MaLink by the Malinks - Managed your assets with crypto automation

[Adinil]

Project Name: MaLink

Project Track: DeFi

Team Name: The Malinks

Team Member(s): @Adinil @albarelfauzan

Project Link: [TBA]

Project Goal:
Have you ever lost the seed phrase of your wallet? One of the drawbacks of a decentralized system is that only people who are trusted by the system (using the seed phrase) are recognized by the blockchain to manage every transaction that occurs in a wallet. With such a system, there are many cases of cryptocurrency being lost due to the wallet owner forgetting their private key/seed phrase or the owner dying suddenly without giving their seed phrase to their family. This causes many people to worry and choose not to own cryptocurrency or prefer to store it on exchanges because if something happens to the wallet owner, his family can still claim it at the exchange office. Another issue we see in the current adoption of cryptocurrencies is that reduced options of payment methods that usually can be used in traditional transactions (e.g. recurring payments, payment schedules) lead to less flexible transactions that can be made.

For this reason, MaLink tries to eliminate the worries of many crypto users by creating a protocol that can make automatic transfers if the wallet is inactive within 3 months or according to a predetermined time. In addition, the use of this protocol is also very broad, you can use it to make scheduled payments such as paying monthly subscriptions, monthly groceries, or even transferring salaries for your employees every month. With MaLink, we embrace your 80 years old grandma to use cryptocurrencies.

Project Value:
MaLink leverages blockchain technology to provide a secure automation for those who store their assets in crypto wallets, we hope that we can provide a sense of security and peace of mind for crypto users. By creating this protocol in the blockchain ecosystem, we ensure that we can reduce the number of lost crypto assets due to forgotten private key, seed phrases, or sudden emergencies. Our protocol can automatically transfer funds after a wallet remains inactive for a predefined period or at a set date. This capability extends the utility of blockchain beyond personal wallets, allowing for applications like recurring payments, subscriptions, and payrolls. We want to remove the barrier to entry from people who are still skeptical about the crypto world because they are worried about losing their assets due to unintentional mistakes. A few things that can be helped with protocol automation presented by MaLink:

1. Reduce the risk of asset loss from the wallet when unable to access the wallet in the future
2. Automate monthly payments such as for employee salary payments, buying groceries ,etc
3. Open the possibility of recurring payment methods in cryptocurrency when our system has been integrated with various existing services

Project Info: [TBA]

Project Website: [TBA]

Project Test Instructions:

1. Open our website through url [Link TBA]
   
   
2. Click connect wallet and let it connect to your crypto wallet
   
   
3. Click Inherit menu on sidebar
   
   
4. Click button ‘New Group’ to make new transaction
   
   
5. Fill in the form with the required data
   
   
6. Accept the transaction notification from your crypto wallet
7. After grouping has created, click the group that u’ve just made to show the dropdown
   
   
8. Click ‘Add Account’
   
   
9. Fill in the form
   
   
10. Accept transaction notification from your crypto wallet

Project Details:
The MaLink project addresses a major pain point in the cryptocurrency ecosystem: the loss of assets due to forgotten seed phrases, wallet inactivity, or sudden events like the death of the wallet owner. In the current decentralized landscape, only the seed phrase holder has control over the assets, and once lost, the assets are often unrecoverable. MaLink introduces a unique solution—a protocol that automatically transfers funds from a wallet if it becomes inactive for a specified duration (e.g., 3 months) or at a predetermined time.

This innovation not only resolves the issue of inaccessible crypto assets but also opens doors to automated and scheduled payments. Users can set MaLink to handle recurring payments such as monthly subscriptions, groceries, or even employee salaries. The simplicity of setting up MaLink makes it accessible even for those with limited technical knowledge. This flexibility provides users with full control over their funds and ensures that their assets are managed responsibly and effectively, even when unforeseen events occur.

