Lykke Wallet, a Swiss-based Cryptocurrency trading platform, Today announced that it has begun to take an important step in the process of continuously improving its services, migrating to the new underlying switching architecture.For months, the Lykke team has been steadily migrating the building blocks of its switching infrastructure to Sirius, a dedicated solution developed by a Swiss technology company Ruilian.
SwissChain is a Lykke talent spin-off company specializing in blockchain technology. It is one of the entities that provide enterprises with a full range of self-management hosting and management solutions services. Sirius is one of the company’s main products, which combines a blockchain engine with a hosting solution. In addition to the blockchain infrastructure and custody components, Sirius also supports functions such as smart contracts, mortgages, and settlements. In addition, it allows the integration of various DeFi systems. For example, if integrated, it allows users to access decentralized exchanges.
This system migration will be an ongoing process, and there is currently no estimated time of arrival.
Lykke Wallet Exchange has been on the market for more than five years. It is a fully functional trading environment that combines web terminals and mobile device applications. It is a trading place that creates conditions for the ultimate cost-effective transaction, with zero transaction costs and very low bid-ask spreads. In order to maintain these conditions, an entire system consisting of a blockchain engine, nodes, integration, and various additional components is necessary. The system provides an integrated transaction solution for cryptocurrency transactions and foreign exchange: it integrates a KYC verification system, a legal gateway, an API for automated transactions, the possibility of generating transaction history for tax purposes, etc. The underlying architecture allows the creation of transactions and private wallets, supports the necessary nodes to integrate new blockchains, and last but not least, maintains high security standards to protect users’ funds. All these systems must be maintained and constantly updated to meet the needs of mature markets and Lykke’s growing user base. Its seamless operation requires the continuous efforts of the entire development team. Therefore, even if nothing seems to happen, in fact, the entire professional team works full-time to ensure the seamless functionality of the system.
What does the current migration mean to Lykke and its users?
First of all, Sirius is a product tailored for blockchain-driven companies. It combines the necessary elements of blockchain infrastructure with other value-added projects. The system is developed according to the industry’s highest safety standards. In particular, it includes dedicated custody solutions developed for safe storage purposes. Lykke’s hot wallet will be migrated to custody to increase the level of security. This also means that all users’ transaction wallets will also be transferred to custody, bringing more security and peace of mind to investors and traders.
The blockchain technology function of the system is designed for faster and easier blockchain integration. Building nodes for the new blockchain integration will now be a standardized process based on a prefabricated architecture. This means that the integration of new crypto assets will be a faster and smoother process. Finally, it is important to mention that the system is extensible. As the Lykke user base grows, regardless of the number of users performing transactions at the same time, the system must be able to maintain operability during peak trading periods and prime time.
What can users expect?
The migration process will not have a significant impact on users. The only action that needs to be taken is to pay attention to the notification of the new deposit address. The newly integrated blockchains include Tezos, Cardano, Polkadot, and Dogecoin, which are already hosted in Sirius.
However, all other blockchains still need to be migrated. As the blockchain migrates to Sirius, each user will be assigned a new corresponding deposit address. The user should ensure that this deposit information is updated in other places where the user may fund his account. Another improvement is to whitelist the addresses of API traders. Users will be able to whitelist the withdrawal address for arbitrage or encrypted transmission with other cryptocurrency exchanges.