CryptoCandor & David Zhu | Arcana

by birtanpublished on October 2, 2020

today I'd like to welcome David Zoo to
my channel he's the founder and CEO of
this awesome new crypto wallet called
Arcana so thank you for coming on David
thanks Alex thanks for having me so why
don't we start by having you introduce
yourself and kind of explain how you got
into crypto on what led you here yeah
absolutely
so my name is David Zhu I'm the CEO of
Arcana and I was a tech entrepreneur
prior to joining crypto so I built a
couple of venture-backed startups but I
got my first Bitcoin in 2011 and I've
been investing the space since falling
the space and I started managing a
digital asset fund that's the last year
and in managing these assets it made me
realize a lot of the problems in terms
of management of these assets custody of
disasters which is why I kind of lead us
to what Arcana is right now very cool so
explain what it is give us your elevator
pitch for the project yeah absolutely so
Arcana is a multi currency custodial
wallet for your digital assets we have
Bitcoin support like coin aetherium and
neo blocking support so that includes
GRC 20 and net 5 tokens and we are a
compliant custodian so that means that
we do kyc and AML for all of our users
we really want to be complying
especially because as regulations come
in the u.s. we want to be in the right
side of things and we're here for the
long term and we act as this custodian
by using our proprietary distributed
cold storage technology that we built so
on top of that Arcana is an all-in-one
interface to track the performance of
all your digital assets because right
now a lot of the times when you're
reviewing the assets that you're holding
your wallets you have to separate them
between different wall chains and yeah
lastly we serve as a platform to allow a
lot of financial applications to
actually port their service and deal
with crypto assets instead of each
having to build their own security
infrastructure that's very cool I
actually when I got into the space
whatever was like two years ago I
remember asking someone um isn't there
like one wall that I can keep everything
in like this doesn't make any sense and
everybody laughed at me they're like no
that's not really how it works so I
think this is definitely something
that's necessary and you know like you
said it's it's just there's so many
different block chains it's very hard to
keep everything organized so it would be
nice to be able to centralize stuff in
that sense absolutely and I think we're
gonna see the demand of these multi
currency wallets more and more as this
year goes on because a lot of
maintenance of projects are launching
and they're said their placements so I
believe that in the year there's gonna
be dozens that you need to manage if
you're managing versified portfolio yeah
and these assets it's gonna be a tedious
process in this current in a current way
so besides streamlining sort of holding
your own assets and making that a little
bit easier for people what other
existing issues did you see in this
space that you wanted to solve by
creating this project um sure so when I
look at this space and the wallets that
we have access to use a lot of these are
noncustodial wallets and they are
basically a visualization layer that
allows everybody to see their assets
that they are holding through their
choice of safekeeping device so people
use a paper wallet people use a hardware
wallet like a treasure or a ledger but I
believe that using your own custody it
does not unlock the full potential of
crypto assets and what I mean by that is
by pulling your own assets in cold
storage you are essentially
disconnecting them from the network and
and by doing so you cannot prove
ownership of any of these assets and
when you think about this from a finance
point of view anything feel property
whatever you can prove ownership to
actually make that asset work for you
and this is especially true in crypto
because we have a 24 hour liquid market
it tells us to practice for these assets
yeah that is that is very important and
you make a good point I guess I never
really thought of it from from that
perspective yeah I mean I think um the
price a trip so much that a lot of
people are just happy with the gains
that they get by investing in it but as
I see the space mature more and more
these are assets that we've invested in
that we can actually unlock further
value from yeah yeah we're really
excited yeah to provide a solution where
people haven't uh you know they have
options you actually subscribe to and
put those asses to work very cool so
what are some of the major components of
the project that you're most excited
about like features and things like that
sure I'll break down kind of what we're
doing into a few categories so first of
all we are helping all the investors in
crypto asses claim what I call auxiliary
rights to these assets just by investing
in them so what that means is certain
times a blockchain will split when
consensus isn't met and if you're
invested in that blockchain you now own
assets onto different law chains and the
claiming of some of these assets become
hard technical and you actually had the
fall of space closely to be able to do
it and definitely a group of investors
that are keen to invest in this new
phenomenon but don't have the attention
to manage all of that so in essence we
do provide that for all the major
parties that we're supporting within an
already good system furthermore I talked
about the initial four block chains that
we are supporting in the beginning and
we're committed to add more and more
block chains onto here so that you can
actually see your entire portfolio
together and I guess lastly there's a
category that I'm really excited about
and that's bringing a lot of custodial
applications that only a custody wallet
can offer so that users that are holding
their ass
under our custody can subscribe them
