The problem Avex solves

Problems

• Storing private keys/seed phrases

  It's risky for users leading to permanent loss of funds. Also trusting custodial solutions in long run is not viable.

• Recoverability

  It's too easy to recover lost keys and passwords in traditional systems, but it's not the same in the current wallet ecosystems.

• Transaction Readability

  Every signature is a leap of faith. Users don't fully understand the transaction requests in current wallets and blindly trust the smart contract developer.

• Scams

  Billions dollars worth crypto lost to phishing, rug pulls and faulty smart contracts by developers, leading to loss of users funds.

• Limited Functionalities

  Wallets are entry point for blockchain journey. Despite its huge potential, they are limited only to defi functionalities.

• Interoperability

  Most wallets only support a few blockchain networks. Users need to create multiple wallets for interacting with different blockchain networks.

Solution

• 3 Steps to get started :
  1. Sign-in using preferred social media account.
  2. Connect your drive/dropbox account.
  3. Set-up a face scan. Wallet Opens !

  Features

  • Decentralized Identifiers

    Remove the burden of educating the masses. Easy interoperable human-readable names instead of cryptic easy to forget addresses.

  • Decentralized Messaging

    Connect with friends, Save their contacts, Create groups and DAO’s, exchange goods, send transactions.

  • Personalized Notifications

    Get notified for all messages and activities connected to your account along with tracked accounts.

  • Portfolio Management

    Monitor crypto, NFT, and DeF across multiple blockchain networks, with features like sharing, tracking.

  • Defi Activities

    Defi activities like swapping, on-off ramping, lending and borrowing, cross-chain swaps, bridging, creating new tokens/nft’s.

  • Transaction Readability and Scam detection

    See exactly what you interact with before signing a transaction in a understandable format.

Challenges we ran into

1. IS THE SOLUTION SAFE ENOUGH AND DOES IT HAVE ENOUGH RECOVERY OPTIONS?

Our solution is more secure than 90% of the existing wallets, We thought of improving it
further with biometric protection, but ran into problems as integrating those solutions were
too costly, hence we could'nt include them, so we just added 0auth, HMAC and MPC for now
to make it more secure and while also enabling easy recovery options than existing solutions.

2. WHAT MIGHT BE THE PROBLEMS FACED DURING DEVELOPMENT?

We are planning on building a mobile first wallet, using Flutter, but soon as we started
exploring, we noticed that 95% of existing wallets are built using either TypeScript/Javascript.
Hence due to this the Flutter libraries are distributed and arent developer friendly. We are
trying overcoming this issue with our extensive research and by creating our own core functions and library by exploring options available in other coding languages.