Security or Scalability?: DeFiner's Next-Gen Lending DApp Prioritizes Both

May 29, 2018 5:36:00 PM / by DeFiner

Security First AND Scalability First

There is no compromise. With the upcoming Alpha release in September, DeFiner will embark on its mission towards advancing financial trust, growth and simplicity through the blockchain. To do this, we committed to designing a superior platform with a laser-focus on maximizing security and scalability for users. These principles are reflected in our system architecture, which we’re excited to preview with you here.

Figure 1 — DeFiner system architecture

Security: User Data First

In DeFiner’s system design, a top priority is keeping user data as secure as the data residing in the blockchain. The other key focus area is providing a seamless and autonomous user experience that supports lightning fast transactions with low fees. With both in mind, we are taking a data first approach towards developing security measures that most effectively protect end user data without sacrificing performance.

An important question our development team asks prior to making decisions is: “If the whole system were to blow up, can all transactions still be completed while keeping user data intact? To address this, we’ve established a strategic policy on how DeFiner will handle the storage of user data generated on our platform. The policy pledges that DeFiner will extract only the essential (minimum) ‘account’ data from users on the platform, and all critical/sensitive user data will be stored within smart contracts on the core blockchains we support. This ensures user data remains private and secure, without any centralized interference. Additionally, as strong advocates for blockchain technology and financial transparency, we welcome regular audits on all transactions occurring on DeFiner.

Many businesses entering the blockchain space opt to use traditional data services for storing user data to simplify coding and gain performance. This approach does not serve the best interests of users, despite promises to the contrary. At DeFiner, we’re committed to securing user data the right way — through the blockchain.

Scalability : Blockchain Interoperability

When exploring the numerous decentralized applications (DApps), a routine question always arises: “which blockchain is it built on?” As industry veterans, we understand the significance of innovation and the high rate at which it occurs in blockchain. That’s why it’s critical for successful DApps to be flexible, with the ability to quickly adopt newer and better solutions as the technology evolves. DeFiner is tackling this ‘interoperability’ issue by purposefully designing a platform that can integrate with any number of blockchains (assuming they meet our security standards). By combining these vastly different technologies, we’re able to form superior, hybrid solutions to the meet the varying needs of our users. Rather than champion a single blockchain, we’re more excited about supporting the continued growth of the technology overall.

Scalability: Cloud Based Services

There are dozens of existing cloud services that help businesses maximize user experience, such as fast response and universal logins. We believe the lack of user adoption in blockchain today is primarily a result of poor user experience. DeFiner will solve for this by augmenting our user experience with cloud based services that simplify and improve the way in which users interact with our platform. Furthermore, these services include built in security costs to ensure user data is securely shared.

Tags: cryptocurrency, smart contracts, finance, defi, blockchain, crypto, Ethereum


Written by DeFiner