In recent years, blockchain technology has been widely adopted in various industries. One of the unique aspects of blockchain technology is its decentralized nature, which provides security, transparency, and immutability. However, despite its many benefits, blockchain technology is not foolproof. It is vulnerable to attacks, errors, and bugs. That is where audits come in. Audits play a vital role in maintaining the integrity and security of blockchain technology, which makes them an indispensable part of the development process. There are still instances of founders rushing into the launch of their projects without the benefit of an audit, and this can have serious consequences. This article explores the importance of audits in blockchain development and their significance in building trust in the blockchain ecosystem.
Web2 development refers to the traditional web development stack, where developers build centralized applications that operate using a client-server model. The client sends requests to the server, which processes and responds to them. Bug fixes can be easily implemented in this stack.
On the other hand, Web3 development involves building decentralized applications (DApps) on top of blockchain technology. DApps operate using a peer-to-peer network, where each node on the network has an identical copy of the ledger. Smart contracts (code that DApps use and automatically execute actions) are immutable, meaning once deployed, they cannot be changed. This makes thorough auditing even more critical in Web3 development to identify any potential vulnerabilities that may exist in the code before deployment.
The key difference between Web2 and Web3 development is that the latter enables the creation of trustless applications by eliminating the need for intermediaries. This empowers users and enhances security, but also requires more rigorous development processes, such as in-depth audits.
Audits can also help developers ensure compliance with regulations and industry standards. By conducting audits, developers can identify and rectify any non-compliant code before deployment, avoiding potential legal consequences in the future.
The lack of audits in blockchain development can expose users to significant risks, as seen in some high-profile hacks like the DAO hack, Harvest finance hack, or the Ronin hack.
The DAO hack, which occurred in 2016, resulted in the loss of millions of dollars in Ether. This hack exploited a vulnerability in the smart contract code and highlighted the need for rigorous audits of smart contracts before deployment. DAO hack had a significant impact on Ether price and led to an Ethereum fork.
Source: https://pontem.network/posts/history-of-ethereum
The Harvest finance hack, which happened in 2020, led to the loss of over $24 million in funds. This attack was caused by a flash loan exploit, which was only identified after the hack occurred. An audit before deployment could have identified this vulnerability and prevented this attack.
The Ronin hack, which happened in 2021, led to the loss of over $8 million in cryptocurrency. This hack exploited a vulnerability in the code of the Ronin wallet and highlighted the need for ongoing audits of blockchain projects to identify and address any potential vulnerabilities.
The DAO hack, Harvest finance hack, and Ronin hack are just a few examples that demonstrate the critical need for thorough audits during the development process of blockchain projects. Without these audits, users and investors can be left vulnerable to attacks and financial loss.
When it comes to auditing blockchain projects, there are several best practices that should be followed to ensure a thorough and effective audit. These best practices include:
Selecting Experienced Auditors:
It's important to choose auditors who have a strong understanding of blockchain technology and experience in auditing blockchain projects. This will ensure that they are able to identify all potential vulnerabilities and provide appropriate recommendations for improvement. Contact us if you need a recommendation for a trusted auditor.
Performing Thorough Testing:
Auditors should conduct a comprehensive review of the blockchain project's code, contracts, and other relevant documentation to identify any potential risks or vulnerabilities. This should include both automated and manual testing methods.
Documenting Findings:
All audit findings should be thoroughly documented, including any potential risks and recommended solutions. This will help ensure that all stakeholders have a clear understanding of the audit results and are able to take appropriate action to address any issues.
Implementing Necessary Improvements:
Once the audit is complete, it's important to implement any necessary improvements or recommendations based on the findings. This will help ensure that the blockchain project is secure and reliable, and that all stakeholders can have confidence in the system.
By following these best practices, blockchain projects can conduct effective audits that identify potential risks and vulnerabilities, and provide recommendations for improvement. This can ultimately help enhance security, ensure compliance, and promote transparency, leading to greater user confidence in the blockchain ecosystem.
In conclusion, audits are an essential aspect of blockchain development. They ensure the security, transparency, and reliability of decentralized applications and promote user trust. With the increasing adoption of Web3 technologies and smart contracts, the need for thorough audits has become more critical than ever before.
When auditing blockchain projects, it is crucial to follow best practices like selecting experienced auditors, performing thorough testing, documenting findings, and implementing audit recommendations. By doing so, developers can ensure that their projects meet compliance standards and establish trust with their users.
At Cleevio, we don't take audits lightly. We work with trusted auditing companies to ensure our customers have a secure and error-free delivery.
Welcome to our article on the essential components that web3 projects need to have in place to attract venture capital (VC) investments. As the web3 ecosystem continues to grow and evolve, VCs are increasingly looking for innovative projects that have the potential for significant returns on investment.
To have a chance with VCs, web3 projects must demonstrate a clear value proposition, a strong team and advisors, a demonstrable product or prototype, market potential and scalability, a solid business model and monetization strategy, and a competitive advantage. In the following sections, we will delve into these must-haves in detail, exploring why each component is critical for web3 projects seeking funding from VCs.
Are you looking for investment? We can help.
