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Refer to the project brief and the additional resources before you begin this project!
(Go through them at least 3 times or till the time you don’t have a mind map in your brain)

Let’s begin

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Elevator Pitch

(Think of this as an introduction to your product- make it remarkable!)

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We at Cypherock are a Consensys-backed startup building World's first seedless hardware wallet to ensure absolutely stress-free self custody of your crypto assets.

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Understand your Product

(Before you begin, you need to know what your product is, what are its features, what is the problem being solved by your product?)

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Problem:

It is estimated that 30% of all Bitcoins worth roughly $350 Billion have been lost forever due to improper management of seedphrases.

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Every crypto wallet has only two access points:

1) Via Credentials of the wallet

2) Via Recovery method
Every crypto wallet has a seed phrase i.e a string of 12-24 words associated with it. Losing access to these seedpharses could lead to lose of all the assets in the wallet, forever.

Recovery method kicks in, in case of the wallet going wrong or forgetting the password. But due to the highly in frequent usage of seedphrase in recovery method, users mismanage their seedphrases leading to irreversible loss of funds.

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Solution:

A hardware wallet that needs no seedphrase backup for the user to stress over.

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Product Features:

• No Seedphrase backup required
  Cypherock shards or distributes the seedphrases into 5 company provided wallet components. User requires only 2 of the 5 shards to recover their funds.
  
• First decentralized hardware wallet
  Since no single component contains the whole seedphrase, hence, there is No single point of faliure making it impossible for a hacker to gain access to the seedphrase of the wallet.
  
• Open source code with dedicated secure element
  The source code of the wallet security is publicly accessible via github. Hence, users with technical know how's can check safety for themselves.
  
• 4 wallets in 1
  Each Cypherock X1 has 4 seedphrase slots in comparision to other hardware wallets that just have one slot. Hence, each X1 is equivalent to 4 hardware wallets.
  
• Backup your other hardware wallets on Cypherock to make them seedless
  You can backup 4 seedphrases of any other wallet onto the Cypherock X1, thereby, making them seed-less as well.

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Understanding Core Value Proposition

(Build your core value proposition by exact what your product does and what problem are you solving)

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Secure your crypto assets without the stress — Cypherock eliminates the need for seed phrase backups, offering a decentralized, fail-safe hardware wallet solution. With open-source code and a dedicated secure element, Cypherock not only protects your digital wealth but also transforms your other hardware wallets into seedless, worry-free vaults.

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Are the Functionalities of the product aligned with the problem statements?

Problem Statement:

1. Since, seedphrase are needed once in a lifetime that too at times of emergency only. Hence, crypto users tend to forget where they placed them or mis-manage with improper checks that lead to lose of theft of the product.
2. Every wallet has a seedphrase associated with it. Too many wallets lead to too many seedphrases to manage. Creates alot of hassle.
3. No two wallets can be used simultaneously from a single platform.

Functionalities that align with Problem statement:

1. Improper backup of seedphrases // No Seedphrase backup required
   Since Seedphrases are needed once in a life time & that too at the time of an emergency situation. People tend to mis-manage their seed phrase backups with improper checks that lead to lose of theft.
   With Cypherock X1, you back up your seedphrases into 4 X1 Cards & distribute the cards with your loved ones or at safe places like locker rooms, without the limitation of geolocation.
   Problem Solved: No stress of lose or theft of your seedphrase.
   
2. Hassle of too many seedphrases / / 4 in one wallet
   You can backup upto 4 seedphrases onto your X1. Hence, reducing the number of seedphrases to manage.
   Problem Solved: Less hassle as all you wallets can have a hardware wallet level security now.
   
3. Wallets cannot be used simultaneously // Portfolio Management
   If you back up your all other wallet's seedphrases onto your X1 then it unlocks the portfolio management capability i.e you can manage all those backed up wallets from inside your cysync
   Problem Solved: Less hassle of managing multiple wallets from multiple platforms.