Smart Contract links: [TBA]

Project Milestones:

August 2024
User research and project initialization

• Conduct market research and gather feedback in ideation process
• Designing system requirement to detailed project scope and technical requirements
• Design UI and running UT for validate ease of interaction

September 2024
User research and project initialization

• Set up blockchain infrastructure (e.g., using Tron blockchain) for smart contract deployment.
• Start development on MaLink’s smart contract
• Create the User Interface (UI) front-end and test the early prototype with internal teams

October 2024
Testnet launch and collect user feedback

• Launch project on Testnet
• Collecting community feedback to improve feature in the next iteration
• Perform stress testing

November 2024
Launch project on Mainnet

• Fixing bug and improve feature based on user feedback
• Officially launch MaLink on Mainnet to the public with full functionalities
• Initiate user acquisition strategies and partnership program

[Prince-Onscolo]

Hello welcome to HackaTRON S7 team. Indeed the idea behind this project is very great. I have been thinking about how my family will get access to my wallets should incase something happens to me (God forbid tho) lol. I have seen similar project in one of our previous seasons.

This is where I have a concern, if there is way we can automate transfers from our wallet, that means we are not all safe. If a hacker gets access to this platform, many users may be at risk of losing their funds or?

[Relate101]

Welcome to hackathon S7 Team Malink.
Wow, I am really impressed by this because It’s so innovative. I like how it tackles the concerns of crypto users ahead. The fact that it can automate transfers if someone is inactive for a while or at a set time is genius. this must give users so much peace of mind. And it is great that it reduces the risk of lost assets too now my question is How does MaLink ensure the security and integrity of the automated transfer process?

[Adinil]

Hi @Prince-Onscolo , the entire transfer automation process of our system runs on smart contracts on each user’s wallet, so our system does not store any transaction data from users. Therefore, ur concern that the existing funds or the transfer automation can be misused by hackers can only happen if the hacker manages to hack the user’s wallet itself (which we know its nearly impossible). Hope it help! feel free to clarify if u haven’t satisfied with my explanation!

[Adinil]

Hi @Relate101 , To prevent bad things from happening in the security of our system, we do layered testing at each stage of development. In the development process, we ensure that the existing code has passed our internal testing phase by covering various edge cases that can occur, we also using safemath operation to ensure prevent integer rage overflow or underflow, other than that we also conduct audits with experienced developers to find out if there are other gaps that will become potential bugs in the future. When our project has launched on testnet, we will invite many users to simulate usage in various user behaviors. Before launching on the Mainet we also have a plan to conduct stress tests to ensure the capability of our system if it gets high traffic at unexpected times. Hope it helps, feel free to clarify if u haven’t satisfied with my explanation!

[Prince-Onscolo]

oh OK thank you.

but you added something “Impossible” please not in crypto In crypto anything is possible, the little mistake you do, they will make you learn the hard way.

thanks for the response

[Relate101]

Alright thank you, It is great to see you are taking security so seriously. The extra testing and precautions you are putting in place are really good,I will be here to test it when ready.thanks for explaining

[Adinil]

Oh my bad, what I really trying to say about ‘nearly impossible’ is that it’s hard and beyond our system capabilities to manage every single thing a user does with their wallet (which can be a security gap). But hey we get ur feedback, we’ll try to give more clear explanation for it. Appreciate it!

[Adinil]

Sure, thanks! Please let us know if u have any feedback about it!

[manfred_jr]

Welcome to Hackathon Season 7, I see this addresses significant issues in the crypto space, such as asset loss due to forgotten seed phrases or sudden events like the wallet owner’s death, and expands the use of crypto through automation features.
I’m particularly concerned about; how do you plan to handle the potential legal complexities surrounding automated asset transfers in the event of a wallet owner’s death?

[ines_valerie]

Hi you are welcome to the Hackathon Season 7, I read your work and I am wondering, what are the plans that you will put in place to make sure that your system is secure and it always in operation incase of technical failure, thank you

[Okorie]

Welcome to Hackathon S7
MaLink is creating a solution to help people manage their cryptocurrencies more safely. It’s like a backup plan that automatically moves your assets to a safe place if something goes wrong, like if you forget your password or someone hacks into your account. This can help more people feel comfortable using cryptocurrencies.
Wow this is awesome but I have an important question.

