STOA LLC recently opened a sharding bank service before opening the DeFi STOA service. DeFi STOA is a project to build a social trading-based DeFi platform. Existing DeFi services were centered on swap and interest programs, but in DeFi STOA, individual efforts or collective intelligence are platforms that share profits from telecommunication profits in various ways. As various cryptocurrency participants’ interest increases, it has decided to open Shading Bank, a specialized service that supports high frequency inquiry and deposit of cryptocurrency, so that the number of dipystoa participants can expand to hundreds of millions.
Shading Bank is a high-frequency inquiry system that allows users to view millions of cryptocurrency wallets in just five seconds. In addition, it has a strong feature that can check information on all movement paths of decentralized wallets in real time and apply the information flow of fund movement to the anti-money laundering system through data processing through big data and machine learning technology.
Currently, Shading Bank service supports multiple languages, and sample SDK will be provided to github.com/shardingbank/sdk through JAVA/C++/C#/Go/Php/Nodejs etc.
In general, in order to establish a system to inquire about the wallet of cryptocurrency, it is necessary to establish a full block node. A block node is a kind of storage that stores all transaction books of cryptocurrency. It is called pool. The transaction identification code that occurs when trading cryptocurrency is stored in this storage pool, which is called a block. For trust in the physical storage stage, there is a process of building a trust process through POW/POS, and it is not easy and simple to understand this technical background and build a business that applies it.
In order to build all cryptocurrency wallet systems operated by the main-net, a full block node (storage pool) must be built for each cryptocurrency, which must be built in consideration of physical costs and network usage fees.
To build these five full-block nodes, including BTC/ETH/BCH/XRP/ETC, at least five full-block nodes must be built, and the problem is that it takes at least a month to store books in synchronization from Genesis blocks to current last block information.
To make PG payments, in addition to registering and approving corporate information to use PG payments, only API need to be entered. In order to utilize the book storage or transaction details necessary for bank transactions or credit transactions, they do not bring cryptocurrency stores to the system separately. If only the basic service is well operated, experts can apply the API and check the operation within hours or days. Compared to the operation of these payment services, there are practical problems that the operation of cryptocurrency payment network services has considerable limitations.
It made it easier to establish a cryptocurrency wallet operation and transaction processing model through Shading Bank. As it is built as easily as the existing PG level of work processing, it will be said to be highly valuable.
Recently, IRCTC in India also said it would actively review and apply the use of sharding bank services, and it is currently being used before opening the service in about 30 places.
CEO Roy Kim is known to have developed Shading Bank himself and led the business. He said, “I think there are various possibilities open to how the model of cryptocurrency will be used and applied to society. However, fundamentally, the cryptocurrency market had many limitations in building a model that reduces TCO rather than various services with high complexity. We prepared a project to lower the investment cost of building and operating a cryptocurrency system and use it easily and conveniently to expand its base and build an environment so that the market can increase opportunity costs, and we decided to open it because we thought it was a highly competitive service.”
We hope that cryptocurrency will grow into a strong reference platform in establishing a market ecosystem.
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