Welcome to the 8th edition of our Technical Development Progress Report where today Klever’s Software Engineer of the Klever Labs, João Beróni, will share details about our Klever Custody product.
“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” – Abraham Lincoln
This week I’m so stoked! We gonna share with you our sharped axe in our security stack behind the scenes in our newly launched Klever Exchange!
Today I’m sharing the stage with João Beróni (https://www.linkedin.com/in/beroni/), software engineer of the Klever Labs squad.
João will share with us some technical details about the Klever Custody service that empowers the Klever Exchange.
And guess what? Why not make this custody product available as a service for the public? Yeah, now we gonna take a deeper dive into one of our newest products in the Klever ecosystem that is not even made public on our roadmap yet. Is that good surprise or what?! Let’s enjoy it!
A custody service is a third-party provider of storage and security services for cryptocurrencies. Here in Klever, we simply call our custody product, Kustody.
What is Kustody?
Kustody is the Klever way to create a custody service developed with microservices and an ironclad security architecture that provides security for the user’s private key.
Compared to the Klever Wallet app, Kustody will have the possibility of having several users sharing the same wallet, and transactions can be signed by multiple users simultaneously.
Initially, we will only have off-chain multi-sig (multi-signature) for all coins in Kustody.
Blockchain multi-sig will be implemented gradually and all major coins and tokens supported by the Klever Wallet app will also be supported by Kustody.
An ironclad security architecture is what keeps all private keys safe with Kustody.
The entire signer system can only be accessed through internal services and all internal communication with the signer service is encrypted, preventing both attacks from outside or inside.
Furthermore, any transaction made through the Kustody user wallets requires the proper approval of its administrators, and the custom settings inside the wallet can further increase its security measures.
Stand-Alone & Klever Exchange
A curiosity about this project is that Klever Exchange uses Kustody as a service to handle all types of blockchain-related calls and transactions.
As we saw an opportunity, we redesigned the service to be a fully stand-alone project and now you can take a first look at the project, which will be made available to the public at a later date.
We hope you have enjoyed the little taste about the Kustody service.
Thanks to the whole Klever team for the extreme valued deliverables over the last week!
Let’s see the progress over the past week in our Klever Kustody, Klever Exchange, Klever Hard Wallet and Klever Wallet App squads: