The approach that the iBG team is taking in terms of development is focused on adoption first. Then progressively adding more application layers as we achieve traction.
- Release Version 1 (V1), a simple UI is launched featuring the user wallet, referral system and a staking module, (Launched on 22 April 2021)
- Release Version 2 (V2) introduces the 'Smart Wealth Management' application layer and,
- Release Version 3 (V3) the 'Robo Advisory' application Layer that is built to boost yield optimization powered by the Al & ML engine.
Unlike other projects where the product is launched post completion, iBG takes on the approach of rolling out the app in progressive features. The welcome wallet offers users immediate application to warm up to the platform.
V1 introduces the users' wallet (non-custodial wallet), this is where all the users' digital tokens are stored as well as the Liquidity Pool (LP) tokens used for yield farming. A user can buy or sell digital tokens, send, receive, and check balances.
Additionally, this is where the staking of LP tokens takes place to produce yield. Users provide liquidity to the iBG liquidity pools via directly in the iBG ecosystem for the primary market or via Decentralized exchanges (DEX) like Uniswap and Sushiswap for secondary markets. The DEX LP stakers will receive LP tokens to be able to stake back into the iBG wallet that act as receipts.
Updated on 1 August 2021: iBG App Release 1: iBG Welcome Wallet migrates to CGCX iChain (cgcxscan.io)
iBG App migrated to CGCX iChain to leverage on the protocols scalability and zero gas transaction cost capabilities. Security was not compromised as the network roll ups onto Ethereum on scheduled intervals.
iBG on CGCX iChain
CGCX iChain is a Layer 2 Ethereum compatible Rollup protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem. CGCX iChain is a layer 2 solution is designed to help scale key application by handling transactions off the Ethereum mainnet, while taking advantage of the robust decentralized security model of mainnet. Transaction speed suffers when the network is busy which can make the user experience poor for certain types of DApps. And as the network gets busier, gas prices increase as transaction senders aim to outbid each other. This can make using Ethereum very expensive.
In V2, the 'Smart Wealth Management' features are introduced. The user is asked to define their risk profile by specifying their ideal participation period on the iBG app, state their knowledge, experience, loss tolerance and their financial confidence over the period of 12 months. This will help the system to get to know the users' profile to suggest different portfolio options.
Staying ahead of the curve is difficult in the DeFi markets but it's made easier with iBG's recommendations. These are predetermined strategies with specific characteristics and will be suggested by the app based on the user's risk profile. Users can rebalance their allocation to each portfolio using an intuitive User Interface (UI) designed for simplicity.
With iBG, it becomes much easier and cheaper to have well balanced portfolios based on proven strategies.
V3 introduces the 'Robo Advisor' module. Leveraging the data from each user from V2, the Robo Advisor will use Artificial Intelligence (Al) and Machine Learning (ML) techniques to create customized portfolio options, tailor made to each individual user. This feature is achieved by an off-chain oracle powered by Al & ML that collects off- chain and on-chain data and in combination with insights about the user creates recommendations, trading scenarios and portfolio allocations.
Off-chain data can be announcements, news, tweets, social media activity, macroeconomic indicators, market conditions and more.
On-chain data can be asset prices, market cap, Annual Percentage Yield (APY), status of DeFi pools etc.
The Robo Advisor engine that runs on the backend will take this data and turn it into usable metrics and insights. It can be set to automatically adjust balances from portfolio to portfolio based on the risk parameters provided by each user, to stay on top of each opportunity.
The unique proposition of the intelligent engine (iBG Bot) is that it learns past data from user's activities, portfolio, behaviours against current market trends and forecasts to make portfolio predictions and turn up the accuracy meter in portfolio recommendations.