A clear and compelling value proposition is crucial for web3 projects seeking venture capital investments. Your value proposition must clearly communicate how your project solves a real problem and offers unique value in the web3 ecosystem. By highlighting the benefits and potential impact your project can have, you will capture the attention of potential investors.
Make sure to focus on the specific pain points your project addresses, differentiate it from competitors, and explain why it is unique. Demonstrate how your project has the potential to create significant value for users and stakeholders in the web3 ecosystem.
Having a strong, diverse team with relevant experience in the web3 space is crucial for attracting VC investments. Your team should have a clear understanding of the web3 ecosystem and the challenges and opportunities it presents. It's important to showcase your team's skills and experience, highlighting how they will contribute to the success of your project.
Additionally, having reputable advisors can add credibility and expertise to your project. Advisors with a strong network and experience in your industry can provide valuable guidance and connections. Make sure to highlight the relevant experience and expertise of your advisors.
One of the most important factors that could help web3 projects attract VC investments is having a demonstrable product or prototype. As VCs are looking for tangible progress and proof of concept, having an actual product or prototype that showcases the capabilities of your web3 project is crucial.
By presenting a product or prototype, you provide investors with evidence that you have made progress. This helps to reduce the perceived risk for investors and demonstrates that you have a real project that solves a problem or fills a gap within the web3 ecosystem. Additionally, having a product or prototype helps investors better visualize the project and its potential impact.
It is important to note that a product or prototype doesn't have to be a finished or fully functioning product. However, it should be able to demonstrate the unique features and functionalities of your project and how it can benefit end-users. This will help investors understand the potential of your project and its competitive position within the web3 space.
VCs are interested in investing in projects that have a large market potential and the ability to scale. To demonstrate this, you need to conduct thorough market research and provide detailed strategies for growth and scalability. By doing so, you can convince potential investors that your project has the potential to generate significant returns on investment.
When conducting your market research, you should consider the size of your target market and the demand for your product or service. You should also analyze your competitors and identify any unique features or advantages that you have over them. This will help you to develop a solid strategy for growth and demonstrate to investors that your project has a competitive edge.
By highlighting the market potential and scalability of your web3 project, you can increase your chances of attracting VC investments. In the next section, we will look at the importance of having a solid business model and monetization strategy.
A solid business model and monetization strategy are key components of attracting VC investments in your web3 project. It's important to have a clear understanding of how your project will generate revenue and be profitable in the long term.
Outline your revenue streams and how they will be generated. Consider offering multiple revenue streams, such as transaction fees, subscription services, or advertising. Highlight any unique aspects of your business model that set it apart from competitors.
It's also important to have a well-defined monetization strategy. Explain how you plan to monetize your web3 project without compromising user experience or decentralization. Consider factors such as token economics and value capture mechanisms.
VC investments are slowing down. VCs are paying more attention to startups with proof of profitability and attractive economics. Source: https://www.crunchbase.com/
In the highly competitive web3 space, it is essential for projects to have a clear competitive advantage and strong differentiation from existing solutions. Investors want to see what sets your project apart and why it has the potential for long-term success.
One way to demonstrate your project's competitive advantage is by highlighting any unique features, technology, or partnerships that give it an edge over competitors. For example, if your project has a novel consensus mechanism or a strategic partnership with a leading blockchain company, be sure to showcase these strengths.
Differentiation is also key in capturing the attention of investors. Clearly communicate how your project is addressing a real problem in the web3 ecosystem, and how it stands out from other solutions on the market. This can be achieved through a strong value proposition, user-friendly design, or a focus on a specific niche within the web3 space.
From our perspective of investment company, not being a VC per se, we always do our proper due diligence before considering an investment in web3 project. However, every time there's something additional that helps decide. One of the things is project's team related. It is how well a potential investment partner gets on the same wavelength with founders, especially with the leader.
Another aspect is the ability of a project to set a proper valuation. It naturally differs under bull or bear market conditions, because with fluctuating activity come over/underestimations, which can eventually become a double-edged sword. This means that if a project was raising during a bull market with an exaggerated valuation, it’s much harder to go for another raise round with such a valuation during bear market. Then the down-to-earth effect hits harder. Many teams experience problems to deal with it.
In the end, a timely and sound understanding of striking the balance can decide a lot.
One more thing is founders’ ability to think about good timing for both market entry and fundraising. If the team finds the best possible window of time to joint these two things together, it will have a desired effect. Therefore, it has to do with objective evaluation of the market as well as project valuation, and future thinking in case of further funding. It may sound cliché, but stick to the infamous thought: "bull market is for raising and bear market is for building".
Overall, a web3 project going for fundraising should go with a compact package to persuade the investors. Only then are the chances for success higher if all those components fit together.
Check Token Ventures website and X (Twitter).
To attract VC investments, web3 projects must have a clear and compelling value proposition, a strong and diverse team with reputable advisors, a demonstrable product or prototype, a large market potential with scalability strategies, a well-defined business model with monetization strategies, and a competitive advantage that differentiates itself from existing solutions.
By focusing on these must-haves, web3 projects can increase their chances of success in the evolving web3 ecosystem. It is important to showcase these elements when seeking funding from venture capitalists, as they will play a crucial role in determining the level of investment.
Remember, VCs are looking for projects with significant potential for returns on their investment. By showcasing a clear vision, a solid team, and a tangible prototype, web3 projects stand a better chance of capturing the attention and funding of VCs.
