A solution for platforms that store many currencies or Boiler Wallets
At the moment, fintech companies who are working with large numbers of different cryptocurrencies have significant security concerns. Many instances of hacking attacks on trading platforms and systems in the past have caused significant financial losses for both customers and the platforms themselves, while regular users, large corporations and investors alike are wary of their assets being compromised. To invest their savings, people need to trust the security of the systems they are using and depositing their funds into
Our extensive research in the crypto market has allowed us to create the “Boiler Wallets” system, creating a method to ensure the safety of any platform from hacker attacks which aim to transfer large amounts of funds out from platform deposit or trading accounts maliciously.
To deposit or check on the balance of every user, we’ve come up with a system in which one hot wallet is deployed for each cryptocurrency. Before funds are deposited to the account, a three-step Worker process is activated; responsible for the data on all new transactions in the blockchain network of the given currency; checking the transactions in the blocks; and confirming that the transaction has been received and approved. After the three checks, funds are transferred from the hot wallet to Boiler storage.
A Boiler Wallet is a joined hot wallet for a single cryptocurrency, which is used to store a user’s funds on the platform, transfer them out to cold storage, or to the user’s wallet addresses. To safely transfer the assets out the system operates a checking process that confirms that the needed sum is present on the user’s balance, as well as send the funds to cold storage.
Implementing a “Boiler Wallets” system resolves several critical issues:
- Improving the quality of a platforms’ user experience by assigning a separate wallet for each currency, to each client.
- Decreasing the number of internal transactions by eliminating the need to collect large transactions together.
- Speeding up the process of withdrawal for users.
- Transferring funds out to the cold storage by decreasing the number of internal transactions.
- Increasing the stability of the cryptocurrency system.
- Better control of funds circulation.
- Increasing the safety on a platform by implementing a confirmation step for the withdrawal of any large amount of funds.