Created on 2nd December 2024
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In India, a significant portion of the population still lacks access to smartphones or reliable internet, hindering their participation in the rapidly growing cryptocurrency market. Additionally, many individuals find traditional methods of interacting with crypto, such as web-based wallets or mobile applications, difficult or intimidating.
This project uses Multi-Party Computation (MPC) Architecture to create a solution that enables users to perform secure cryptocurrency transactions through SMS, eliminating the technical and infrastructure challenges faced by underserved populations in India. By leveraging SMS, users can easily initiate transactions with just a text message, making the process simple and accessible to everyone.
Key Benefits:
Wider Accessibility
Individuals in rural areas or those without smartphones can still interact with cryptocurrency systems using basic mobile phones and SMS, reducing the need for internet access.
Enhanced Security
MPC (Multi-Party Computation) divides the private key into several parts, ensuring that no single entity has access to the full key, which greatly lowers the risk of theft or fraud.
Simple User Interface
By allowing users to send SMS messages to initiate transactions, there is no need for complex wallet setups, making it easy for non-technical users to participate in cryptocurrency.
Promoting Financial Inclusion
This solution allows users to send and receive cryptocurrencies, make payments, and invest in digital assets without requiring a bank account or internet access, helping bring financial services to more people.
Cost-Effective
SMS transactions are more affordable than using mobile apps or web-based services, especially in areas with limited internet connectivity. Moreover, MPC reduces the operational costs of managing transactions.
Twilio Setup for SMS
Problem: Integrating Twilio for SMS-based crypto transactions was challenging, particularly in ensuring the correct mapping of incoming SMS to blockchain transactions.
Solution: We followed Twilio's documentation to configure the SMS webhook, built a backend service to process incoming messages, validate the transaction format, and trigger blockchain actions. Twilio's test numbers and debugging tools helped ensure everything worked smoothly before deployment.
Mapping Transaction via SMS
Problem: Parsing SMS text into valid blockchain transactions proved difficult, as SMS doesn't support complex data formats.
Solution: We created a standardized message format (e.g., SEND 0.5 ETH TO 0x123abc...) for transactions and utilized regular expressions to extract and validate the data. Additional checks were implemented to ensure the transaction was legitimate before being sent to the blockchain.
Understanding MPC and Applying It
Problem: Applying Multi-Party Computation (MPC) for secure key management was complex, as it required splitting the private key and ensuring that no single party had full control.
Solution: We delved into cryptographic techniques and consulted experts to integrate MPC using libraries like Web3.js and ethers.js. This allowed us to securely manage private keys and enable safe blockchain transactions.
Tracks Applied (3)
Sui
Base
Aptos