Taken from Telegram channel:
https://t.me/ETBS_OfficialDEV UPDATE:
Dear Ethbits Community,
Time for a long due update from our side. I know most of you are eager to log into Ethbits and start trading again. Many are rightfully frustrated at the unending delays to the delivery of the promised features.
Due to a lot of circumstances, including last year’s hack resulting in the loss of funds, the replacement of the dev team, shifts in the regulatory landscape, and challenges with developing the copy trading algorithm, Ethbits is forced to make decisions to delay the relaunch when it makes sense to do so. We would rather make sure things are done 100% and the users have a perfect platform until we go live again.
Realize that some promises were made before the hack, and the consequences and aftermath of it has put a lot of additional steps in our timeline. I myself started July 2019, with limited documentation, incomplete source code, it took much longer to explore and evaluate all the moving parts involved, to ensure that our API’s are safe and secure, and to prevent another hack.
- Copy Trading
Since the last update we have made some changes to our UI design. The remaining work lies here to display the stats and charts for the leader and copier sessions. The UI looks sleek and modern. Leaders have profile pages where users can find information and important stats on traders. Leaders will be able to track their overall performance in an intuitive way.
Leaders will collect a small % fee from their copiers on every successful trade (Sale with profit). The platform will also take a small fee of that profit leaving the copiers with 70% of their total profit per trade.
Copiers will see their profit fee per sell order that got filled, and likewise, leaders will see how much profit they made from all followers for the sale.
Leaders and Copiers alike will have a complete copy trading session history with portfolio performance, order history and fund transfers between their main wallets and the copy trading portfolios.
- Treasurer & Wallets
The treasurer, responsible for the Ethbits Hot Wallets for currencies BTC, ETH, and ETBS have been finished and tested. We are looking also into possibility of adding USDT deposit and withdrawal support (erc20 variant)
The cold storage mechanism on the Ethbits side has been implemented. Simply explained, the treasurer will make sure to keep a larger proportion of all funds (via automated deposits) in separate multisignature accounts, controlled by organizations, instead of trusting the platform itself with all funds.
If funds reach a low threshold in the Hot wallet, the custodians of the cold storage are notified to take required action to top-up the Hot wallets. During this time there is a small chance the Hot wallet may become depleted and users with withdrawal requests might have to wait a little longer, until funds arrive. This is a possible but unlikely scenario as time moves on and the daily volume and total amounts of funds increase on the exchange.
- Security
This has been a main area of concern the last few months. I have been replacing all the servers with fresh ones, updating operating systems, databases, and other software dependencies. This will not ensure those are secure but will also result in some performance increases.
The platform architecture has also been modified to increase security by reducing the attack surface, as well as implementing stricter firewall rules. We are also adopting better monitoring and early warning and freezing systems to mitigate attacks.
We are also heavily adopting the FIDO2 WebAuthn standard to make use of the very secure modern authentication process. Strict FIDO2 only, with hardware keys will be enforced for Ethbits employees and their web portals, and will be optionally available for users of the platform to use for their own account sign-in.
On the cold storage side, multisignature accounts will be set up for each cryptocurrency, where no single person or entity alone can move the funds. The sharded private keys of these accounts will be kept in offline wallets, and on hardware wallets where possible.
We have been consulting with security firms to evaluate our policies, processes, and our managing of funds. We are having our existing smart contracts re-evaluated, to give it an objective seal of approval.
We are all hard at work getting this project done and provide a very attractive copy trading platform, ready for the next crypto bull run. I am strongly committed to this project. It has been very exciting thus far. We are still keeping our promise this time around for launch in Q1, by the end of March. Now that the end is so close, you can expect more updates coming out soon.
Roan
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