We hope you enjoyed last week’s AMA with Kumar! Our first session was focused on our main product, our CMC wallet.
For all those who couldn’t attend, here’s what it all was about — you can also access the presentation HERE.
Cashaa`s Multisig Compliance Wallet
Just in the past days, an exchange’s user funds worth 190 Million USD became inaccessible after the exchange owner died who was the only one with the keys. We saw once more one of the problems with exchanges: centralized systems. If exchanges keep your coins, they are at risk.
This is what the Cashaa Multisig Compliance wallet is solving. We are focused on 2 parameters, centralized compliance, and decentralization for security.
For compliance, we have a compliant server that keeps the record of crypto transactions and which kind of transactions they are. For example, if you have to do with an address linked to any illegal or suspicious activity, you will know that. For every transfer to an external address, Cashaa gives a real-time grade, which is calculated based on the risk indicators.
We have many sophisticated rules, e.g. if a person is claiming to have only an average salary, and suddenly is moving high amounts of Bitcoin, it will be checked by our compliance team.
Concerning security, We have a 3-key multisig architecture, which removes centralization and removes the risk of inaccessibility if you lose your private key, and so provides safe and secure storage for all your digital assets.
Furthermore, we will add data oracles for a compliance and fraud feed, which is in ongoing continuous development.
Eventually, we looked at the different account features and CAS requirements:
More updates coming soon on 14th February on the Website, also make sure you join us in the coming AMAs to learn all you need to know about our other products!
See HERE for all the details.
The second half of the session was for you and your questions, which came from a variety of areas:
1. When will we launch crypto-backed lending?
We do not see this in our immediate roadmap, due to the market situation. However, we clearly see that it needs to come sometime and we’ll look at including it at a much later stage.
2. More details about the 100 % fund protection, what does it mean?
If an exchange goes bankrupt or gets hacked, your funds are lost. If you see Cashaa’s architecture, Cashaa never has any control over the funds due to the multisig structure. Cashaa can never do anything which is not asked by the user itself. This is the advantage of the decentralization movement.
If you put your money in a bank or any financial institution, they only have the responsibility to keep 2%, for the rest they can do whatever they want, including playing with it. Cashaa is not using any user funds, crypto of fiat, for anything, our revenue generation is completely different. User funds will be in a segregated account by the Bank of England. This makes Cashaa clearly different compared to traditional banks.
3. Are you thinking of using QR code for payments?
Yes, we will talk about this in the API session, how different businesses can include this, and start accepting payments in crypto and get instant access to 200 different currencies including INR in their bank account.
4. Given that regulation changes, how does Cashaa keep up?
This was a very good question, which is our continuous task, not only building something but continuously watching and keeping up with different regulators. If you look at the past 5 years, all their requirements make sense and are required anyway, such as consumer protection, security and not relying on any centralized system. Any system with its fundamental design based on these points is sustainable, will not see disruption and can just be complemented with new policies and frameworks getting added to make it more mature.
5. If the government blocks Cashaa, are my funds still accessible?
We will release the algorithm used to encrypt the private key given to users and you can withdraw your funds yourself.
6. More details about CAS utility?
In this session, it was clear that CAS is to get the membership. We will talk more about the utility in the next session, about where you can use CAS tokens in the fee. Some of the activities today when paying USD, will be replaced with CAS including huge discounts.
7. There was news about a partnership with a leading wallet in India?
Any partnership in India has been put on hold, as long as cryptocurrency regulations in India are not clear.
We hope your questions got answered, and are looking forward to seeing you again next session!
For any feedback, contact firstname.lastname@example.org.
The Cashaa Team
The Next Generation Banking Platform