Partner Highlight – TheVault – Why we chose NEM
Can you tell us about TheVault’s story and how it was created?
TheVault was created in 2017 when our two co-founders, Dannie and Marco, were inspired to act as a result of what they saw as an acute lack of trust by the general public in the cryptocurrency sector which was largely due to the cowboy business ethics of 2017.
Their research showed that many exchanges seemed to be operating without professional security standards and processes and with a complete disregard for consumer protection. This placed many of their users at a disadvantage when trading their cryptocurrencies.
The crypto-currency sector was supposedly based on secure, decentralized blockchain technology, but most of the popular crypto exchanges were running centralized platforms that were completely self-regulated and largely unchecked by industry or professional or ethical oversight. This meant huge gaps, not just in security processes at the point of transaction processing, but also a lack of resources for the consumer should something go wrong. So they decided to build a security platform to fix the issues for exchanges and to protect consumers.
The ultimate aim is to build “trust” in what we see as an exciting sector with enormous opportunities. Fast forward 2 years, and now at TheVault, we call this “Building the Trust Layer for Digital Transactions”. To get there, 3 words were fundamental to constructing the project: Protect, Secure, Guarantee. These words have become a fundamental part of our corporate DNA.
Why is what TheVault doing important for the crypto/blockchain industry?
If we cut to the chase, essentially what we’re doing is preventing criminals and scammers from participating in crypto transactions.
Some people may well be dedicated to a deregulated world and take that concept to the nth degree regardless of the outcome for the individual. But we believe that for the industry to really prosper, words like trust, protection, security, guarantees etc, need to be part of it.
There’s a lot of flexibility in what we’re creating for exchanges and individuals to opt for more or less rules and protection. We are not talking about building a global centralized vault. We are talking about building a framework with freedom to choose to exclude a digital transaction relationship based on the rules you wish to live by.
TheVault MVP was first written on Hyperledger and then re-engineered on NEM, what made you decide to switch?
When we first built TheVault’s MVP on Hyperledger, our development team had to build and code a lot of the project from scratch due to the raw framework available on Hyperledger at the time.
With the re-engineering effort on NEM, our team benefited from the plug & play features, its performance, scalability and security which made for a more efficient development timeline. Our team also has great confidence in the NEM blockchain and its development community that pairs well with the objectives of our company.
We want to help build a NEM security community. We saw that NEM didn’t have one and we wanted to be part of creating a solution that will secure and protect the transfer of digital assets, whether that is trading or crypto payments.
What kind of features of the NEM Blockchain/Catapult are you guys using?
We are taking advantage of NEM’s four-layered architecture. Separation of core blockchain server, DB server, SDKs, NEM apps/clients provide high-performance in terms of API calls and data requests even in high traffic conditions as well as NEM’s proof of importance consensus algorithm.
We are also looking into utilizing NEM’s aggregated transactions (i.e. merging multiple transactions into one) feature to provide decentralized swaps and automated cross-chain transactions for the payment module of our AI-FDS (Artificial Intelligence Fraud Detection System) and integration of our VSS utility token.
How’s the journey so far with NEM?
The support received from the NEM team has been fantastic, we have had a NEM consultant on staff to help drive the delivery of our first product called NEMVault, a service that enables exchanges to check addresses against a co-opted blacklist.
What are you currently working on?
We are currently building NEMVault — a platform designed to help eliminate criminals from participating in blockchain transactions. It helps exchanges to identify bad addresses from a shared intelligence provided by participating cryptocurrency exchanges (as well as wallet providers, crypto banks, and members of the public).
They supply a combination of black, grey, and whitelisted digital addresses to a decentralized database. When the transfer of digital assets is ready to take place, whether it be a trade or purchase using cryptocurrency, the NEM Vault solution checks the supplying and receiving addresses to ensure they are legitimate.
Our beta will be launching in July 2019, and NEMVault will be production ready in Q3 2019.
How do people sign up/ use it?
The beta is free to try out and open to both exchange operators and individuals. Click here to sign up!
For more information about TheVault Lab please contact: Kimberly Kan (firstname.lastname@example.org)
About TheVault Foundation
TheVault Lab is dedicated to building the trust layer for digital transactions. We are a Singapore registered business with partner offices across Asia. TheVault security platform has 3 integrated components, a consumer protection layer, an AI-powered fraud detection system and a consensus layer. Our first product released in July 2019, is the NEMVault, a platform designed to give exchanges the capability to check the integrity of digital addresses that have been blacklisted by another participating exchange. TheVault security platform is targeted for release in early to mid-2020.
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