Citadel overview: ICON
About Citadel
Citadel is a multi-asset non-custodial platform for the management and storage of crypto assets. In the initial release, users will be able to create public addresses for all supported networks with one seed phrase, connect their ledger or trezor device, or import an address generated by another wallet. The analytical dashboard provides relevant information on wallets’ balances and networks’ main metrics. One of the main functions of the Citadel platform is participation in the PoS consensus — users can stake and delegate their assets, claim rewards, and follow the latest network proposals in the voting tab. Citadel offers its users an instant cryptocurrency exchange service that allows fast and secure crypto assets swaps.
ICON integration
Our contribution to the ecosystem of this fast-growing project originates from the ICO stage, it was then in 2017 that ICON attracted our attention and became part of the investment portfolio. Since then, there have been many events in the ecosystem: decentralization and government, transparency as opposed to buying votes, critical changes in the economic model, transition to a new consensus, etc. The degree of our participation as a P-Rep also changed over time, starting with biweekly reports and in-depth analysis of the project, we came to the deployment of a financial product. And now, we are pleased to announce the upcoming launch of Citadel, an all-in-one interface for decentralized finance, and ICON is one of the 6 cryptocurrencies supported by Citadel in the initial release!
Citadel features for ICON holders
Non-custodial wallet
Citadel offers users to create platform-native wallets for all supported networks with one seed phrase. If an ICON holder wants to create multiple wallets, they all can be managed with only one password. The hierarchical deterministic key generation is used to derive a theoretically infinite number of cryptographic secrets from a single master seed. In this way, users’ private keys can be determined and intrinsically “stored” in a single master seed. Citadel uses a standard called BIP39 for the generation and interpretation of the master seed. The exact type of BIP39 seed used by Citadel is a 12-word mnemonic that consists of only the 2048 words from the BIP39 English wordlist.
Hard wallets support
Alternatively, users can use their hard wallet devices. In the initial release, Citadel will support all Ledger devices, Trezor Model T and Trezor One.
Other public addresses support
Citadel would support any ICON public address, even if they were created outside of the platform. The only thing user has to do is select a currency and add a public key; after that, they will have access to the same analytical functionality as for platform-native addresses. And if you find our service convenient for sending, receiving, staking, and storing funds, you can import a private key (your seed) or use cold wallets! Users can use our platform to manage all their wallets or simply add public addresses they want to track to analyze their activity, it is up to you.
Staking & Multi-node delegation
One of Citadel’s core features is participation in PoS consensus of supported networks. Users can stake and delegate ICX that they hold on connected wallets to contribute to the ICON ecosystem and receive rewards.
On the Staking screen, we provide users with all information they need to help them with delegation. We divide user’s balance on staked (including non-delegated), available (for staking) and frozen (on unbounding period), show users their claimable I-Score, received rewards, and current breakdown of their delegation. We also highlight non-delegated tokens to draw users’ attention to the profitable opportunity. Users can vote for as many P-reps as they want and allocate their votes proportionally by inputting shares % or precise ICX amount they want to delegate.
For a future release, we are developing the auto-staking function. The way it operates is straightforward: the only thing users have to do is choose their favorite P-Reps on which the accumulated ICX will be delegated and staked. This function will automate the process of claiming the I-Score, convert it to ICX and dispense to the already chosen P-Reps in the voting tab in accordance with the chosen Stake shares.
Rewards claiming
This built-in feature of the platform allows users to claim their I-Score and receive their ICX rewards. In the future, we will add the aforementioned auto-staking function to help users claim their rewards on all their connected wallets in one click.
Multi wallet analytical dashboard
Track asset status with graphical metrics and visual statistics. At your disposal is a built-in explorer with features such as transaction status tracking, reward history, balance changes, chart analytics, network statistics. On the analytics tab, users get up-to-date information on the essential network metrics: Yield %, Market cap, Circulating supply, Staking rate, Unbonding period.
Personalized users’ info is their total balance, rewards, and transaction history. On reward charts, users can keep track of exactly how much ICX they claimed and when. Personalized info is available for individual ICX wallets, and on the ICON overall tab, we consolidate all ICX wallets’ info. Using the public key, users can add wallets they don’t own to have access to an analytical dashboard without the ability to manage the assets.
Voting
Network proposals affect all ICON holders, so we at Citadel made sure that users can get relevant information about ongoing and last network proposals. In our voting tab, anyone can see what changes are proposed. The features of voting on the ICON network are quite fast, so it is important to react fast to what critical changes the network has undergone.
Exchange
Citadel provides integrated instant cryptocurrency exchange service that allows fast and secure crypto assets swaps. In the future release, we will add a fiat gateway to allow users to buy and sell crypto with a credit or debit card. We think that it is vital to provide users with options so they could choose what is most suitable for them.
