Welcome to Bitbot’s first development update. We’re excited to announce the implementation of self-custodial architecture, bringing maximum security to the Telegram trading environment.
Self-Custody Architecture 🔒
Developers have deployed KnightSafe, a self-custody wallet solution that enables the use of dApps while safeguarding user assets.
This preserves a simple wallet management experience for users, and ensures that on-chain transactions can only take place once orders are placed via the Telegram interface.
The self-custody architecture has been designed for maximum security and smooth integration between KnightSafe, Telegram, and the trading bot itself.
User Journey Map 🤳
The diagram below shows the user journey with KnightSafe, and the technical environment under the hood.
Users interact with KnightSafe during setup, after which trades are placed via Telegram. The bot then builds transactions, sending simple ones (i.e. market orders) to DEXs via KnightSafe.
Complex orders with conditions like limit orders or snipes are added to an order pool. The bot then makes calls to CEXs, DEXs, and oracles to listen for events and price movements.
When event or price conditions are met, orders in the pool are triggered and processed on DEXs via KnightSafe.
The user sees completed trades in their wallet upon completion.
Any Questions? 🌐
For those wanting to know more, Bitbot’s Technical Product Advisor, Andrew Jacobs, will be fielding questions and explaining in detail during our forthcoming AMAs.
Beyond that, we’re always happy to help on X, Telegram, and Discord.
