Security
Security is of the upmost importance for any blockchain business, especially for platforms like Algomint that involve user funds. When it comes to security, Algomint does not compromise. We work with best-in-class, industry leading 3rd parties to ensure the platforms security is well tested and improved wherever possible. To compound this we also constantly perform internal checks and balances maintaining security as a top priority.
For product v2 onwards, we will introduce on-chain smart contract custody to decentralize the operation.
For Testnet and product v1, one of the worlds leading auditors Vantage Point has been engaged to complete an in-depth analysis. For product v2 onwards as we develop more complex and powerful smart contract features, we will work with reputable smart contract auditors for overall testing, including automatic and manual analysis and testing, to ensure 100% line coverage.
We take regulatory compliance seriously and go above and beyond basic regulatory requirements. We partner with Jumio to perform KYC on retail clients, and industry leading legal firms to vet investor and institutional clients. We take a risk based approach with senior team members reviewing suspicious matters as they arise. We monitor regulatory changes to ensure we continue to iterate to meet regulatory requirements that are relevant to Algomint.
In the blockchain world, no one is invincible and it would be unwise to refrain from analysing our risk exposure. Below are some risks that may be applicable to our business model:
Cyber risk is considered the leading cause of loss or damage, and it is mandatory that we remain vigilant all the time, keeping high alert on unusual activities, and keep up-to-date on latest industry trends and incidents.
3rd parties the platform relies adds additional risk of loss or damage, which may also result in a disruption to services Algomint provides. It is important to allow for potential disruptions when planning mission critical 3rd party involvement.
Regulations may change and could temporarily or permanent disrupt Algomint services or add exorbitant costs to blockchain businesses, making the business model unviable.
If not managed properly, a business may incur overwhelming losses through risk exposure, or run out of liquidity. We carefully analyse and minimise our risk exposure caused by product innovation and service/incentive provisioning.
The crypto market is highly volatile and we should all be prepared to survive in case we enter a prolonged crypto winter. We also may face competitive pressure as more projects and innovation emerge, as this is a market where we constantly disrupt the status quo! To minimise this risk we need to stay at the forefront of the innovation curve and assess our value proposition with radical candour on an ongoing basis.
Last modified 1yr ago