Question 1

Maximizing security of cryptographic key management

Accepted Answer

To resolve this challenge, we have designed a mechanism for creating and storing keys in a password-protected database. The keys are never pulled into the application's memory except when a transaction must be signed. The user enters the password; the key is extracted, decrypted, used to sign the transaction, and immediately deleted from memory. Using adequate encryption algorithms gives an enhanced level of certainty against discovered attacks.

Question 2

Ensuring the safety of key storage

Accepted Answer

Our team outsourced key storage to third-party organizations such as BitGo and Fireblocks to implement Custodial solutions. These companies have the right permits and can ensure optimum safeguard of important storage. Since in Custodial solutions, cryptographic keys are not stored on our servers, ensuring a seamless and secure transaction process on the blockchain through trusted partners was critical. Networking with these organizations is done through secure protocols such as Hypertext Transfer Protocol Secure (HTTPS) so as to ensure that the information exchange is secure. All the requests are signed with keys to ensure that during further work on the data, they remain not only non-interchangeable but also unaltered. One more advantage is that by working this way, we were able to concentrate on the creation of the Web.3 Neobanking Platform essential functionality, at the same time shifting essential critical aspects related to interaction with blockchains to specialized organizations. It contributes to increasing the reliability of the system and brings an extra layer of confidence to our users, as they will be fully aware that their transactions are secured at the highest level possible. Thus, it is still more secure and efficient to interact with blockchains through third-party services, which saves resources and efforts to work on the product while constantly enhancing the user experience.

Question 3

Granting constant access to current market information

Accepted Answer

Ensuring constant access to up-to-date market information is critical, especially regarding data accuracy. For example, if the Web.3 Neobanking Platform uses the Kraken deal to exchange certain currencies; getting the exact exchange rate on Kraken for each transaction is essential. Our market service has been designed to regularly collect and cache information from precisely suitable sources, such as Kraken, and provide it on demand to the Web.3 Neobanking Platform applications, providing clients with accurate data for financial decision-making. We have created a market service that aggregates, caches, and updates data from various sources such as CoinGecko, Kraken, etc This made it possible to avoid frequent and expensive requests to third-party providers. The service flexibly configures requests: it can quickly provide a general rate or accurate data from a specific provider, such as Kraken. This service has become a central hub for obtaining market information for all Web.3 Neobanking Platform’s applications, significantly increasing efficiency and reducing integration costs with various APIs.

Web.3 Neobanking Platform

Neobanking platform’s opportunities

How it all began

Development challenges to overcome

Maximizing security of cryptographic key management

Ensuring the safety of key storage

Granting constant access to current market information

Client’s feedback