Xord’s Task – To create a platform where users can generate their own paper wallet.
CryptoDelivery is one of the products of CryptoFarm. It is a Canadian company founded in 2018. CryptoDelivery is a Bitcoin-based Paper Wallet. As the name itself indicates, they deliver this crypto product to the customers at their doorstep. The aim was to make the process of buying Bitcoin online and keeping the wallet safe as a physical asset, efficient. Moreover, it is meant to serve people who don’t prefer buying cryptocurrency online and people who are less acquainted with it.
Paper Wallet as a Solution:
They approached Xord with a unique idea of generating paper wallets. To use cryptocurrency one must have a digital wallet. It has two keys:
- Private Key
It is only known to the owner of the wallet and it must be kept confidential to secure funds.
- Public Key
It is used to identify the account on the network and to receive funds.
Blockchain stores the transactions occurring via this wallet. The cryptocurrency is not actually stored in the wallet but the transactions are recorded and secured on the Blockchain network. For instance, if a person sends bitcoins to another person, he is changing the ownership of the currency. The recipient can only spend it if the private key of his wallet matches the public key to which the currency is sent.
Although one can easily access online digital wallets, the risk of theft is high which may result in loss of funds.
Since offline wallets have no connection with any online network, therefore, they are more secure and prevent hacking.
To effectuate their objective, they specifically target:
- People who do not find it feasible to buy Bitcoin from heavy exchanges using their debit/credit cards as some countries have banned trading.
- People who want to have the private key in physical form instead of its digital version.
- The old-age population and people who are not digitally aware but are keen to use digital currency for any purpose.
Therefore, to tackle their problems and to secure their funds, CryptoFarm decided to introduce a wallet. People can store this wallet like one would keep cash, hence ensuring the highest level of security.
Paper Wallet as a Product:
Bitcoin Paper Wallet is a card that has a private key and other related information. It is packed and sealed to maintain the confidentiality of the private key and is delivered to the customers at their doorstep.
Our task was to create a platform where people can generate their own Bitcoin Paper Wallets.
Xord’s developers built a web application that allows users to order their paper wallets. This app works as follows:
- Select “Payment Currency”. CryptoDelivery supports more than 20 currencies for billing.
- Select “Printing Unit”. It is the unit of Bitcoin in which you will have your funds.
- Enter “Wallet Funding Amount”. It is the amount which you would hold in your wallet.
- Select “Delivery Speed”. You can either select the paid option which would allow you to track your order and will take less time. On the other hand, the Free Delivery option will not allow order tracking and take longer.
- “Printing Schedule” helps in determining the percentage of the amount which will be received by the user. It displays different ranges of the funding amount with the exact market ask rate.
- Select a pattern.
- Press “Order” to order the Bitcoin Paper Wallet. This will lead the customers to their PayPal account where they can make payment and confirm the order.
After placing the order, CryptoFarm creates a wallet manually. The app designed by Xord does not involve the formation of the Bitcoin Wallet account. They create users’ accounts manually through an offline system to make it easy for them. To ensure security, they use an offline system for printing. In this way, there is a minimum risk of theft. They offer:
- 100% delivery guarantee on all orders
- A free re-ship in case of unsuccessful delivery
- 100% refund if the delivery of order remains unsuccessful
They transfer the ordered fund to the wallet address when the customers confirm the receipt of the order. After receiving Paper Wallet customers can save it as a means of long term investment or they can cash it anytime they want.
Also read our Case Study: CryptoFarm Decentralized Exchange
Connect with Xord for Blockchain projects and consultation. Link: https://xord.one/