At Cleevio we are passionate about turning ideas into reality. We offer support in fundraising, discovery, development and growth strategies.
We also offer the option to take equity as part of our compensation. It's our way of showing commitment and delivering exceptional results. Get in touch with us for more details.
Welcome to today's interview with Josef Je, co-founder of PWN - a peer-to-peer lending protocol designed for long-term, mortgage-like loans of digital assets backed by other digital assets. In this interview we discuss how PWN came to be, what makes it unique from other lending protocols, how it overcomes common industry hurdles, what achievements he is proud of and what we can expect in the future.
Initially got involved as an Ethereum Meetup Organizer and freelance Solidity dev in 2016, In 2018 I joined the Ethereum Foundation in a fuzzy role where I was working in multiple teams among R&D teams, Devcon and operations. I finally decided to fully switch to a CEO role at PWN in early 2022.
PWN team at ETHPrague 2023
There are multiple, so it’s more of a story of how it all came together. First of all, the entire Ethereum community has been always inspiring as such with the worldview that anything can be solved if we think hard enough and try. Then projects like MakerDAO attempted creating something a bit crazy: a decentralized “central” bank where anyone could participate in building up a “gold-reserve” and minting or burning the currency. Until now I remember people saying out loud that it was nonsense and nobody is going to use it, which is kind of the same as what I heard about Ethereum while I was running the early Ethereum meetups. Fast forward 10 years Ethereum is the most used blockchain and MakerDAO has created a base ground for an entirely new industry of DeFi.
Secondly, I got triggered to build PWN as my mortgage application got rejected multiple times first not acknowledging my salary being paid in ETH dismissing my provable income as “that’s not real money” and a few years later with a discriminatory check box asking about my “exposure to cryptocurrencies” - which I wholeheartedly admitted.
With PWN DAO we are building with a similar mindset of the early dapps and protocols as today we might be building something that only makes sense to a handful of crypto-natives (or geeks if you wish) but has the potential to expand to something several orders of magnitude bigger as a baseline for non-custodial crypto backed mortgages.
PWN is kind of taking a step back to the roots - focusing on building an efficient universal permissionless p2p lending protocol. Essentially PWN is much simpler to understand. I'd even say PWN is the simplest DeFi protocol to grasp out there as it doesn’t require any black-box magic like AMMs, or bonding curves and it doesn’t introduce a 3rd party dependency in the form of a price oracle.
Today, you can see PWN as a pawnshop for any token or NFT. You can either get a loan using your portfolio assets as collateral or you can fund other people’s loans with your desired terms enabling you to make a return on temporarily providing capital to others.
We went even further down the use case, so PWN Safe (our smart contract wallet) even enables you to keep the collateral in your custody - which opens up doors to separating the value and utility of crypto assets - just as you can do that with real-world assets through ownership rights. More about PWN Safe can be found on our blog.
Ultimately the mission of PWN is to enable crypto-natives to mortgage their crypto for 5 - 15 years, so they wouldn’t ever have to sell it and lose exposure to their digital wealth.
PWN Home Page
First of all, crypto is volatile, not just NFTs. Even stablecoins depeg occasionally and today we live in a technology-enabled age when and even “traditional” commodities spike up and down (gas, oil, electricity). In my opinion, that’s just the initial stage of the market and with certain assets, we’ll get into a more and more stable region over time - however all of these are parameters that can be factored in when backing or taking a loan on PWN. So you yourself set a timeframe (duration), risk-tolerance (loan to value ratio; the lended/borrowed amount) and the reward/price (interest; how much money is paid back).
The lens we are looking through at PWN is more long-term - both the borrowers and lenders are making a time-framed bet on where the price of the collateral will be upon expiration of the particular loan - again that’s closer to pricing a mortgaged asset. That means that as a borrower you can’t get liquidated and as a lender, you have several options to outweigh the risks by only lending proportionally small amounts or exit your position by selling your loan (right to execute claims) to someone else with a different risk appetite.
I think that security is the key to anything put on-chain, so we of course have two independent public audits from Entropy and Nethermind. The protocol is open-sourced and well-documented, so we’d encourage anyone interested to dive right into the repository or our docs.
Architectonically there is also no way to update the protocol and none of the old loans can be influenced retrospectively so each loan is basically locked independently.
PWN Lend Page
Initially, we’ve spent a lot of time, money and effort on conducting two legal researches about the compliance requirements not only of the crypto aspects but also the “lending/credit” business. I guess that one of the pitfalls of a lot of crypto startups is that they focus on the fact they are in crypto and somewhat forget that the world is much more complex and their business model may be touching other compliance requirements than just whatever relates to cryptocurrencies.
Building something which is true DeFi where we absolutely can’t access user funds helps. One more win for DeFi!
I wouldn’t say there was anything unexpected - finding a product market fit is a constant learning process and every step of that way is significant :)
Of course, there were challenges, but all of them seem minor in retrospect, so I just keep looking forward.
PWN Safe Dashboard
I’d say that gathering an international fully distributed team of almost 20 amazing individuals within the first 4 months after incorporating the entity for PWN was a ninja move. Obviously, there was some fluctuation but the majority of the team didn’t change since the start. I’ve seen tremendous personal and professional growth of every single person on our team in the past 18 months and I’m incredibly happy and proud about it.
