CryptoCart community, we wanted to publish this article today given the impact the market has taken over the events that have transpired over the last week. Over the year, we’ve seen numerous multi billion dollar companies collapse overnight due to a lack of proper security measures. As a team we felt it was only right we provided some assurity on the measures we’ve taken to protect our community.
Contract Security (A)
First and foremost, security of our smart contracts was essential. Given the situation last year, we wanted to make the contract bullet proof from external attackers. We paid for an audit prior to the relaunch, which passed with flying colors which can be found here:
Our Binance Smart Chain contract is a 1:1 of our Ethereum contract, which can be verified here:
Post the team being extremely happy with the audit report findings, we went further to indefinitely lock the liquidity, which can be verified here:
And for further protection, we also renounced ownership of the contract, which can be found here:
Given all of the measures we have taken, the liquidity pool can be untouched from external attackers, giving 100% of it back to the community.
Gift Card Store (M)
We also wanted to touch on how we’ve built our Gift Card Store to sustain ANY market conditions. Whether Bitcoin is trading at $100,000 or $1,000, our store will NOT be affected by the market in any-way, shape, or form. Part of the reason for the delay of our automation release last year; which some may remember, was to perfect our payment processor for situations like we’re seeing today with the market in chaos.
An easy, and quick solution would have been for anyone making a purchase on our store is to transfer the tokens to a team contract, we furfill the order and swap the token ourselves. This was not an option.
We decided the most bullet proof way was to build our payment processor so the tokens are disposed of by the user, which is converted to stable coin in the same transaction, before we receive it in our payment processor in one transaction. The transaction is then verified back-end which then triggers our API to dispense the gift-card for the amount received automatically. For example, say a user wants a $50 gift card and wanted to use “PARTNER A” coin, it would swap “PARTNER A” into USDT and send it to our payment processor all in one transaction, which will trigger our API to dispense a card for $50 with order parameters. Once a certain threshold of stable coin is in the payment processor, this is automatically transfered to our float balance to continuously, and automatically distribute gift-cards. Not only does it require little to no maintenance this way, our customers are totally safe when ordering from sudden market fluctuations or volatility.
CryptoCart Staking (A)
A quite common attack recently on small and large scales have been targeting un-audited staking platforms. This was the reason we directly forked a pre-audited variable APY staking pool by both Certik & Omniscia instead of building the code up from scratch ourselves. The only edits we made to the code was adjusting the duration (from 12 months to 6 months), and the input / output token (to CCV2). You can find our staking pool contract here:
As a team we can’t control, use, leverage or touch any of our communities staked funds. Once you stake your tokens, they’re locked into the contract until you unstake them. As a team, we don’t have any access to them.
CryptoCart Bridge (Z)
As many of you are aware, we developed a cross-chain bridge which allows users to transfer their CCV2 tokens across chain. To no suprise, we got it auditted to make sure everything was safe for our users. You can find the audit report for our bridge below, which identified no threats from external attackers:
Longevity / Insolvency of CryptoCart (O)
Some may be aware, but the ongoing costs for us as a team is very, very little. Due to 99% of developments all being done in house, the only overheads we really have to cover is hosting & our servers. With Bitcoin trading sub $20,000, as a team we can afford to continue to run and develop CryptoCart for over 1,000 years before touching any team funds.
Since our launch (564 days ago) not 1 team token has been disposed of to cover any costs. We have covered it all as a team, and WILL continue to do so. With the market so far down, the least we could do is provide our community some assurance we are not going anywhere. As a team, we know a majority of the people reading this far down doesn’t need clarity, but thought it would be best to check-in and put some minds at ease. Whilst we’re still tiny in the grand scheme of where we want to be, we will continue working towards improving & expanding our platform for when the market does recover, and adoption does come.
Whats next? (N)
And finally, we hope you’re all holding up given the market conditions. Below is a reminder of the developments we are working towards releasing:
CryptoCart Development Update
CryptoCart community, today we have a few very exciting announcements about developments in progress, and more on what…
These developments include:
- Mobile Application Development
- Gift Card Store Improvements
- Catalogue Improvements
- Tiered Discounts
- Introducing additional payment methods such as Binance Pay & Coinbase Wallet
- Changing the login system from email to authentication with a web3 wallet
- Introducing a top-up system page. This would allow the user to top-up their balance once and spend the funds across the entire store numerous times without paying additional gas fees.
If you’ve got to the end, thank you. Go back and note the letter after each title in this medium article. It’s coming back with the improved catalog we’ve promised, we’re just clearing up a few final legalities and final testing before putting it live. We wanted to thank the community once again for the incredible support shown daily. Without each and everyone of your thoughts, suggestions and improvements, none of this would have been possible. As a team we promise to continue working regardless of the market to develop and grow the project to where we want it to be. As a team, we are excited.