As 2024 comes to an end, we reflect on a dynamic year filled with growth, innovation, and milestones at Vaultody. From writing robust code and running extensive tests to introducing significant updates and new APIs, the year has been marked by meaningful progress.

We also expanded our blockchain ecosystem by onboarding new blockchains and successfully migrating several networks.

In the following sections, we’ll recap Vaultody’s key updates and achievements from 2024.

“Contacts” Feature

Back in February we introduced the Feature “Contacts”, designed to enhance Vaultody’s address management. Playing the role of your very own corporate address book, Vaultody Contacts allow its users to assign aliases or contact names to frequently used wallet addresses. Contacts are basically a P2P (peer-to-peer) contact management feature that allow users to save wallet addresses as contacts in their Vault. Thus, having improved visibility into both ongoing and historical vault activities. Moreover, this way transaction preparation times are significantly reduced. 

More of Contacts’ key benefits include:

• Simplified Address Management - enhanced simplicity in creating and adding contacts within the Vaultody account;
• Wallet addresses and networks - if you work with hundreds or thousands or even more addresses, especially across multiple blockchain networks, the new Contacts feature eases this process by ensuring quick access to any specific contact you may seek, by simply searching for its name or associated company wallet address;
• Controlled Contact Creation and Deletion - anyone from within your company with access can create a new contact, but only account owners can approve or reject that action. For deletions, assigned users can remove contacts without requiring account owner approval, reducing administrative burden and preventing potential transaction errors;
• Error Prevention Mechanisms - the Vaultody system is equipped with mechanisms against mistakes, which can happen when e.g. you are inputting the wrong blockchain protocol.

Goerli to Sepolia

In March we transitioned Vaultody’s support from the Goerli test network of Ethereum, to Sepolia’s test network of Ethereum. The reason for the change was our goal to provide seamless unified testing access and Goerli’s planned depreciation that occurred in April, 2024. 

Goerli and Sepolia are the mainly used test nets of the Ethereum blockchain. Meaning, they do not run transaction processes live, rather than just represent a copy of the live environment to run testing scenarios.

Goerli was launched in 2019 and was designed for testing decentralized applications (dApps) and smart contracts in a stable environment. It supported the proof-of-stake (PoS) consensus and was widely used for testing before deploying on the Ethereum mainnet.

Sepolia was launched in 2021 as a lightweight Ethereum testnet intended for optimized testing of dApps and smart contracts. It uses the proof-of-stake (PoS) consensus and offers a smaller, more focused network for development.

In response to Goerli's deprecation back then, we at Vaultody started actively integrating Sepolia into our platform to ensure uninterrupted service for our users. This transition allowed clients to continue testing and developing on the Ethereum network without disruption. 

Smart Vaults

Smart Vaults and their launch in May has been one of the most significant accomplishments we’ve had this year. 

Smart Vaults are an advanced digital asset wallet solution designed to enhance efficiency and security in digital asset management. They are an innovation in the field and have no equivalent on the market. 

Some of the key features of Smart Vaults include:

• Unlimited Deposit Addresses - generate an infinite number of deposit addresses, facilitating seamless management of numerous transactions;
• Batch Transactions (coming soon!) - allows users to execute multiple transactions simultaneously, significantly reducing operational time;
• Transaction Fee Reduction - reduction of transaction fees by up to 90% by consolidating fees through a centralized "station address," which also addresses and solves the issue of wallet dust;
• Enhanced Security - utilization of Multi-Party Computation (MPC) technology and hardware enclaves, leading to elimination of single points of failure, ensuring top-tier security for digital assets;
• User-Friendly Management - the Vaultody Approver mobile app provides tiered, role-based access control, enabling customizable transaction approvals and comprehensive control over funds.

While both Smart Vaults and General Vaults offer robust security features, Smart Vaults are suited for businesses who manage a high volume of transactions, offering features like unlimited deposit addresses and significant transaction fee reductions.

Automation Vaults

Automation Vaults were the next big step that Vaultody took this year. We released Automation Vaults in June with the design to utilize automatic transaction processes for better asset management.

Some of the key features of Automation Vaults include:

• Smart Automation - clients can establish custom automation rules to manage assets across addresses, eliminating the need for manual intervention;
• Unlimited Custom Rules - users can create and implement an unlimited number of custom rules, tailoring the system to their specific requirements;
• Linking Addresses - clients can utilize this automated process where receiving addresses are linked via a user-friendly dashboard to enable transactions based on predefined rules;

Smart Vaults vs Automation Vaults

While both Automation and Smart Vaults offer features like unlimited deposit addresses and a station address with all of its benefits, they cater to different operational needs:

• Smart Vaults - designed for businesses managing a large number of addresses, allowing for manual transactions without predefined conditions or rules;
• Automation Vaults - ideal for businesses seeking to automate a high volume of transactions based on specific rules, with the goal to improve their operational flow and efficiency. Such automated flows would be e.g. consolidating deposits at a certain threshold amount or redirecting transactions exceeding a particular threshold. 

New blockchain integrations

Later this year we expanded The Vaultody platform by integrating four Ethereum-compatible protocols: Arbitrum, Optimism, Base, and Avalanche C-Chain.

 1. Arbitrum - A Layer-2 scaling solution launched in mid-2021, utilizing optimistic rollups to process transactions off-chain, thereby improving speed and reducing costs;

 2. Optimism - Introduced in 2020, this Layer-2 solution also employs optimistic rollups to enhance Ethereum's scalability and lower transaction fees;

 3. Base - Developed by Coinbase and launched in early 2023, Base is a Layer-2 network designed to support dApps and improve Ethereum's utilization, using the OP Stack framework;

 4. Avalanche C-Chain - A Layer-1 blockchain within the Avalanche network, fully EVM-compatible, enabling the deployment of Ethereum-compatible smart contracts with high scalability and low fees.

The key benefits that our users can take advantage of include:

• Scalability - these protocols enhance transaction throughput and reduce network congestion, effectively increasing the operational capabilities of the Ethereum main chain;
• Lower Transaction Fees - they offer reduced fees compared to the Ethereum mainnet and additionally - limit for maximum fee, making them attractive to both users and developers;
• Smart Contract Support - all four protocols support smart contracts, facilitating the deployment of decentralized applications (dApps);
• EVM Compatibility - their compatibility with Ethereum Virtual Machine (EVM) allows for seamless deployment of Ethereum-based smart contracts and dApps without significant modifications.

Conclusion

Overall, 2024 was a very good year for Vaultody and we successfully advanced our technology further. We have no less expectations from our amazing team that we will be able to top all of our current achievements in 2025!