We also scored our seed round in one of the most difficult times for fundraising startups which provides me with a lot of reassurance about our direction and traction so far. Plus we have an amazing group of angels and advisors with deep ties to the industry and the historical moments of the industry which is always very humbling when it comes to getting feedback and input on our direction.
We are committed to improving the accessibility of the mortgage protocol. This means developing additional features, expanding the deployment to additional EVMs, improving collateral value assessment, and enabling a more adaptive loan flow. Our growing team will certainly not be bored in the coming months.
But you know what! I'd like to encourage the reader to try PWN and to tell us what’s missing - get on PWN and fund a loan or take some liquidity out yourself, we’ll be grateful for your feedback!
Check out the PWN FAQ, Guides, Discord, and X (Twitter) or go straight to the dapp.
If you're new to cryptocurrency trading or looking to streamline your trading processes, bots may have caught your attention. In this article, we'll take a closer look at our selected bot's capabilities, advantages, and limitations, helping you decide which one might be right for you. But first, let's take a quick look at what crypto bots are and how they work.
In recent years, the rise of cryptocurrencies has led to an increased demand for automated trading tools and strategies. This is where crypto bots come in - automated trading bots designed specifically for the cryptocurrency market. Utilizing complex algorithms and analysis tools, these bots can automate trades, manage portfolios, and execute trades faster than any human could. This allows traders to maximize their profits and minimize their risks.
Crypto bots are designed to operate around the clock, constantly monitoring market changes and reacting to them accordingly. They can analyze market trends, identify trading opportunities, and execute trades in real-time. By automating the trading process, crypto bots eliminate the need for human intervention and emotions, allowing for more objective and data-driven trading decisions.
Unibot is a cutting-edge crypto bot that utilizes artificial intelligence and machine learning algorithms to optimize trading strategies and minimize risks. Its innovative approach to crypto trading has won the hearts of investors and traders alike, making it one of the top crypto bots available in the market today.
One of Unibot's most significant advantages is its ability to analyze vast amounts of data from various sources, including social media platforms, news outlets, and financial reports. It then uses this information to make informed trading decisions, taking into account market trends, sentiment analysis, and other essential factors.
With Unibot, traders can enjoy a range of customizable options, including portfolio management, real-time monitoring, and advanced technical analysis tools. Additionally, Unibot is incredibly user-friendly, making it accessible to both experienced traders and beginners looking to enter the world of cryptocurrency trading.
Unibot launched in May and has briskly gained a cult following.
Unibot Telegram.
Unibot Twitter.
Unibot tutorial video series.
Maestro is an innovative crypto bot designed to enhance your trading strategy and maximize profits. With its advanced features and capabilities, Maestro can help you stay ahead of the ever-changing cryptocurrency market.
One of the key features of Maestro is its ability to analyze market trends and identify profitable trading opportunities. This is particularly useful for traders who don't have the time or expertise to monitor the market constantly. Maestro can be programmed to analyze specific cryptocurrencies, trading pairs, and timeframes based on your preferences.
Another advantage of Maestro is its flexibility. It can be customized according to your trading style and risk tolerance. For example, you can choose to set specific buy and sell price limits or use stop-loss orders to minimize losses. Maestro's flexibility means it can cater to both conservative and aggressive traders.
Maestro Telegram.
Maestro Twitter.
MoonBot is one of the rising stars among top crypto bots that traders can configure according to their preferences. The bot is ideal for both beginners and experienced traders looking to optimize their trading strategies in the crypto market. It features a user-friendly interface that allows traders to customize the bot's settings to match their goals.
MoonBot uses a range of advanced algorithms to analyze market trends and execute trades automatically. The bot operates 24/7, allowing traders to monitor their trades at any time. Its robust architecture ensures that traders can execute trades quickly and efficiently, reducing the risk of losing valuable trading opportunities.
MoonBot is entering private beta and it's your chance to be the first to get your hands on this new advanced bot and reap the benefits.
MoonBot features compared to Unibot.
MoonBot Telegram.
MoonBot Twitter.
If you are using a crypto bot for trading, it's important to have a clear strategy in mind to maximize profits. Here are some tips to help you achieve your goals:
By following these tips, you can maximize your profits and make the most out of your crypto bot.
Overall, crypto bots are a game-changer in the world of cryptocurrency trading. Unibot, Maestro, and MoonBot are just a few examples of the innovative tools available to traders looking to streamline their processes and maximize their profits.
When using crypto bots, it's essential to consider factors such as security, reliability, and integration with exchanges and wallets. While these bots can be incredibly beneficial, they also come with potential risks and limitations that must be mitigated to ensure success.
By selecting the right crypto bot for your needs, developing a solid strategy, and staying informed about the latest advancements and developments in the field, you can take full advantage of everything that automated trading has to offer.
We can expect to see even more exciting developments in the field of automated trading, and crypto bots will undoubtedly play a significant role in shaping the future of this rapidly-growing industry.
Blockchain technology is rapidly evolving and becoming an integral part of many businesses. However, developing blockchain solutions requires specialized expertise, which may not be available in-house. This is where outsourcing blockchain development can be a game-changer.
