BitFinance team has reached StartupCraft with a complete business plan which lacked technical part. StartupCraft team went thorough series of research and analysis where the solution was found. After being hired, StartupCraft team split the work in continuous research, design and development of hybrid blockchain and cloud product.
Alternative assets investment was always complicated due to the trust, regulation and administration issues.
On top of that, the blockchain itself has a high threshold and our UX team was challenged to create a solution which is intuitive and simple.
Finally, the blockchain wasn't mature yet to satisfy all of the business needs and our engineering team had to squeeze all of their creativity to meet all requirements.
Since blockchain required extra knowledge and actions to be taken, StartupCraft team offered a solution to decentralise control and visibility through the set of smart features. This allowed the customers to work in the convenient system they already know and supported with blockchain operations under the hood. Anyone could start on the platform with simple wire transfer and teleport into the blockchain world after finishing onboarding process.
BitFinance is a very rare project where we had to push our brain power to its limit. The best engineers were selected to solve the challenge blockchain brings with its rigid, immutable, structure and the need of constant real-time synchronisation and updates. We called the technology "Async Ledger". It allows any traditional software system to be in a full-sync with blockchain operations and backup history on both ends. This resilience was utmost important to build a trust in customers without stripping away the simplicity of use.
All investments had to be managed on admin panel to allign them with actual asset allocation. The admin panel has been developed with the most severe security standards with a multi-signature approach for access. To makes sure human factor is excluded, StartupCraft team validated and traced every crucial admin action as a transaction on the Blockchain. The control of the invested assets is totally belonged to the customer for its respective part.
The final challenge was to deal with a volatile nature of crypto-currency market while building the solution on top of the most solid blockchain tool - Ethereum (ERC20) Smart Contracts. Being the most stable solution it was also expensive and unpredictable when it came to dealing on the MainNet (in production). To alleviate the cost issues, we created an algorithm which delay actual transaction execution to the blockchain via batching the transactions when the market was at the lowest commission rate and it could be always manually enforced when needed.
BitFinance successfully entered the next Phase of development and secured another fundraising round. The solution was tested end-to-end with real customers and was proven to be efficient and easy to use. It's attracted the attention of Betterment.com co-founder Eli Broverman who joined the board shortly after, and set a path for ambitious plans in the future.