Discover new projects with – Humans of Blockchain ™ where we analyze companies working in the Blockchain space through a Q&A about the project.
This series will clear the air of doubt in the blockchain space today by focusing on bringing more transparency to the readers.
The project covered today, PINT Wallet – Bitfia Labs, is an Intuitive, Secure & Private Crypto Wallet.
We have Manoj C. Jain – Founder of Bitfia Labs with us today to shed more light on PINT Wallet.
1. What does Bitfia stand for? Principle/ Vision and Mission.
Bitfia is a technology company in Blockchain and AI space based in Singapore. We plan to bring benefits of Blockchain to mainstream adoption by delivering multiple use cases focusing on the Fintech domain.
We started with cryptocurrency – the most important use case of Blockchain for peer to peer transfer of value. Currently, we are building PINT ecosystem enabling safe and seamless crypto-fiat interactions. Immensely secure PINT helps not only in storage and custody of cryptos but also in trading them in local currency. In the future, the user can even spend their cryptos in local currency from the wallet. The collateral management system will help people retain their cryptos but still take a loan in Fiat currency.
Our vision is to become the most widely used wallet for storing, trading and spending one’s digital assets.
2. Can you tell us more about Pint Wallet? What problems does this wallet solve and can this wallet be considered unique?
PINT is a highly secure multicurrency HD wallet and a decentralized P2P marketplace. The uniqueness comes from the fact that users can buy or sell their assets directly from PINT wallet whose private keys are always with them unlike in centralized exchanges or marketplaces where they need to first transfer their assets or fiat money to these platforms.
PINT is changing the way people are storing and trading their crypto assets. With PINT we are making it very simple for a common user to store and trade the digital assets while we take care of all complexities and security in the background.
PINT comes with unique Anti-Theft functionality where the wallet can be wiped from the stolen device remotely. It has in-wallet swap functionality and three partnerships to choose the best swap rates. These are Shapeshift, Changelly and CoinSwitch.
So in PINT users don’t have to shuffle their assets between different platforms. On a single App, they can buy, sell, exchange or store their assets.
3. What is the current development/ implementation stage for the Pint Wallet?
The Android version of the PINT wallet was launched in May 2018 and is used by people across 30 countries. iOS version is being launched in April 2019. We plan to launch a decentralized web version of PINT soon.
P2P addition to PINT happened in December 2018 when we have launched the beta version. The traction is gaining momentum on P2P currently and we are incorporating user’s feedback.
4. What are the Security benefits that the Pint Wallet can provide or is providing to the Blockchain Industry?
Security is undoubtedly the first thing of concern we found when interacting with traders, hodlers, and investors of the crypto world. The tech team at Bitfia has ensured that the PINT platform provides the highest level of security by implementing the best and the latest security features. Some of them are mentioned here.
Private keys storage on mobile handset – PINT wallet platform is designed in a way that users wallet private keys are encrypted and stored in a secure inaccessible space in the users mobile handset itself, thus making it impossible to hack private keys, since an attacker have to get access to thousands or millions of devices, compared to hacking one server.
AES-256 encryption using OS native KeyStore – Military grade Fast and secure hardware AES-256 (Advanced Encryption Standard) encryption of every piece of data, network packets is used to secure the user data stored on the mobile handset. Encryption keys are stored in OS KeyStore, so there is no way for a malicious user to decrypt the data, without hacking the entire OS i.e. Android KeyStore API.
Asynchronous Microservices – We have used microservices to design and develop our backend/cloud services, where business logic is divided into multiple very thin, mostly independent services and resource requests are rendered by the aggregating response from a subset of these services. As a result, throughput is very high in terms of requests per second and developers can work independently on their services with interfaces provided by other developers. This enables us to enforce strict security model at the design level, without API developers having to understand, implement or maintain security logic.
RBAC (role-based access control) – Custom RBAC (Role-based Access Control) has been implemented over existing microservice RPC (Remote Procedure Call) to handle internal security attacks and let microservices handle their permissions, eliminating chances of human error. Role Based Access Control is an approach to managing users’ access to resources or operations.
Self-hosted isolated full nodes – PINT platform has its own Full node cluster of supported cryptocurrencies thus providing maximum isolation and security against transaction replay, duplicate transactions, deadlocks, and branching.
We have also executed a Trusted execution environment, custom HIDS (Host Intrusion Detection System) and HIPS (Host Intrusion Prevention System), based on OSSEC (The Open Source Intrusion Prevention System), to further secure users in case of directed attacks.
5. Could you explain more about Pint P2P and the core features?
More and more users are looking for Peer to Peer (P2P) marketplaces for buying and selling crypto assets as P2P marketplaces provide full control of the price user wants to trade, are less time consuming and simple to use. The user doesn’t worry about trade and withdrawal limits and money comes directly to their account.
In Pint P2P, we have combined key traits of P2P marketplaces with a decentralized wallet and provided a seamless experience to the users. The user can buy or sell BTC and ETH without moving away from their PINT wallet.
It is a completely decentralized marketplace. To use it, the user has to link their wallet to Pint P2P and register. The user can use existing Advertisements or create their own advertisements. The user can check the rating, trade volume and reviews of the counterparty before initiating the trade. When a buyer initiates a trade with a seller, the seller’s assets move to an on-chain escrow only on accepting the trade.
For every Bitcoin trade, a new multi-sig escrow account is created on the Blockchain which can be seen transparently from the trade screen. During the trade, both buyer and seller can enter into an encrypted chat. Once the buyer pays fiat currency to the seller, the Bitcoin is moved from escrow account to the buyer’s wallet which can be PINT or any other address which the buyer gives. After the trade completion, the escrow account is purged for anonymity.
In the case of Ether, the process flow remains the same but the escrow functionality is handled by a Smart contract.
Bitfia takes 1% from the Advertiser as the processing fee of the transaction. There are no other abusive charges or limits imposed.
To handle the dispute, we have a unique tripartite encrypted chat module. We have published the Standard Operating Procedure to handle disputes.
In the future, we plan to put a Blockchain based rating system and built-in VPN/TOR support to provide privacy to users.
We believe with strong customer support, full security and 100% transparency, Pint P2P stands apart from the crowd.
6. Are there any future possibilities/ needs for a Bitfia/ Pint Token?
As of now, we are focused to build the complete PINT ecosystem with innovative functionalities and modules.
As a Blockchain company, we would be keen to bring up tech innovations involving AI. We may launch our own Blockchain as well with clear use-cases on which the tech team is working.
We see a clear utility for a PINT token to help address the transaction fee in our various decentralized applications. However, we have not yet taken a call on the same since the overall ICO market is going through a tough time.
7. Is Bitfia Hiring?
Bitfia is always open for hiring talented people in all the areas like frontend, backend, Blockchain. We are in continuous search for developers with strong skills and innovative ideas. These positions are based in our Tech Development Centre in India.
We are also looking for expert marketing brains in India or Singapore.
Candidates can reach out to us at [email protected]
8. Any Future plans for improvement/ scaling for the company?
We have clear goals of taking Blockchain to the masses by developing innovative products and solutions. Apart from attracting traders to our platform, we are working on functionalities like making fiat payments from PINT wallet, lending, and few others. The team has experience of working on cross Blockchain protocols which will help us in building a robust PINT Ecosystem.
We are also evaluating if we can work on the Security Token exchange and Indian Rupee based Stable coin in the future. However, we do not want to comment much on this as of now.
The company is also working to get investments from VCs as the company has been completely bootstrapped so far.