"74% of companies outsource IT." - entrepreneur.com
In this article, we will discuss the top 5 reasons why outsourcing blockchain development can be incredibly beneficial for your business. From cost savings to risk mitigation, we'll explore the many advantages of outsourcing this critical function.
One of the most significant benefits of outsourcing blockchain development is cost savings. By outsourcing to a third-party vendor, you can avoid the expenses associated with hiring and training in-house development teams. Additionally, outsourcing allows you to reduce your overhead costs, such as equipment purchases, rent, and utilities.
Outsourcing blockchain development also provides you with cost-effective solutions as vendors work with a global team of developers, allowing them to offer competitive prices for their services. This means you can achieve your blockchain development goals at a fraction of the cost compared to developing in-house.
Moreover, outsourcing blockchain development enables you to shift from a fixed cost model to a variable cost model, where you only pay for the services you require, allowing you to optimize your budget and resources.
Learn more about cost factors in blockchain development.
One of the main benefits of outsourcing blockchain development is gaining access to skilled developers with expertise in the field. These developers possess a deep understanding of the technology and can provide valuable insights and recommendations for your project, ensuring its success.
By outsourcing, you can tap into a global pool of talent, helping you find the best developers for your project. This eliminates the need to invest time and resources in recruiting, training, and retaining internal staff, allowing you to focus on other business priorities.
Overall, outsourcing blockchain development allows you to benefit from the expertise and experience of skilled developers without the need to invest in building and maintaining an internal team.
One of the primary benefits of outsourcing blockchain development is faster time to market. With skilled developers working on your project, the development process can be accelerated, reducing the time it takes to bring your blockchain solution to the market. This can give you a competitive edge in the market, as you can launch your product or service quicker than your competitors. This can also help you to capitalize on market opportunities that may be short-lived.
Outsourcing also allows for quick deployment of the blockchain solution. Expert developers are well-equipped to handle any challenges that may arise during the development process, ensuring that the project is completed within the set timeline. This can be useful when time is of the essence, and the solution needs to be deployed quickly.
One of the primary concerns of companies that embark on blockchain development is the risk associated with technology, security, and quality assurance. Outsourcing blockchain development can be an effective way to mitigate these risks.
Outsourcing allows you to work with experienced blockchain developers who are familiar with the latest technology and are skilled at using it to create secure, reliable blockchain solutions. Outsourced development teams are typically well-versed in security protocols and have experience implementing robust security measures within blockchain solutions to ensure data protection and privacy. Outsourcing provides access to specialized quality assurance teams that can validate the functionality and performance of your blockchain solution at every stage of development, ensuring that it meets the highest standards of excellence.
You will also be able to avoid common development mistakes.
By outsourcing blockchain development, you can leverage the expertise of professionals who specialize in mitigating these risks in ways that may not be possible with internal teams alone.
One significant advantage of outsourcing blockchain development is the enhanced scalability it provides. When working with an outsourced team, you have the flexibility to easily scale your project up or down according to business requirements and market demands.
Outsourcing allows you to tap into a larger pool of skilled developers and resources, which can be particularly beneficial when you need to quickly scale up your project. This means you can easily add more developers or resources as needed, without the overhead of hiring and training more internal staff.
Moreover, outsourcing can also help you scale down your project when necessary, without the risk of layoffs or downsizing of your internal team. By choosing an outsourced team, you can quickly and easily manage the size of your workforce to keep your project running smoothly.
There are many reasons why outsourcing blockchain development can be a smart choice for your business. By leveraging the expertise of skilled blockchain developers, you can save costs, accelerate development, and mitigate risks. Additionally, outsourcing allows you to focus on your core competencies and ensures that your project is scalable and flexible for changing business requirements.
Overall, outsourcing blockchain development can help you achieve your business goals faster and more efficiently. Whether you are looking to launch a new blockchain project or need assistance with an existing one, outsourcing can provide you with the resources and expertise needed to succeed.
If you're looking to outsource blockchain development, let's talk. We offer comprehensive solutions from product discovery to scaling a project. We also offer strategic equity-based partnerships. Our track record includes successful partnerships with respected industry leaders such as Anomica Brands, SatoshiLabs and Babylon Chain.
This article is for beginners who want to learn how to deploy their first contract on a Secret Network. If you don't know what Secret Network is, it is a blockchain on Cosmos that solves the privacy problem. Other blockchains are public and anyone can see your transaction history and everything if they know your address. On Secret Network, no one sees what you don't want them to see, and that's very interesting.
Secret Network is definitely one of the most interesting projects on Cosmos in my opinion and it's definitely worth finding out more about. I am not going to explain what Secret Network is in this article. It is described very well on the Secret website. The purpose of this article is to help you deploy a smart contract on testnet. So let's roll up our sleeves and get started.
The first thing you need is an IDE to use for development. There are many choices. I recommend installing the Intellij IDEA and the Rust plugin. Keep in mind that Secret's smart contracts are written in Rust, in a framework called CosmWasm. It's worth checking out their site, they have great documentation. If you are not familiar with Rust, you will need to learn it. For learning Rust, I recommend my favourite channel Let’s Get Rusty.