towards different revenue and value
creating opportunities so an example of
this would be being able to pull towards
a proof of state masternode being able
to host a trading algorithm so that we
do the hosting we secure it and we allow
users to see how it's performing and
then they can choose whether or not to
put their asses to work under that
outfit that's very cool um I think
definitely the idea of being able to
claim Forks within the wallet is going
to decrease a lot of stress for people
because you're right it's something that
you have to track and follow and not
everyone has the time to do that I know
I certainly when I the first time I had
to do like the Bitcoin cash wanted I was
a learning experience for me cuz I
didn't really understand it but I also
saw that you guys are thinking about
possibly supporting like main net swaps
and things like that too right yeah
absolutely so that's also something that
it's kind of technically hard for people
to do and especially sometimes the
registration of tokens like Yeo's did
yeah
so all the major blocks means we are
definitely gonna support that
that's very cool yeah and it's again
it's another one of those things that
you have to follow like right now icons
doing it and so it's not on their wallet
or it's by man so you're kind of in a
little bit of trouble so it's nice that
there's gonna be some other options in
the space for people yeah absolutely
I've seen a lot of people just deposit
their coins onto exchanges because it's
difficult so there's definitely a need
for someone to help with that oh
absolutely
so security is obviously of the utmost
importance in the crypto space so what
is your team doing to ensure their users
that their information and their wallet
is going to protect it um sure I think
security is one of the most important
parts of this because we are custodian
wallet we are asking everybody to trust
us with their private keys or the crypto
which is a very scary thing in this
current time of the crypto space but
we've developed a proprietary technology
through distributed cold storage that is
audited by external firms like BPM like
in Numa technologies like hacker
one but basically our security
infrastructure distributes all of our
assets geographically in a lot of
different machines we distribute all of
the digital assets that were holding in
a variety of different wallets so the
cost of attack on any point of
vulnerability it's much higher than the
world war that you can get from actually
using the attack we try to learn from a
lot of passive calling on already in the
space and we implement cyber security
layers to account for that so we do
things like we compartmentalize api's
and micro services and our databases we
use 256 AES encryption and in general we
are inviting all security experts in the
space to help us give their independent
opinions on how our security is and we
believe that we've developed something
very interesting that allows us the
security of what we think of X cold
storage but also allows us to move them
liquidly
and maintain that security through the
entire process yeah absolutely and I
think the idea of you know distributing
things so that the amount it would cost
to attack you know an individual area is
going to be more than you're gonna get
even if you did end up being successful
is a key component because obviously
that in itself is going to deter people
from wanting to do it cuz it's just not
financially worth it at that point
absolutely and I think you know as
technology and computers get stronger
and stronger we definitely need to make
sure that we can discourage any hackers
because the assets held in any
individual place it's just not
worthwhile
yeah absolutely that's that's very cool
so on the website you mentioned that
your wallets going to be insured and
compliant and so you also kind of
brought that up a little bit in the
beginning of the interview but can you
just kind of go into a little bit more
detail about what that means exactly
yeah absolutely so when I mean I was
first talk about compliancy so
what I mean by that is we are requiring
everybody that joins our platform I use
our product to go through kyc we have
external
kyc using identity mines AI we also have
our internal kyc process and the reason
for that is not really to create more
friction for people to actually join the
platform and use the technology we built
but we really want to be here for the
long term and there's a lot of legal
ramifications of holding people's assets
and especially in the u.s. this is a
very strict thing so we want to take the
necessary steps in the beginning to be
compliant because anti-money laundering
laws and money transmitter license
there's a lot of things that come up
that if we just kind of allow everybody
in there it's gonna potentially harmless
future down the line when the proper
guidance is actually put out there um in
terms of insurance so in the beginning
of our product we ourselves are
providing up to $10,000 insurance for
all assets that are held in the Arkana
ecosystem for all users and we're
working with a lot of third party
insurance companies to ensure different
parts of our system so for example I
mentioned briefly about being able to
allow user to subscribe the approval
state coins towards a masternode so we
would essentially be able to allow a
third party to come in look at how we
are hosting that masternode look at the
vulnerabilities of that and put a price
on the value of insurance on that and
potentially syndicate that out to all
the users that want to subscribe to that
future and I think that's really
important because again we are a
custodian and people are trusting us
their private keys but there if there's
external parties that will say that if
you subscribe to this product we will
make sure that you get your money back
if anything happens then there are no
longer just trusting us and I think that
brings a huge amount of value
