The problem Avex solves

Avex - Secure and Accessible Blockchain Wallets

The Problem Avex Solves

Avex tackles critical issues faced by cryptocurrency users with traditional wallets:

1. Secure Storage: Users risk losing funds when storing private keys or seed phrases, and relying on custodial solutions involves trusting third parties.

2. Limited Recoverability: Current wallet ecosystems lack sufficient recovery options for lost keys and passwords.

3. Transaction Readability: Users struggle to understand transaction requests, leading to blind trust in smart contract developers and potential risks.

4. Scams: Scams like phishing attacks and faulty smart contracts have resulted in billions of dollars of lost cryptocurrencies.

5. Limited Functionality: Existing wallets often provide limited DeFi functionalities despite the potential of blockchain technology.

6. Interoperability: Most wallets support only a few blockchains, necessitating multiple wallets for interacting with different networks.

The Avex Solution

Avex offers a secure and accessible experience for cryptocurrency users by addressing these challenges:

1. Easy Onboarding: Sign in to Avex using preferred social media accounts for simplified onboarding. Securely store and access private keys and seed phrases by connecting drive or Dropbox accounts.

2. Biometric Authentication: Enhance security with biometric authentication, enabling face scans to restrict unauthorized access.

3. Decentralized Identifiers (DID): Utilize Decentralized Identifiers for easy-to-remember, human-readable names, enhancing interoperability.

4. DeFi Activities: Enable various DeFi activities, such as swapping, lending, cross-chain swaps, and token/NFT creation.

5.Transaction Readability and Scam Detection: Prioritize user security by presenting transactions in an understandable format for review and verification.

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 couldn't include them. So, we just added OAuth, HMAC, and MPC for now to make it more secure while also enabling easier 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 as 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 aren't developer-friendly. We are trying to overcome this issue with our extensive research and by creating our own core functions and libraries by exploring options available in other coding languages.