In the rapidly evolving world of blockchain technology, staying updated is not just an option, but a necessity. As part of our continuous efforts to provide the best user experience, we are planning to upgrade our Masternode Interface. The goal is to make it more "Web3" compatible, thereby ensuring that our platform remains at the forefront of the blockchain revolution.
Web3
By updating our Masternode Interface to a more "Web3" design, we aim to provide our users with a more seamless and interactive experience, while also ensuring the highest level of security and privacy.
WalletConnect Integration
As part of the upgrade, we are also looking to expand our wallet support. We understand the need for our users to have a variety of options when it comes to wallets. Hence, we recommend integrating "WalletConnect" into our platform. WalletConnect is an open protocol for connecting desktop Dapps to mobile wallets using end-to-end encryption. By enabling WalletConnect, we will be able to support a multitude of wallets, thereby providing our users with greater flexibility and convenience.
KYC System
Know Your Customer (KYC) procedures are essential for ensuring the security of our platform and the integrity of our user base. However, we acknowledge that our current KYC system may not be as efficient as it could be. It's time for a change.
We recommend outsourcing our KYC procedures to a third-party provider. These providers specialize in KYC and have the resources and expertise to conduct thorough and efficient identity verification. By doing so, we can speed up the KYC process, reduce the workload on our internal team, and most importantly, provide a smoother and faster onboarding process for our users.
Conclusion
These upgrades represent our commitment to staying ahead of the curve in the blockchain space. We believe that by embracing Web3, expanding our wallet support with WalletConnect, and enhancing our KYC procedures, we can provide a more robust, user-friendly, and secure platform for our users. We look forward to sharing more updates as we embark on this exciting journey towards a more decentralized future.
Discussion (2)
This is an excellent request and after speaking with you recently, I hope that the KYC integration is seamless. One thing to consider is when people with multiple nodes KYC, that the website recognized the person, so they dont have to KYC multiple times.
This is an effort that Matt and I, including Billy have been talking about for a while but required different pieces that due to market constraints we could not achieve at the time. It will be nice to have a more detailed explanation of what are the changes you propose. Maybe timeline for this integration, etc.
Some KYC providers ask their clients to host the KYC'd data, and during our conversations about it, we figured to neither us nor the KYC providers should hold the data (most don't want to be responsible for the data either) so there were a few KYC providers we had meetings with suggested that they could KYC the customer, hash the data and provide some type of verification that will trigger the next phase to stake the masternode. That way, we gatekeep the access to stake the nodes via the KYC process. So the flow could be this way.
Masternode candidate will log in with crypto wallet (hardware wallet preferred) and begin the process of connecting wallet where the funds are held, and then once that's setup the candidate will KYC to be able to access the function of staking the node. If candidate has multiple nodes, or wants to stake multiple nodes, then there should be an option that the candidate can provide (KYC confirmation number or some sort of unique ID given after KYC) that can be used to identify the same candidate that has a second or third node (this is more likely to apply to previous masternode holders and institutions that will be KYC'ing to stake their nodes). Then the KYC data gets purged.
Additional to this, and Im sure this will take more time to implement. We need a way to change wallets where masternodes deposit the rewards as many as currently using the XinFin Web wallet and we are moving to increase security of our nodes and how we access them, we need to find a way to be able to create a new wallet using the current hardware wallets that support XDC. That way, every masternode holder can secure their assets via hardware wallets.
I know other masternode holders will have requirements or other inputs as well.
Agree. Would be great for Masternode operators to be able to migrate wallets if needed as well so they can easily secure them with HW wallets without needing to resign.
Thought bubble: If a MN operator is using a priv key, then they can transact by using the “send offline functionality” of the webwallet. Is there a way to allow a signin to the Masternode dapp by using an offline mechanism that just presents a signed transaction in a similar way to confirm the user has the private key, but doesn’t need to compromise it by entering it online?