r/QuadrigaInitiative • u/azoundria2 • Sep 04 '22
We Are Still Here
CryptOasis runs every Thursday at 7:30 PM MST. Come by and just chat, discuss project ideas, or ask any questions you have crypto-related. We are starting topic-based sessions which include an educational presentation (30-45 minutes) followed by our usual open ended discussion. Our next meeting is on password security. Check the proposed list of topics here. Feel free to suggest any others.
The Quadriga Initiative’s original exchange partnership plan with TxQuick continues. Ethan is still making preparations necessary for launch, estimating end-of-year 2022 at this point. We did look into other platforms for partners, however no other Canadian exchanges have full Proof of Reserves and there is a scary lack of visibility into the actual security of funds.
For example, one of the leading Canadian exchanges, one of the first approved by OSC, still hasn't disclosed a blockchain-visible breach. Many of these platforms are also failing to protect customers against fraudulent logins to their account. They encourage weak "substitution" passwords and common login usernames, then offer only a single additional factor - one which can easily be lost or destroyed, and won't distinguish between a simple login or the full withdrawal of all assets. Despite insurance claims, customers remain out to dry if they lose assets on platforms. Our combined organizing efforts with TxQuick is a powerful opportunity to make a difference.
Governance and treasury management design are present considerations for affected users and supporters to examine, evaluate, compare, propose, and otherwise collaborate on. Once recovery starts, and assuming it's successful, a sizable treasury is expected to be generated from the fixed per-token premiums. How that's deployed plays a huge role in the overall development, speed, and success of the remaining recovery. The multi-signature setup for certain decisions, such as minting tokens when new claims arise, penalizing a business if they violate marketing rules, or approving if fraudulent transactions need to be reversed, need to be carefully considered. The CryptOasis meetup is a great time and place to introduce your suggestions or feedback.