I read the white paper and it fails to describe anything that resembles "something that no one else has done before."
To give credit where credit is due, it sounds like your proposed architecture is well engineered for scalability, though you've described no new innovations. The white paper fails to address how you've made any improvements to security which is arguably one of the most important areas.
N factor auth helps to protect the customer but what techniques are you using to protect yourself?
Hello, thanks for your concerns. While our app, fee systems, and customer support is all new to the crypto sector, I will move onto the security concerns.
Security, the security is mostly handled by a third party partner who has been around since 2013, and never had a breach of security. We handle cold wallet locations, but to prevent hacking into the hot wallet, that's mostly handled by them. Routine 3rd party security audits are conducted to ensure the integrity of our systems as well. We are working towards being FDIC insured by beta as well. Going along with this, regular support members will not simply be allowed to touch your funds or move it, it goes through multiple levels before account funds can be moved by someone besides the owner of the account.
As far as cold wallet security, unlike other exchange where a lot of times they only have one cold wallet location, we have many. We have locations in both the US, among another country, and each wallet is different. These wallets can not be simply accessed by one person, and it takes multiple people to confirm it before it's accessible. The benefit of distributing the wallet locations is in the very rare off chance that the wallet location is disclosed and breached, then they've only taken a small percentage from us, and it won't affect daily operations.
