Despite the ongoing crypto winter and the challenging period in the Web3 industry, Web3 products are still progressing. Herman Stogniev, Chief Technology Officer IdeaSoft shared news about company’s latest projects, including technical details about their development. Meet the key projects of IdeaSoft .
BridgeTower Capital:
BridgeTower is a platform that combines one of the most popular and sought-after trends in the Web3 world: NFT and Staking.
The NFT marketplace is designed to enable BridgeTower partners to create YAN and sell them on the platform. The first use case involves Arethunddi, a fund that invests in art objects. An NFT of the Spanish artist Francisco Goya was collaboratively created with them. Technically, the Avalanche blockchain and the EC1155 standard were used, allowing multiple copies of the same work while retaining its NFT status.
Any user who makes an NFT purchase can resell it in the future, thanks to a mandatory locking period set by the NFT creator. Subsequent resale generates revenue for the original token creator as a royalty. The existing KUS procedure ensures the impossibility of using these NFTs outside the BridgeTower marketplace and prevents the display of NFTs purchased on other platforms.
Staking is implemented in collaboration with one of the largest services that allow users to stake Lido tokens. From a technical standpoint, BridgeTower fully utilizes existing Lido smart contracts that any user can access today using their non-custodial wallets. The main difference is that BridgeTower users can use custodial wallets created on the marketplace for staking in Lido.
Users will receive staking rewards in the future. Technically, Ethereum and Matic staking (ERC-20 tokens in the Ethereum network) is implemented.
What was the most difficult part of designing BridgeTower? What went well?
During the development of BridgeTower, we successfully addressed the trust issue in the cryptocurrency industry by employing KYC/KYB, AML, and custody technologies. These tools play a crucial role in ensuring security and transparency for users, investors, and regulators, while also maintaining a high level of service and interaction.
Global Ledger
Global Ledger is a Swiss-Ukrainian startup that offers blockchain analytics and AML compliance software for government agencies, banks, crypto, and fintech companies.
What was the most challenging part of developing Global Ledger? What went well?
The most challenging aspect was creating a wallet deanonymization system based on patterns and other factors with the fewest false positive results. Ultimately, this became one of our greatest achievements. Currently, Global Ledger boasts one of the most advanced systems, holding data on over 300 million wallets. The team can identify the owners of these wallets, and when government bodies, sanctions commissions, courts, or banks require evidence of ownership for specific organizations or individuals tied to certain wallets, Global Ledger can provide the necessary information, aiding in investigations.
In addition, following the onset of the full-scale war, Global Ledger partnered with the United Nations Office on Drugs and Crime (UNODC) to launch a new course on cryptocurrencies. This initiative aims to counter the illicit use of digital assets. The course has been successfully integrated into the training programs for representatives of the Ukrainian cyber police, the State Financial Monitoring Service, and the Ministry of Digital Transformation of Ukraine. Its purpose is to prevent the exploitation of cryptocurrencies in criminal and terrorist activities and to circumvent international sanctions.
Asymetrix Protocol
Asymetrix is a decentralized non-custodial protocol designed for the asymmetric distribution of profits generated by staking. The protocol is inspired by the British Premium Bonds lottery, ensuring a guaranteed income from any bet. Users can either receive an annual reward for participating in the pool or a draw reward, and a standout feature is the possibility of hitting the jackpot even with the smallest bet.
How Asymetrix works: Imagine each of the 100 users contributing 1 stETH to the Asymetrix smart contract, resulting in a total of 100 stETH. The stETH holdings generate a 5 stETH staking reward, distributed fairly and randomly to one winner. While some users may receive a 0% reward per bet, the winner enjoys an impressive 500% return on their investment. Crucially, all users retain their initial deposits, ensuring there is no downside to participating in the Asymetrix protocol.
What was the most challenging part of developing the Asymetrix Protocol?
The most challenging aspect was devising and integrating an algorithm capable of precisely paying rewards to the specified number of users and in the proportion outlined by the contract owner or DAO. We initially forked PoolTogether, which had its own prize distribution algorithm. After an in-depth analysis, we realized that this algorithm didn’t suit our needs, prompting us to develop our own. It took approximately two months to brainstorm and develop two versions of the algorithm, with two developers working on its implementation and others contributing ideas. The first version, although not used due to its centralization and certain disadvantages, served as the foundation for the second version, which introduced greater decentralization.
Additionally, forking and understanding PoolTogether presented its own challenges, requiring experience and time. Even Senior-level developers did not always grasp the workings of the system immediately. The most intricate part of their system was the prize distribution algorithm, demanding two weeks of continuous work by two developers to analyze. Consequently, we had to scrutinize and study the protocol code multiple times.
What went well?
The highlight was our successful understanding of their distribution algorithm and its replacement with our own, meeting all the prize distribution requirements outlined by the client. We also seamlessly integrated additional mechanics needed by the client that were not present in PoolTogether, allowing us to launch the project precisely as needed.
