Gimbl Monthly Update: GMU #5
As you are already aware, we had the chance to go to DEVCON IV and to listen to many improvements and announcement from various Ethereum influencers and developers.
Serenity was on everyone’s lips, and we became fully aware of the general trend suggesting that apps should use a layer 2 solution (e.g. state channels) to handle most transactions, and only rely on layer 1 (the Ethereum blockchain) for eventual consistency or dispute resolution. On the pure tech side, we’ve upgraded our Smart Contracts to Solidity 0.5.0 and our Truffle deployment to v5 to take advantage of the latest features.
As previously announced, we have been thinking a lot about product design and how to make things easy for everyone while minimizing friction. Sometimes friction is necessary to keep things secure, especially in crypto. If you’re interested in product design, I encourage you to read Taylor Monahan’s article The unintended consequences of product design. As a crypto company, there’s a probability of 1 that we will get hacked, however smart and strong our encryption mechanisms and engineers are. We have seen too many of our fellow cryptonauts getting hacked to ignore this fact.
In our case, we decided not to keep access to your private keys we’re storing on your behalf. On one hand, it means that it is impossible by design for us to get hacked and lose your funds. On the other, you cannot recover your internal wallet without your password. We will tamper that by issuing you a one time unlock token via email at sign up (which is basically the encrypted password you gave us to encrypt your private key). With that email, you will be able to start your account recovery process. We’re confident it’s a good balance between security and usability.
On the reporting side, and since we do not believe there’s a really trustable Oracle solution out there, we’re developing a solution to allow streamers to automate reporting on top of Moderators reportings. With a desktop app that listens to the game being played, the streamer will have the ability to instantly and effortlessly broadcast the results of the ongoing bets. E.g., if the streamer launches CS:GO, then creates a bet with a 1-click button saying “Will I win the next game?”, then our application will be able to programmatically update the bet outcome (Yes/No) depending on the winning status of the streamer during his CS:GO game. There’s a fair share of tampering that can happen at this point and this is why we’ve decided to trust that source of data with the same level of confidence as the streamer’s manual outcome reporting.
Stay tuned, a new article will be published with more general news next week.
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