How will MaLink protect its users’ assets from being stolen or hacked, and what safety measures will it use.

[Adinil]

Hi @manfred_jr, first think to note is every automation happen in MaLink is initiated and approves by the wallet owner itself so we make sure users who making the decision while fully capable. But we also aware that several region/countries various legal frameworks about the asset transfer so here is a few things that we are trying to do :

1. We let user to choose to set the transfer to a legally recognized executor or estate in regions that require it.
2. In the nexy Iteration we will add spesific feature to handle the automation for asset transfer when the user suspected to be dead which evry automation tha setup on that feature will require multi-signature approval for asset transfers or sending notifications to designated individuals before initiating any final transfer
3. In the future we are exploring potential partnerships
   integration with estate planning and inheritance to comply with several region regulation

[Adinil]

Hi @ines_valerie, We understand the importance of ensuring that MaLink remains secure While we cannot predict every possible failure, we are taking several proactive steps to minimize risks and ensure system stability by having layared testing process :

1. n the development process, we ensure that the existing code has passed our internal testing phase by covering various edge cases that can occur
2. we also conduct audits with experienced developers to find out if there are other gaps that will become potential bugs in the future.
3. When our project has launched on testnet, we will invite many users to simulate usage in various user behaviors.
4. Before launching on the Mainet we also have a plan to conduct stress tests to ensure the capability of our system if it gets high traffic at unexpected times

Hope it answer ur question!

[manfred_jr]

I’m pretty impressed over how you outlined your responses, makes it alot easier to comprehend. Reading thru, I can’t help but get more curious;

How do you plan to verify the legitimacy of the designated executor or estate to prevent fraud or unauthorized transfers?

[ines_valerie]

Yes your hope have come to pass because you answer my question, but tell me how are you going to make sure about security and privacy of the user data as you will be doing the testing phases, thank you

[Adinil]

Hi @Okorie sorry it take slong time to reply. Here’s our efforts to safeguard MaLink Use assets :

1. Non-Custodial System
   First, we design MaLink as a non-custodial solution. Which means we dont hold or have access to users’ private keys or funds. Users remain in full control of their assets at all times, whenever user already setup automation, our smart contract will be stored in each user wallet to execute the automation.This significantly reduces the risk of centralized breaches.

2. Layered testing on smart contract development
   We also aware that we cant predict any issue that will happen in the future, but what we’re tring to do is we make sure everything is going well by doing layered testing process for our smart contract system to ensuring that no one can access or transfer assets unless the exact conditions, predefined by the user, are met.

3. Multi signature
   In the next iteration, MaLink offers the option of multi-signature approval. This means that multiple keys must approve a transaction before any assets are moved. This feature prevents unauthorized transactions, even if a single key is compromised.

Hope it answer! feel free to give us any feedback

[Adinil]

Currently, MaLink does not have a built-in mechanism to validate whether the receiving wallet is controlled by a legally recognized executor or estate representative. What we try to explain in the previous discussion is we encourage users to take preventive measures by transferring their assets to a trusted entity, such as a will management service or a licensed custodian, before the automatic transfer is triggered.

These institutions in several countries are authorized to hold and manage assets on behalf of individuals and can ensure that the funds are distributed according to the user’s will or legal agreements.

[Adinil]

Hi, no need to worry because in the testing stage we will conduct the test anonymously, so we will not save any data from the tester. We will only encourage users to use our features end to end and we will ask a few questions to get their feedback regarding the system that has been created.

[manfred_jr]

Your layered approach to testing and ensuring system stability is quite commendable, comprehensive and well-structured.

What specific criteria or benchmarks will be used during stress testing to determine if the system is ready for mainnet deployment?