Multi-sig : AMANPURI is based on a multi-sig digital signature scheme. Two or more passwords (secret keys) are required for the remittance of VFA from a Wallet Address. One of the effects of this security feature is that, for DLT exchanges, just by using multi-sig, hackers tend to avoid hacking the exchanges. Furthermore, through management with a cold wallet, customer assets are protected from the threat of hackers.
Cold Wallet Management : Basically, customer assets are kept in a cold wallet which curtails the risks associated with hacking. Furthermore, in regard to withdrawal procedures, we restrict withdrawals to one per day, and randomly decide the time period during which procedures are carried out each time through our own algorithm. Through compliance and this algorithm’s special irregular changing of timings, we offer complete protection. As an asset holding operation, protecting customer assets is our first priority. In regard to each withdrawal application, it will not be dealt with individually, for example, if there were to requests of withdrawals from 100 accounts, they will be processed together. This can act as a countermeasure against hacking.
Partnerships with Custodians : Currently, we are undergoing negotiations with a major custodian that is a licensing company of the British FCA in order to manage customer assets separately. We plan to start a trust agreement with our custodian around 2023. When custodians are attacked through things like hacking, the Bank of England compensates them for the damages, so we can indirectly protect customer assets 100% with respect to the separately managed funds.AMANPURI entrusts the management of assets to a custodian that clearly separates and manages the investment assets of AMANPURI and the investment assets of customers. In the unlikely event that the AMANURI Exchange collapses, AMANPURI Exchange investors will be repaid their investment minus any associated costs.
Pool : Strict management of the multi-sig signature and cold wallet, and security measures such as partnerships with custodians will be carried out, and in addition, we plan to pool 5% of the monthly operating profits as funds solely for the purpose of covering customer assets in the event of damage caused by attacks. Until we have reached a joint agreement with our custodian, we will pool funds set at 7% of the operating profits to protect customer assets from all risks.
Regulatory Authorities Solutions
The AMANPURI Exchange is licensed in the Republic of Malta to minimize the impact of regulations on customers. Since March 2018, the Republic of Malta has taken a very positive stance towards blockchain technology and is adopting it as a national strategy. It is also attracting major DLT exchanges like BINANCE and OKEx. Malta is currently trying to establish a reputation as a “blockchain island” by building a regulatory environment that can effectively utilize VFA. As the government has a positive attitude, the banks are supportive of the business.
Poor Customer Support Solutions
Currently there are more than 190 countries and 6900 different languages on the planet. Many DLT exchanges support only a very limited number of languages such as English and Chinese, which does not help to attract prospective users. Furthermore inferior email-only support is cited a major problem as issues cannot be resolved in real time. The AMANPURI Exchange will introduce a customer support phone service by May of 2020 and will correspond in English, Chinese, Korean, Hindi, Spanish, French, Arabic, Russian and Portuguese (for the first release, correspondence will be in English only). Other languages will be added over time.