Oh wow, it’s really getting interesting further with each reply. It’s really great to see that you’ve streamlined the user consent process to ensure a balance between security and ease of use, and also the custodial wallet approach simplifies interactions.
How are you ensuring the security of your custodial wallet system? Will there be measures in place such as insurance against losses in case of a hack or breach?
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Thanks for taking the time to check out my project and for the insightful questions! 
Let me address them one by one:
- Prize Pool Funding: Initially, the prize pool will be self-funded or come from token sales. However, over time, I plan to introduce mechanisms where users can also contribute to the prize pool through small entry fees for tournaments, making the system more sustainable. Additionally, partnerships and sponsorships may help support the prize pools in the future.
- Platform Fees: You’re right about the platform fees needing more clarity. I will specify the exact percentage in the future, but the goal is to keep it low and competitive to ensure users get the most value. The platform fee will primarily cover operational costs and contribute to the prize pool and ecosystem.
- Ads or Premium Content: I aim to keep the app as ad-free as possible to ensure a smooth user experience. However, there may be optional premium content such as personalized fitness plans, trainers, and other value-added services. These will be available for a small fee, but the core app will remain free to use with access to tournaments and basic tracking features.
- Health Ledger Token (HLT): You raised a great point about liquidity and the value of the token. To prevent HLT from becoming a token with no value, I plan to create utility for it within the app, such as using it for entry fees, purchasing fitness plans, and buying products in the marketplace. I’m also exploring ways to provide liquidity through staking pools and external exchange listings. However, I’m also considering offering rewards in TRX and stablecoins, which would provide flexibility and immediate value to users.
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Thank you for the thoughtful question! To ensure the security of our custodial wallet system, I’ve implemented strong encryption and multi-layered security measures, including requiring users to sign in with a secure PIN. I’m also planning to integrate two-factor authentication (2FA) for further account protection.
As for insurance, since I’m currently self-funding the project and working independently, opting for insurance at this stage would be quite expensive. However, if everything goes well during the testing phase and we receive a positive response, I’ll definitely consider opting for insurance to further secure user funds and provide extra peace of mind.
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Thanks for your timely reply, it’s great to hear that you’ve already implemented encryption and are planning to integrate 2FA for enhanced security.
In the event of a hack or breach, how will users be notified, and will there be an option for them to immediately freeze their funds through the custodial wallet system?
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Welcome to hackathon S7,I watch your video on YouTube it’s quite simple to understand thanks for that, and again you say the fitness app integrate Blockchain technology to track and rewards physical activities this got me confused, i want you to clear me on this will it be like a general track like a leaderboard that everyone can see to know how active and consistent the users have gone?
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Thanks for your input, and I truly apologize for the delayed response—I’ve been working on an issue with Testnet that kept me tied up. I appreciate your patience. I really liked the idea of freezing funds in the case of a breach, and I’ll definitely implement this feature into the custodial wallet system. Your suggestion adds an extra layer of security that will benefit all users. Thanks again!
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Thank you for pointing that out! To clarify, only the leaderboard and tournament data are stored on the blockchain to ensure transparency and trust. This means users can verify tournament standings and achievements without any manipulation.
All other user data, such as profile stats and personal details, are securely encrypted and stored in a traditional database. I hope this approach balances decentralization for key aspects like leaderboards while ensuring efficiency and security for personal information
I’m glad you found the suggestion about freezing funds helpful, and I understand the challenges that can come with Testnet issues.
Will your system notify users of suspicious activity in real time? If so, how will users be able to respond to these alerts?
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Yes thank you very much for explaining this Sir.
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At the moment, we don’t have an alerting system in place since the wallet system is custodial, and all security is managed on my end. Users don’t hold private keys, so even in the event of a compromise, no immediate action can be taken by the users themselves.
However, looking ahead, we plan to introduce a non-custodial wallet system where users will have full control over their wallets and private keys. This will give users complete authority over their funds and security, enabling features like real-time alerts and self-management in case of suspicious activity.
In addition to planning for a non-custodial wallet system, I’m also considering implementing a multi-signature wallet system in the future. This would provide an extra layer of security, requiring multiple approvals for transactions to go through. It will help ensure that even if one key is compromised, the funds remain secure. This upgrade, combined with real-time alerts, will significantly enhance the overall safety and control users have over their assets.
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Transitioning to a non-custodial wallet system and implementing a multi-signature wallet system are excellent steps toward enhancing user control and security.
Will the multi-signature wallet system be available to all users, or do you plan to make it an optional upgrade for those who require enhanced security?
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Thanks for the great question! I believe having a multi-signature wallet system for everyone is a good move. It significantly boosts security by requiring multiple approvals for transactions, which helps protect users’ funds from unauthorized access.
I also understand that some users may want more control over their assets. For those who prefer it, I can offer the option to connect their own non-custodial wallets. This way, they would have full ownership of their funds while still enjoying the app’s features.
By providing both options, I aim to cater to different user needs. It’s all about finding that balance, making sure everyone feels secure and comfortable with how they manage their assets.
Ultimately, my goal is to create a user-friendly experience while ensuring top-notch security.
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This is indeed an excellent strategy to cater to varying user preferences for security and control. What specific steps will you take to ensure users fully understand the implications of choosing between multi-signature and non-custodial wallets?
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I’m planning to make learning about wallet security engaging and fun. Here’s how:
- Incentives: Users will earn rewards for completing educational content and quizzes to keep them motivated.
- Gamification: I’ll break down topics into easy-to-understand modules with challenges that feel like games.
- Interactive Quizzes: After each module, users can take short quizzes with rewards for participation and high scores.
and feel free to share if you have any other ideas to improve it.
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Amazing! Gamifying educational content not only makes learning enjoyable but also encourages users to take an active role in their own security, plus your approach to making wallet security education engaging through incentives, gamification, and quizzes is a fantastic strategy.
I think you should introduce a leaderboard for top quiz performers or those who complete modules the fastest, this would encourage friendly competition.
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