Lend 2.0 Launch
Today we are relaunching our lending platform after its major security upgrade. For the last month, we have put together all of our available resources to develop the best experience possible, and here are some insights for you.
Unique Payment passwords. In order to improve the security measures, we have changed some payment password requirements. From now, each new contract on Lend requires a strong and unique password. Which will effectively mean that there will be no key reuse, and even if one of your keys is compromised, none of the other contracts could be impacted by that.
New capacities. The upgrade of internal infrastructure is over. Although not very obvious, our platforms have become much more powerful and can now handle a higher inflow of users and peak activity.
Optional Migration. Lately, we have introduced a migration tool that allows our users to switch the escrow addresses in their ongoing contracts. And now, each active contract has a right to be migrated to a newly generated escrow address with no extra charges. To proceed with an Optional contract Migration, both Parties need to agree and inform the administrator. Afterward, both Lender and Borrower will be provided with the instructions to generate new Payment Passwords, thus creating a new escrow address and migrating their contract. We are planning to develop this tool further to be applied automatically and regularly.
All of the features developed are aimed to improve the security and confidence of your portfolio, thus giving you more flexibility.
In the upcoming weeks, we are going to bring even more exciting features, and here are some of them:
Hardware wallet integration will allow users to generate escrow using their own keys derived from the hardware wallets instead of the payment password.
Passwordless logins will allow users to use their Bitcoin wallets, mobile, desktop, or HW to log in to their Hodl Hodl accounts.
API will allow anyone to build their lending markets on top of our infrastructure and integrate Lend in their applications.
Doomsday software will allow users to complete an escrow release without Hodl Hodl’s interference.
New notification and confirmation system will improve users’ engagement level with the platform.
3 out of 4 multisig will provide the most secure storage for the high-volume deals.
As a part of this development, we are introducing one deal limit of 25,000 USDT, and other Stablecoins and the equivalent for BTC pegged coins. Later on we are going to increase the limits along with the development of new security features. And please note that you can always create more than one contract simultaneously.
In addition to all mentioned above, we have updated our Terms of Service, and kindly invite everyone to get familiar with it. Also, please make sure to update your contact details, so we are able to reach you.
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