The team of Evercode Lab is proud of its hands-on experience and theoretical knowledge in everything related to cryptocurrency solutions. Since 2013, we have delivered enough complex and challenging projects to view ourselves as one of the leading companies in this respect. In this piece, we would like to share one of those success stories indicating our industry leadership and ability to meet the ever-changing requirements and trends. It is a story of how we built an outstanding wallet for the INK tokens based on the QTUM blockchain.
Some Crypto Context
QTUM was envisioned back in 2016 and went live in 2017. The key factor behind its existence was the desire to combine the flexible smart contract potential of Etherium with the stability and reliability provided by Bitcoin and its unspent transaction output model (UTXO). The world of next-gen fintech needed this innovation for a very simple reason. Large-scale businesses started to gradually adopt the idea of cryptocurrencies and required a proper platform. A greater level of security was – and still is – the top concern related to “adoption of blockchain and digital assets”, according to Deloitte.
QTUM responded to this challenge with its strong focus on the enterprise level and capability to effectively handle smart contracts on the basis of multiple virtual machines. Owing to its decentralized and advanced POS consensus algorithm, it was well-suited for DeFi apps (Defi stands for ‘decentralized finance’ notable for its “rapid popularity and investment growth” that has recently outperformed many of the top-10 altcoins).
Hence, QTUM tried to simultaneously addressed the key drivers compelling companies adopt blockchain, according to EY:
– Enhanced operational efficiency
– Greater transparency
– Data integrity
– Ability to innovate and experiment with new models to generate revenues and conduct business
While the QTUM team was mainly focused on their own cryptocurrency, the platform itself quickly became an entire ecosystem that includes wallets, exchanges, node services, payment systems, dApps, etc. One of the elements that Evercode Lab worked on was the INK tokens.
What is INK?
INK smart contracts were conceived as a means to revolutionize the global creative industry via a decentralized solution consisting of:
– Consortium blockchain applicable to use cases in any locality
– Infrastructural base to produce content in a decentralized fashion
– Tokens
– Capability to exchange intellectual property assets
– A Cross-chain protocol
To implement such a far-reaching vision, the INK team contacted Evercode Lab.
Evercode Lab’s Response
After the QTUM-based INK smart contracts were launched in 2017, Evercode Lab was entrusted with building two wallets for them, both a web-based and an Android-based.
Our team focused on a comprehensive list of priorities to deliver the outcomes in the best possible shape:
– User safety
– Flexibility that would satisfy both blockchain newbies and seasoned users
– Compatibility of the INK wallets with each other
– Availability of INK’s own block explorer
INK wallet: Web version
INK wallet: Android version
Project duration:
one month for the web-based wallet, and 1.5 months for the Android-based
Support and maintenance provided:
1 month
Web development tech stack:
React.js, Node.js, Qtumcore-lib
Mobile development tech stack:
Java, Bitcoinj
Solution specs:
First of all, it offers an entire range of protection methods. The wallet itself is protected by a 12-word mnemonic phrase and, alternatively, by a specifically generated file containing an encrypted key. This key is then supported by a password the user sets and enters on their own. In addition, the main screens of the wallet are safeguarded by the pin-code.
Secondly, the wallet is simultaneously easily accessible and comprehensive enough for any group of users, regardless of their experience. On the one hand, its interface is extremely lightweight and even minimalistic, and every important function and field is supplemented with informative tips and hints. As a result, a transaction can be created and performed in three clicks.
On the other hand, the system is sophisticated enough to meet the criteria of more experienced users. For example, they can select a block explorer from the available list on their own or even connect a custom explorer.
Finally, the INK wallets delivered for Web and Android are fully compatible. On top of that, the Evercode team crafted a special block explorer functioning with QTUM and all associated smart contracts on the basis of the insight-API.
With this successfully developed solution, Evercode Lab proved that it was capable of quickly adapting to the changing blockchain landscape and carrying out even the most challenging blockchain tasks quickly.