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Step 1:

1. What are you really in the business of?
   Making self custody of crypto - stressfree
2. What problem is your product or service solving for the customer?
   Hassle of creating backups of seedphrases and then distributing them discreetly in a way that they are never discovered by anyone except themselves.
3. What are the key features and key customer benefits?
   - Distributed seedphrases in a way that you need any 2 of the 5 Cypherock elements to recover your seedphrase.
   - Open Source with secure element - So users can read the source codes & be assured of their asset safety.
   - Unreadable seedphrases so users can distribute their Cypherock X1 Cards to trusted ones without stress of them accessing their wallet through it.
   - 4 wallets in cost of one
   You can backup 4 seedphrases of any other wallet onto the Cypherock X1, thereby, making them seed-less as well.
   - Portfolio Management
   Instead of managing all your wallets individually, you can manage upto 4 wallets from a single Cypherock.
   

Step 2:

1. Why did you choose us over our competition?
   Answers I got from user interview:
   - It is Open Source so being an Comp Science guy I can easily check for the safety myself.
   - Four wallets in the cost of one.
   - I can do my Portfolio management from a single wallet instead of opening each wallet individually(Note: this is only possible once the user onboards his other wallet onto Cypherock to make them seedless)
   
   
2. Why do you keep doing business with us?
   Most users have a one-off interaction while purchasing the product.
   
3. What words would you use to describe our company?
   - Safe
   - Stress-free
   - Innovative
   - Saviour
   - Made in India
   
4. If you were referring a friend to our business, what would you tell them about us?
   - It's a cool wallet audited by Keylabs, the firm that hacked industry leaders like Ledger & trezor but they couldn't find any vulnerability in Cypherock.
   - It's World's highest rated wallet by Coin Bureau.
   - Cypherock is 4 wallets at the cost of one wallet.
   - You can import your existing wallets onto Cypherock & manage all of them from a single UI.
   - Seedphrases are distributed so even if i give you the wallet you cannot hack it.

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Understanding the Users

(Go and speak to different users of the product and the people in the chain: households buying the product, shopkeeper selling the product, churned users, users using competitors products. In case of B2B products identify the decision makers, the influencer, blocker and the end user)

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Few Insights from understanding Users:

• Most buyers are Male
• Most buyers are tech savy
• Most buyers are 20-40 years old.
• Most buyers are dependent on Twitter as their primary source of crypto information via thought leaders.

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Understanding your ICP

(There are separate tables for both B2C and B2B products, put down your your ICP’s in a Table Format, use this as a reference.
This table makes it super clear for anyone to understand who your users are and what differentiates them)

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B2C Table

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we have multiple users of a product and not all of them can be our ICP for whom we make our strategies, we need to prioritize.
(use this ICP prioritization table)

From the ICP Prioritization Framework, we can see that ICP 1 and ICP 3 can be focused upon since the market for these users is larger enough and the the users have a good use case of the product!

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Understand Market

(begin by doing a basic competitor analysis)

(then try to understand the market at a macro level and evaluate the trends and tailwinds/headwinds.)

Now it’s time for some math, calculate the size of your market.

TAM = Total no. of potential customers x Average Revenue Per Customer (ARPU)
SAM = TAM x Target Market Segment (percentage of the total market)
SOM = SAM x Market Penetration/Share

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Total Addressable Market (TAM):

• Global Cryptocurrency Users: There are about 565 million cryptocurrency users worldwide.
• Percentage Likely to Use Hardware Wallets: A very small sub section of the crypto user population actually uses hardware wallets. Let's assume around 10% of these users prefer using hardware wallets due to security concerns (Guesstimate)
• Estimated Users: 10% of 565 million = 56.5 million users.
• Average Cost of a Hardware Wallet: $100
• TAM Calculation: 56.5 million users * $100 = $5.65 billion.

TAM: ~$5.65 billion

Serviceable Available Market (SAM):

ICP Distribution Geographically:

• North America: ~25% of ICPs (High crypto adoption, tech-savvy market)
• Europe: ~20% of ICPs (High crypto adoption)
• Asia-Pacific: ~15% of ICPs (Growing interest in crypto)
• Rest of the World: ~10% of ICPs (Emerging markets with rising adoption)

Target Area: North America, Europe, and Asia-Pacific which represent 70% of crypto market

SAM: 70% * $5.65B = $3.95B

Serviceable Obtainable Market (SOM):

• Market Share Assumption: Market share of 2-5% in target regions
• SOM Calculation: 3% of $3.95 billion = $94.5 million.

