforced by the US government with Polychain, Outliers, Tomahawk, Blockchain Founders Fund, 9Yards, Spaceship DAO, and our other investors that align our incentivizes to vote independently.

Thank you for updating your review!

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To all folowers of this topic, you are invited to hear live or the recording of the X Space with @dostro today: Invitation to AMA with NFID before the SNS Decentralization Sale

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I was mistaken here, my apologies. This is actually CycleOps for auto top-ups.

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Proposal 134941 " to create an SNS for NFID Wallet." is live.

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