CryptoSafe
Your Web 3 Shield: Safeguarding Crypto, Restoring Trust, Fostering Web3 Adoption
Created on 15th October 2023
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CryptoSafe
Your Web 3 Shield: Safeguarding Crypto, Restoring Trust, Fostering Web3 Adoption
The problem CryptoSafe solves
In the rapidly evolving realm of Web 3 and blockchain technologies, securing cryptocurrency investments is paramount. The surging popularity of crypto investments brings increased risks, notably fund loss due to exchange crashes, as seen in the recent FTX incident.
CryptoSafe addresses this critical challenge, safeguarding both crypto exchanges and users' assets. Our innovative deposit insurance system ensures asset safety within Web 3. Users and exchanges gain confidence even in the face of unexpected events. CryptoSafe bolsters security and trust in the Web 3 ecosystem, fostering crypto adoption.
Problem: Cryptocurrency investments carry significant risk, with the potential for investors to lose their funds due to unforeseen events, such as exchange crashes, undermining trust in the Web 3 ecosystem.
Aim: To solve the critical challenge of protecting digital assets in a rapidly evolving and dynamic landscape, ultimately enhancing the sustainability and trustworthiness of the crypto world.
Challenges in the Current Web 3 Ecosystem:
- Crypto exchanges are prone to crashing, making them unstable.
- Investors who lose money due to crashes have reduced confidence in Web 3.
- The cryptocurrency market is highly volatile.
Key Features of CryptoSafe:
- Deposit insurance for various crypto exchanges.
- Immediate release of funds to back up exchanges facing potential bankruptcy.
- Transparent view of exchanges' deposit amounts.
Thus, in the event of exchange crashes, insured funds in CryptoSafe will back up the exchange, ensuring market stability and reducing potential volatility for various crypto stakeholders.
Challenges we ran into
Due to our topic as well as limited knowledge for frontend developmnent, we faces quite a number of problems during the hack:
Producing Good UI/UX (Frontend)
Due to limited time and knowledge on framework such as React, Tailwind etc, it is hard for the team to produce a good user experience interacting the frontend
Integration (Backend & Frontend – Mantle Track)
There is limited Mantle documentation for integrating backend and frontend.
Integration (Backend & Frontend – Aleo Track)
Integrating Frontend with Aleo’s backend (Leo programming language), causes our frontend have limited functionalities
Deplyment on Aleo
We tried to deploy on Aleo testnet but failed to do so although we have follow the guide.
Developing using Leo
Aleo Blockchain has limited support on retrieving on-chain state and return as value in console using Mapping
Tracks Applied (3)
Mantle - Best DeFi Innovation
Mantle Network
Taiko - Ethereum Public Goods
Taiko 🥁
Aleo Track
Aleo
Technologies used