Vaultody`s latest feature releases for Q4 2023

Vaultody`s latest feature releases for Q4 2023

Technology Platform Updates
Vaultody`s latest feature releases for Q4 2023

As we approach the end of the year, our team is proud to announce the accomplishment of two essential features in Vaultody`s solutions. They are coming as a result of our strong technical development efforts and are aligned with our development roadmap, which is very hectic. We are expecting the release of several mechanisms and functionalities that will be industry-leading in the upcoming several months to continue our technological trend of providing advanced technological solutions to our clients.

All of our current and future technical milestones are customer-centric and will allow the introduction of tools for improving our customers` overall experience and will bring new optimizations to our MPC infrastructure. We will ensure the promised provision of cutting-edge solutions which will drastically reduce customers` expenditures and resources, will provide better cost-efficiencies, improved wallet and transactions management control, enhanced customer experience, as well as better operational convenience. 

Callbacks on every transaction confirmation 

Our first released feature is concerned with notifying our customers through webhooks about transaction confirmations. This feature can be used only on incoming transactions and aims to provide flexibility in the way of how our clients customize their notifications. 

For instance, the total number of confirmations needed for each transaction depends on several factors, the main being the amount of the transacted value and the blockchain network on which the transaction is placed. 

If we take the Bitcoin network to illustrate how our feature works, we need to start from the moment a transaction is being broadcast on the network. Once broadcast, this transaction has an unconfirmed status, until a new block (next block in the sequence) is created and added to the network through cryptocurrency mining. 

The block to which the transaction is added and verified is the first step in adding a transaction onto the blockchain and granting the first confirmation of the transaction. Note that once a transaction is added into a block and is recorded on the public ledger, there will not be any options for replacing or modifying the transaction. 

Any subsequent transaction confirmations come from the blocks that are added after the block in which our transaction was recorded. All new blocks added thereafter function as transaction reconfirmations by the network. 

There are unwritten rules in the market, which assume that upon passing an X number of confirmation, it is safe to assume that the transaction has gone through successfully and is valid and permanent. Some of the cryptocurrency exchanges are considering as an absolute minimum the passing of at least three confirmations.

For the mass public, six confirmations are preferred to be used as a benchmark for validation for UTXO transactions, and twelve confirmations for account-based transactions. In simple terms, the whole process represents the block in which a transaction is validated, and the subsequent 5 blocks for UTXO or 11 for account-based transactions are added afterwards. Upon passing 6/12 confirmations, the chances of transaction invalidations are extremely low.

In Vaultody, the maximum number of confirmations for which our clients can be notified is 12, in order to ensure coverage on all UTXO and account based transactions. Here is where our clients have the maximum flexibility on setting their own preferred limits, regardless if the set limits are driven by their own demands, or by the demand of their clients. 

For clarification purposes let's assume that the company XYZ would like to get notified after the sixth confirmation has passed. The XYZ has already introduced this rule to their vaults, and upon passing the 6/12 confirmation, our webhooks will instantly notify the company. Upon notifying, the balance will become visible inside the client's vault. 

EVM-compatible address transactions

The second feature that we released allows receiving digital assets that are EVM supported to an address of the client. This feature aims to minimize the human errors of placing transactions and sending funds to a wrong address. In the event of receiving funds that were sent by mistake on a different blockchain, our clients have the ability to return, transfer or execute different transaction-related operations to reflect their intentions. 

This feature serves a triple purpose: to guarantee that our clients will be safe and will receive their funds successfully; to optimize the overall process of operating with Vaultody`s vaults; and to provide a better convenience and efficiency to our clients. 

Here is how this feature works. Let's imagine that you require exactly 100,000 addresses for  assets that are running on the Ethereum network - this can include ETH coins as well as different tokens that are based on any of the Ethereum token standards, such as ERC20. The first step is to generate all of your 100k addresses under the Ethereum blockchain. 

If you require to receive assets that are running on the Binance Smart Chain (BSC) or any other EVM supported chains. However, here is an important specific that our users must be aware of. 

Let's assume that you would like to receive your BSC assets in your Ethereum generated address, which stands as number 73 in your wallet. You will be required to generate BSC addresses that are matching the overall number address that were previously generated for Ethereum, in case you haven`t generated this address previously. Note that each address number for a specific blockchain network correlates to the exact same address number that belongs to other blockchain protocols. 

To verify whether you're going to see balance in the exact same (as a number) wallet on different EVM blockchains, we strongly advise to compare the address digits - there should be a 100% match, ensuring the EVM compatibility and the ability to flawlessly manage and see balances in cross-network transactions.

Vaultody team is currently working on the release of additional very exciting and innovative to the crypto space features and functionalities, which we will launch next year. Do not forget to keep an eye on this space to be up to date with the news. You can get in touch with [email protected] to discuss your business needs and to receive your customized offer.

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