Newsletter, 15th of September
It is about time to share yet another newsletter with you. We keep progressing and the progress is visible.
Exchange
Our devs released a new version with most of the bugs worked out. After a thorough check, we found only two issues. One of them is important — when a user opens a trade and the process takes too much time he/she can close the trade ticket, but this does not cancel the trade. Therefore, if a user opens another trade the fist one can be placed at the same time, so the user ends up having 2 trades instead of 1. The other one is not that critical — some indicators and drawing settings by default are not being saved.
So at the moment, the main focus will be of course on issue number one. When it will be resolved the project will go to the next stage of the development — security.
There are two major issues:
The first one revolves around the private key of the smart-contract being compromised. As right now, all the funds of Market Makers and users go to the smart-contract. So if a 3rd party gets access to the private key of the smart contract he/she can wipe out the whole contract. To be fair this risk exists for all the projects that work with this kind of solution (like Compound, dydx, etc.). Naturally we will follow the best practices of other companies, and of course, we will do audits on top of that. The plan for the future is to explore more ways to secure the smart-contract (maybe a multi-sig system).
The second one is the oracle. Here you need to understand that only two things happen on the blockchain: trade settlement and custody of funds. Trade itself is purely off-chain. So the trade goes through our API and backend. Therefore if you won 100 EUR and would like to withdraw it, the request will go to the backend. This means if someone gets access to the server he/she can tweak the numbers (ie. change the winning number from 100 to 1000+).
Those two things will have to be addressed and audited.
Wallet
The work on wallet continues as Osaka conference is getting close. This week we send our suggestion to ETHworks for a native Compound integration design. We also started indexing all of our design elements, to ease the work of the developers in the future.
Business
Because of the nature of our business, it was quite hard to find a crypto-friendly bank (especially in Bulgaria). So finally, after being rejected by Revolut, we have been accepted by Mistertango. Also this week Pascal had a meeting with an investor, so we can speed up the development process (this will mostly include hiring more people).
This is all for today, see you next week!
Vsevolod.
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