If you are an experienced developer, use the IDE of your choice. If you are not sure what to choose, install Intellij IDEA and the Rust plugin by JetBrains.
Install Rust - instructions are here. And install Wasm - instructions are here.
You will also need Docker as well for the local Secret Network. Download and install Docker from here.
Now you should have everything that you need. Open PowerShell and clone the smart contract example.
git clone https://github.com/scrtlabs/MillionaireProblemTutorial.git
This is a working contract. In the next article we will explain how to program contracts, today we will explain how to compile and deploy them.
Once you have the repo, we need to compile the code. Use the command:
cargo wasm
Then go into the Makefile and edit "build-mainnet-reproducible". Let's use the latest Secret Contract Optimizer. Change from 1.0.8 to 1.0.9. Then run the command:
make build-mainnet-reproducible
If you have any problems in PowerShell, you need to run it in WSL2. And then enable Ubuntu in Docker Settings -> Resources -> WSL Integration. Do not forget to use the "sudo" command when using WSL, otherwise you will get an error message with permissions.
The output of this command will be a zipped, optimized build, ready to be stored on the Secret Network. Check your project root. There should be a file called contract.wasm.gz. Let's unpack it with the command:
gunzip contract.wasm.gz
Now it's time to use secret cli. But we have not installed it yet. Let's do it. Go to this page and download the latest version. Put it in a file that you do not intend to remove in the near future. Rename the file to "secretcli". Go to the Windows Environment Properties and add the path to the 'secretcli' to the 'Path'. Then restart your PowerShell and if you have done everything correctly, you should not get any error when you run the following command:
secretcli --help
Well done! You are now ready to send your first contract to testnet. The first thing you need to do is to tell testnet that we want to communicate with it. Use this command:
secretcli config node https://rpc.pulsar.scrttestnet.com
secretcli config output json
secretcli config chain-id pulsar-2
secretcli config keyring-backend test
Now create the wallet. Use this command:
secretcli keys add my_wallet
Instead of "my_wallet" you can choose any name you like. If you did it correctly, you should see your wallet after running the following command:
secretcli keys list
Everything costs some fees, this is the same on Secret as on other blockchains. So we need a test SCRT for deployment. Go here and send tokens to your wallet. Enter the address of your newly created wallet. It starts with "secret1...".
Time to deploy our contract. Let's deploy it.
secretcli tx compute store ./contract.wasm --gas 5000000 --from my_wallet --chain-id pulsar-2
Now let's verify it. Go here and check that you have two transactions in your wallet. The first should be receiving tokens from Faucet. The second should be a transaction of type "Stored Contract". Below is what you should see:
Now we need to initialize the contract. Use this command:
secretcli tx compute instantiate <code_id> '{}' --from a --label <ma,e> -y
Instead of "code_id", use the code ID of your contract. You can find the ID in the transaction history on Blockchain Explorer.
Now the contract is deployed and initialized on testnet. Use this command or check the transaction history to find out the contract address.
secretcli query compute list-contract-by-code <code_id>
So you have done it! You have created your first contract on the Secret Network! Well done! Now you are ready to start developing. Next time we will develop a simple dApp. Happy coding!
SatoshiLabs Group, the parent company of four prominent technology brands – Trezor, Vexl, Invity.io, and Tropic Square, serving a global user base of over 1.5+ million, has undertaken a significant rebranding and website development initiative, strategically timed to coincide with the prestigious BTC Prague, Europe's largest Bitcoin conference.
At the heart of this project was the motivation to revitalize the brands and avoid outdated representation at the conference – a crucial opportunity they couldn't afford to miss. SatoshiLabs set out to establish a new branding and website that truly captured their essence. However, faced with the absence of in-house designers, they found themselves in a daunting and uncertain predicament.
That's where we came in, devising a well-structured plan encompassing a comprehensive brand redesign and web design strategy. Our goal was not only to meet the demanding deadline but also to enable them to present themselves authentically and true to the brand.
SatoshiLabs faced the challenge of completing their rebranding and discovering a new identity within a tight three-month timeframe and without an in-house team. To tackle this, we began the process with a diagnosis, aligning the core values of SatoshiLabs.
Next, extensive research and concept creation started, leading to a mood board that set the tone for the new identity. Prototyping allowed us to test visuals in motion, and we collected valuable feedback to refine the design that would resonate with potential customers. The resulting Brand Book narrated the visual story, incorporating elements like Holographic Material, 3D elements, captivating typography, stickers, animations, and interactions across various channels.
In close collaboration with our client, we transformed their vision into reality. Starting with in-depth product discovery and prototyping, we seamlessly transitioned into the development phase, where we prioritized crafting a user-centric UX architecture tailored to the target audience and their specific website goals.
To captivate and inspire, we combined thoughtful copywriting with striking design elements, ensuring visitors were engaged by compelling content on every page. The result? An immersive experience brought to life with innovative designs, 3D elements, captivating motion graphics, and interactive stickers.
Our commitment to perfection was evident in the rigorous user testing and optimization process, guaranteeing a seamless, user-friendly journey. To polish performance to its finest, we collaborated closely with the esteemed Webflow expert, Ondra Dostal.
