Technical introduction
Last updated
Last updated
Transactions linked to BANGK's Stablecoins and Security Tokens will all be managed by an ad hoc program (equivalent to a smart contract on the Solana blockchain), written in Rust and deployed on the Solana blockchain. There are many advantages, such as the number of transactions that can be executed and the speed at which they can be carried out, but the most important is security: once a transaction is on the blockchain, it is there for good and cannot be changed.
But this security is only as good as the security of the program itself. In order to ensure that no erroneous transactions are executed by our programme (whether maliciously or not), BANGK first developed it following the strictest security guidelines. But even then, it is important to be sure that no errors have been made and, just as importantly, to allow users to see this. The programme will be audited by an independent company recognised in the field before it goes live and before any significant updates are made.
In addition to this, if the recommendations of the security experts allow it, it is planned to make the code public: BANGK has nothing to hide and is keen to demonstrate this.
Solana's SPL Token 2022 programme has introduced an extension called "permanent delegate". Essentially, this extension applied to a token mint gives an authority the ability to transfer or burn any token created by that mint. Although this is obviously not something you would want in a 'standard' token, this extension will be activated for BANGK's Stablecoins and Security Token, but not for BANGK Coin. Even if this makes management easier, it is above all a legal obligation. BANGK must be able to freeze assets if requested to do so by the authorities (Binance, Kraken and others are subject to the same obligation) and this can only be done on BANGK Stablecoins and Security Tokens if the role of permanent delegate is assigned to BANGK.
The design of the programme is based on a simple principle: ensure that as much code as possible is in the 'common type' parts of the programme. Not only does this make it easier to test and ensure that there are no hidden bugs, it also means that new operations can be added easily. Furthermore, as the programme is part of a complete ecosystem, it shares certain definitions (such as that of an investment project) with other tools (for example, off-blockchain monitoring): the 'common types'.
Although the overall architecture is fairly simple and everything is done in the 'common types' sections, that doesn't mean that the programme itself is simple. For example, if we look at the way interest payments are managed, we can see that there is a lot to do. If only to ensure that no one is paid twice or that someone is forgotten.