We are a group of blockchain enthusiasts with a huge background in software development and product management. We have a distributed team across EU and Russia. At the moment we have experts from IT, fintech, the blockchain, security, marketing, design, UX/UI in our team.

We have in our portfolio a light wallet project, decentralised ERC-20 tokens exchange, custom blockexplorers.

Based on that experience, now it’s more clear that open source projects are preferable for the crypto community. We’ll be glad to take part in the Blockstack and ShapeShift contest. We’ll bring our experience and skills to bring to the community open-sourced approach of the universal wallet. It will be more accessible and secure than even existing ones because of Blockstack decentralised features, more easy-to-use and more reliable. It will be a light wallet with decentralised storage and login.

As a team of crypto enthusiasts, we believe in decentralized approach and anonymity as a key feature of blockchain technology overall.

Wallet building principles and motivation

We are guided by several core principles:

Building open source and transparent solution

The community support is the key factor to get success for the blockchain product, especially for the wallet as a tool for managing the cryptocurrency assets. We believe that only decentralized and open sourced solutions are driving the development of blockchain community services.

Building trust solutions

Blockstack features for the wallet authorization, storage and encryption are the way how to build decentralized wallet with decentralized storage. It’s the guarantee that the wallet is non-custodial and the developer doesn’t proceed with the customer private keys.

The wallet solution should be useful

We’ll do our best in UX to build the wallet useful and having intuitive clear interfaces. The wallet interface is one of success key feature and we are considering it as a way to get the audience and traffic to the new wallet. We are going to keep existing traditional patterns for the crypto wallets, so the users will not be confused with the new wallet. We need to make the product usability better than existing ones.

Respect customers privacy

We do not need to use KYC or collect customers data as far as we don’t touch users coins.

A light wallet

We never touch customers funds. The wallet uses simplified payment verification libraries to operate with crypto, all transactions are signed on the user’s side and are secured. The wallet developer is not able to see or change the transactions payload. The customer is only the one person who manages his\her keys himself.

Technical Approach

The wallet is the web application that allows a customer to perform all operations secured in the web browser.

We are developing decentralised wallet that assumes that:

it uses decentralised storage Gaia from Blockstack

it uses SPV libraries to communicate with blockchain

The wallet uses the dapp Blockstack ID for the wallet Authentication.

The customer will be able to manage the blockchain wallets:

create new wallet

restore the existing wallet using the private key (mnemonic, either other notation)

The restored wallet private key will be stored securely in Blockstack Gaia Storage using additional encryption using transit key.

The wallet assets-related functions are:

send coins

receive coins

display the wallet history, transactions details

exchange cryptocurrencies, ShapeShift API will be used for the exchange assets

import the private key

Tokens

We are going to support tokens following ERC20 and Omnilayer specifications. Some predefined amount of tokens will be available in the wallet. The basic operations will be supported:

send coins to smart contract

display tokens in the balance history

send tokens to another address (in case the token is transferable)

exchange

The customer will be able to add the custom token that will be available for the rest of the wallet audience.

Security considerations

Security is our priority. The decentralised wallet approach itself is our vision for the secured blockchain wallet. The customer private keys are the most important and sensitive aspect. In our opinion, we are developing one of the most reliable and secure tools for the customers to use the private keys.

The open-sourced approach guarantees that almost everyone can be sure for 100% for the application transparency.

Principle schema of the application