Within an ambitious timeline, we completed the new brand design by the end of the first month. Leveraging this momentum, we finalized the web design during the second month, leaving ample time for thorough testing and meticulous refinement. The website went live just one week before BTC Prague – right on time.
"Josef's deep knowledge and skill in his field were evident in every aspect of the project, ensuring its success and timely completion. His dedication and professionalism played a crucial role in meeting our deadlines. And thanks to his positive energy and enthusiasm the collaboration became an enjoyable experience for the entire team."
- Lena Pham, HR Marketing Manager at SatoshiLabs
Check the live website!
As the icing on the cake, the website has won a number of awards:
Are you looking to elevate your project? Get in touch with us!
Welcome to the world of cryptocurrency and blockchain, where a new model of fundraising has emerged through launchpads (IDO, ICO, INO). Since launchpads are becoming increasingly popular, there is a growing demand for platforms that can host them. But what does it cost to build a launchpad?
The cost of building a launchpad depends on many factors. We will discuss these factors so that you can make the best decisions if you decide to build one.
Building a launchpad involves various factors that contribute to the overall cost. Before starting the development process, it is crucial to understand these factors to budget efficiently and avoid unexpected expenses. These factors are technical complexity, design requirements, security features and integrations with blockchains.
The technical complexity of a launchpad will have a significant impact on its development cost. Projects with more features and functionality will require more complex technical infrastructure, which translates to higher development costs. For example, a launchpad may include advanced functionality such as multi-chain integration, automated liquidity provision and smart contract development, which will increase development costs.
Design plays a vital role in attracting users and investors to a platform. It is crucial to create user-friendly and visually appealing product, but keep in mind that factors like UX/UI design and animation will add to the final cost.
The security of a launchpad is critical, and it is crucial to invest in robust security features. The cost of development will depend on the level of security required. For example, 2-factor authentication, SSL encryption, and smart contract auditing will add to the cost of development.
Launchpads could be integrated with other blockchain networks to facilitate the launch of tokens. This integration adds an additional layer of complexity to the development process and can affect the overall cost. The cost of integrating with other networks will depend on the level of compatibility required and the expertise of the developers involved.
Building a launchpad requires a systematic approach and a clear understanding of the development process. The following is a typical development process for a launchpad:
The cost of building a launchpad depends on the complexity of the project and the scope of work involved. A typical cost breakdown for building a launchpad includes the following:
Note that these percentages are estimates and can vary based on the specific requirements of the project. It's important to keep in mind that technical complexity, design requirements, security features, and integration with other blockchain networks can significantly impact the cost of building a launchpad.
Building a launchpad requires a significant investment of time and resources. It's essential to budget carefully to ensure that you can afford the development costs and sustain the platform long-term. Steps that you should be beware of are: estimation of development costs, allocation of resources, considering potential ROI and planning for long-term sustainability.
The first step in budgeting for a launchpad is to estimate the development costs. This will depend on various factors, including the scope and complexity of the project, the size of the development team, and the location of the developers.
Generally, the cost of building a launchpad can range from $50,000 to $300,000. The best practice is to obtain quotes from several development teams and compare them to ensure you get a fair price.
After estimating the development costs, you need to allocate resources efficiently. This involves prioritizing the features you need to launch the platform and developing a timeline for their implementation.
For example, you may need to focus on building a secure and user-friendly interface for token sales before developing other features such as staking or liquidity pools. So you allocate your resources accordingly.
When budgeting for a launchpad, it's essential to consider the potential returns on investment. Launchpads are becoming increasingly popular in the cryptocurrency and blockchain industry, which means there is a significant demand for them. A well-designed and functional launchpad can generate substantial revenue through fees charged on token sales. Consider the potential returns when setting your budget to ensure that you are investing in a sustainable platform.
Finally, it's essential to plan for the long-term sustainability of your launchpad. This means budgeting for ongoing maintenance, updates, and security measures. It's also crucial to allocate resources for marketing and user acquisition to generate interest in your platform. Developing a sustainable platform requires a long-term investment, so plan accordingly.
Budgeting for a launchpad can be challenging, but it's essential to ensure the success of your project. Estimate development costs, allocate resources efficiently, consider potential returns on investment, and plan for long-term sustainability. With careful planning and execution, you can build a successful and sustainable launchpad.
We have experience in building launchpads from scratch and tailoring them to customer needs. For example, we've built Suipad, a premier launchpad built on the Sui Network. If you are planning to build a launchpad, don't hesitate to contact us.
Cobo is leading the digital custody revolution. Trusted by over 500 institutional clients worldwide, they offer comprehensive custody solutions, including full, co-managed and decentralized self-custody options. With SOC 2 compliance and licences in key geographies, Cobo prioritizes security. Backed by top-tier investors, they are transforming the industry.
As proud partners of Cobo, we are delighted to bring you an exclusive interview.
My name is Arkady and I always wanted to build a career in traditional finance. However, after having such an opportunity, I came to realize that my interest lies in innovative technologies - such as blockchain. At Cobo, I work as part of the Business Development Team overseeing the Hong Kong and European markets.
Cobo in numbers
Anyone can build and launch a wallet that can send and receive funds these days, but since the custody of digital assets involves the safekeeping of a company’s treasury funds, we aim for extremely high standards in security and efficiency.