SOM: ~$118 million

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Designing Acquisition Channel

(keep in mind the stage of your company before choosing your channels for acquisition.)

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Since, Cypherock is a Pre PMF stage company. The Acquisition Channel chosen should be Cheaper, Faster & Feedback driven.

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Feedback driven channels: Referral Program & Product Integrations

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Reasoning on which acquisition channel to choose:

​Product Integrations

Why choose Product Integrations:

• Cost-Effective: Product integrations are usually free & hence a cheaper way to acquire people.
• Discoverability: Once integrated the DApps show product logo to other non-users of our product. Hence, increasing discoverability along with building trust & credibility in the product.
• Customer insights: If a customer is using Dapps via Cypherock. It means user has used majority of the features of the product & can be considered an activated customer. Hence, their feedback is of utmost importance.

Why not product integration:

• Does not solve cold start problem: Even though it's a great way to build trust & credibility but it does not provide the nudge to go buy the product.
• Product integrations need multiple features of the product to be working seamlessly and for a new product there could be multiple failiure points in the flow.

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Referral Program

​Why choose Referral Program:

• Cost-Effective: Referral programs is budget friendly.
• Trust and Credibility through Word of Mouth: Customers are more likely to trust a recommendation from someone they know.
• Network Effects: Referrals create a network effect, where each new customer has the potential to bring in more customers, leading to exponential growth. Especially important for Pre-PMF companies.
• Builds Loyalty: Offering incentives for referrals can increase customer loyalty. Those who refer others are likely to feel more invested in the product, and the referred customers, having received a benefit, may also show higher engagement and retention rates.

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Out of these, Product Integrations is the best choice for feedback on wallet integration with the DAPPs but fails at solving the cold start problem.

Hence, the best option that is CHEAPER, FASTER & FEEDBACK DRIVEN is Referral Program.

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Detailing your Acquisition Channel

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Referral Program/Partner Program

(For B2B companies, if referral does not make sense you'll take a crack at a partner program for your product)

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Step 1 → Flesh out the referral/partner program
Step 2 → Draw raw frames on a piece of paper to get the gist.​

(Don't spend a lot of time on design. This is for you to communicate how the referral hook will look)​

1. Who will you ask for a referral?​

A user that successfully reaches their first Aha moment i.e who receives their first crypto assets on the wallet.

User stories​

• User successfully sets up their wallet & funds it using the 'Receive Crypto' tab.
• User successfully sends a fund to a destination wallet.
• User successfully completes a Dapp/product interaction via the Cypherock X1 wallet.

2. How will they discover it?​

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Flow to reach first Aha moment:

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3. Why & how will they share?

Hypothesis:

If users who successfully reach their first "Aha" moment then they are incentivized with $10 worth of Bitcoin for every successful referral, then they will be motivated to share the product with their network, leading to an increase in new user sign-ups and overall product engagement. This is because the monetary incentive combined with the satisfaction of using the product will drive users to actively participate in the referral program.

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Assupmtions to Hypothesis:

• Satisfaction: Users who reach their first "Aha" moment will find enough value in the product to want to share it with others.
• Incentive Attractiveness: The $10 Bitcoin incentive is significant enough to motivate users to share the referral link with their network.
• Ease of Use: The process of copying and sharing the invitation link is straightforward and does not require users to switch platforms or engage in cumbersome actions.
• Nudge Effectiveness: Nudges like banners on the main screen and a dedicated referral dashboard will effectively remind and encourage users to refer more people.

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Why?

Platform Currency: Bitcoin (Crypto Assets)

Motivation to share referral: $10 worth free bitcoin credited for every successful referral.

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How?

Sign in to wallet address -> Copy & Share Invitation Link -> Your friend orders -> Claim $10 in Bitcoin

Referral Sharing Mechanism

1:1 over Email

Since, all wallet flows are on Computer so users wont switch platforms for referral sharing.

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4. Discuss a few more things here, what are some of the nudges you will design to get a particular users referrers to take the first action on your product post signup.

• Nudges on main screen with top banner directing to referral system.
• Build a referral dashboard for users to track their referrals & act as nudge to refer more.

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That's all ✨

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