Our industry-leading security standard is at the core of what we do and something that we pride ourselves by. We have a full team of seasoned security experts and we have had ZERO security incidents since we started in 2017.
Instead of focusing on only one custody technology, we are the world’s first and only omni-custody platform that offers the full spectrum of custody technologies from full custody to co-managed MPC custody to fully decentralized custody to cater to different use cases as well as user types. This enables us to tailor our solutions to each institution’s unique needs because custody is never one-size-fits-all.
Cobo provides a diverse range of custody solutions to meet different needs and preserences.
For institutions who want convenience and prefer to entrust the responsibility of key security to experts, Cobo offers Full Custody based on bank-grade hardware security modules (HSMs), intel SGX and a multi-layer defence mechanism. Some may prefer the convenience of doing so or simply do not have resources for a full security setup (physical security, employee security, cloud security etc).
For institutions who prefer maintaining control over the private keys and digital assets, Cobo offers cutting-edge Multi-Party Computation (MPC)-backed Co-Managed Custody that empowers users to be their own custodians.
We also offer Cobo Safe (smart-contract-based self-custody) that comes with rich functionalities, including role-based access controls, team collaboration tools, custom workflow support, and more, to support institutional DeFi teams to unlock their capabilities and seize opportunities in the world of decentralized finance.
Building a secure crypto wallet from scratch can be a complex and time-consuming process, requiring specialized knowledge and resources. In addition to the initial development costs, there are ongoing maintenance costs to consider - this can be very costly, especially for a startup - taking valuable time and resources away from other areas of the business.
We saw a growing demand for a customizable and scalable wallet infrastructure that institutions can integrate seamlessly into their existing systems. In response to this need, we decided to introduce Cobo Wallet-as-a-Service (WaaS), which is a standardized set of APIs and SDKs for developers to scale, manage and secure user wallets with minimal development effort and the associated costs.
One of the key benefits of our WaaS solution is its robust security infrastructure. Institutions can have peace of mind knowing that their own funds as well as user funds are safeguarded by a battle-tested and highly secure wallet infrastructure. Another advantage is our scalability and reliability. Offering institutions scalability of their operations without worrying about performance issues or downtime, ensuring a smooth user experience for their customers.
Cobo MPC WaaS
Cobo’s custody solutions are built on cutting-edge technologies to ensure the ultimate level of security for our users. One standout example is our MPC custody solution, which is built on state-of-the-art multi-party computation technology to eliminate the concept of a full private key, thereby mitigating the risk of a single point of failure. This effectively insulates user assets from internal and external attacks, as well as human errors.
Additionally, Cobo employs multiple layers of defence in our security infrastructure to effectively combat every attack vector and deliver the highest security to users. These security layers include a bank-grade HSM (Hardware Security Module) encryption machine, hardware isolation, a fully customizable policy engine to enable robust role-based access control and granular risk policies, zero trust architecture, Cobo Auth, offline key-shares distribution globally, and more.
Legally, customers are also protected by regulations in jurisdictions such as Hong Kong, where Cobo’s trust license and funds segregation ensure creditors cannot go after Cobo customers’ funds in extreme scenarios.
Cobo is licensed globally in 5 jurisdictions including Hong Kong, Singapore, the US, Lithuania, and Dubai. Cobo has a dedicated in-house compliance team across different regions and has appointed experienced compliance officers to oversee the compliance of the relevant regulatory requirements. Specific to the compliance of AML/CFT requirements, Cobo makes use of third-party systems (e.g. Chainalysis) to conduct KYC and ongoing monitoring.
Cobo Custody benefits
One of our primary focuses is on the development of decentralized wallets that offer programmability, cost-efficiency, security, and user-friendliness. We recognize the importance of empowering users with greater control over their digital assets while ensuring the highest level of security. By leveraging advancements in blockchain technology such as account abstraction, Cobo's own research and development, as well as the development of generative AI, we aim to deliver enhanced decentralized wallet solutions to align with the fast-evolving needs of the digital asset custody space.
Furthermore, we are committed to responding swiftly to major events that impact our industry. As demonstrated in the launch of SuperLoop, our off-exchange settlement network, in the aftermath of FTX, we understand the importance of agility to better serve our community.
Looking back, one of our most notable accomplishments was establishing Cobo as the world’s first omni-custody platform, which showcases our commitment to innovation, user-centricity, and meeting the evolving demands of the cryptocurrency ecosystem.
It positioned us as a trailblazer in the industry - allowing us to cater to the diverse needs of individual users, institutional clients, and enterprises, creating a one-stop solution that empowers users to securely navigate the world of digital assets.
Cobo winning the "Innovation in Digital Asset Custody Solutions" award
The rapid growth and adoption of the blockchain industry present a promising future filled with transformative potential, revolutionizing trust and transparency across various sectors. With growing blockchain, I see the need for secure and reliable storage solutions for digital assets becomes increasingly crucial.
In the future, I envision blockchain technology transforming the way we approach custody across various sectors. Traditional custodial services, burdened by centralized structures, have inherent risks and limitations. However, with blockchain, we have the opportunity to redefine custody by introducing decentralized and trustless solutions.
Digital asset custody solutions, like those provided by Cobo, enable individuals to retain full control over their private keys and funds while benefiting from enhanced security measures.