to the ecosystem that we have do not see
much of right now yeah no I mean the
idea that obviously you're keeping long
term goals your priority because you
know kryptos not going anywhere and it's
kind of silly to think that everybody
can run around making all of these
projects in these wallets and these
things and not eventually have to be
compliance and fall in line because it's
kind of gonna happen inevitably you know
in an inevitable sense so also the idea
of being able to subscribe to a master
node and using your coins towards that
is probably one of the cooler things
I've heard of lately so that's really
awesome and that's also very ambitious
of you guys to be ensuring out of you
know out of your company for the first
10,000 for the user so that's that's
very cool
thank you thank you yeah I mean we wanna
we want to provide all that we can to
make people feel comfortable in the
beginning and we are we are architecting
our system in ways that we can have
their parties give an extra layer of
assurance at the quickest possible time
very cool so you know being able to
access your crypto Holdings anywhere I'm
being on the go is very important so do
you plan to make your wall eventually a
mobile-friendly application yes
absolutely so right now we are
application is a web application so you
can access this on desktop you can
access this on mobile and we'll
eventually put out a native mobile
application right now we're really
focusing on the security aspect of our
wallet as well as being would have
provide unique usable features that
create value for the assets that you
hold with us and we you know there's a
lot of things that we can spend our
resources on and we choose to spend
those resources on the things that do
not currently exist in the ecosystem and
can provide immediate value to our
community and user base absolutely and I
you know security should be the priority
in the beginning obviously yeah having
the website it's great having a mobile
app in the future would be nice but it's
not really gonna matter if it's not safe
and secure right so prioritizing that
and then other features is definitely a
good good use of your time in your funds
I think yeah yeah I mean for what it's
worth were really
excited to be able to push out mobile
applications and on the mobile side
there on top of our distributed cost or
security
there's also security features that we
need to enable users to access so that
if they lose your mobile device if
anything happens like that that they can
protect themselves in a variety way it's
like being able to say white listing of
addresses for withdrawals for example
that would be necessary for us to feel
comfortable allowing users to use it on
a mobile fashion so we want to be able
to provide tools that eliminate um
occurrences of meteors or negligence or
at least minimize it I think that's
really important for the mainstream
users who are top crypto assets yeah
absolutely you know and again going down
the list of things I'm sure there's a
thousand things that you guys want to do
and it's just a matter of going in the
proper order and getting things done in
the way that makes the most sense for
you absolutely so I found out that you
guys actually do have your own token
called ARCA but you chose to use the EOS
blockchain I believe so I have two
questions for you
ye OS and what is the purpose that the
token will serve in your ecosystem um
sure so um I'll talk a little bit about
fundraising and kind of our perspective
on this because this you know tokens are
really used to be able to create
resources both at a plateau because we
are very keen on being compliant we
actually raise a venture equity round to
get us to our me net launch and from
there we do plan on doing a token sale
and introducing our token called ARCA so
I'll talk about what ARCA is as well as
the blockchain that we choose to create
ARCA on so our the token is basically a
token that's very similar to EMV so
again within the by Nancy goes and this
is you know this is one of the most use
utility tokens out there today and the
Orica talking basically presents a 50%
discount for all network fees within the
Arcana ecosystem so essentially it's a
a coupon for all services you plan to
use on our platform and we are heavily
considering creating that token on iOS
platform because it gives us versatility
in distribution given that it does not
require gas to be able to use creative
marketing and distribution ways although
I do want to say that we're closely
monitoring the mania at the U OS
platform and given that there's some
hiccups in these last few days in that
platform we are not 100% committed and
creating the token on there initially so
I would say that it's definitely a
possibility that we may create that
cocaine on the Ethier platform first and
then swap it over to one that gives us
the advantage of versatility in terms of
our future marketing and composition
campaigns when that network is more
stable and popular upside is there for
us yeah and I mean you know that's kind
of the way most of these projects are
working anyways people start with ERC 20
tokens they start with a theorem and
they move on to something else so yeah
unfortunately that es has had a couple
hiccups lately so but yeah it isn't it
as I suppose so
I mean you know you kind of mentioned a
bit about what coins the wallet is
initially going to hold will you be able
to publish like a timeline for what you
plan adding or do you have like a
roadmap as far as that goes I'm sure so
in general we have a small part of our
team that's dedicated to it's called a
multi currency well wallet team so
basically this team is its objective is
to maintain all the current watch-chain
assets that were holding and to
continuously add more of them so I
mentioned there are certain features
that we're adding like Rufus take master
node pooling so we in terms of our near
timeline we definitely look at – coin
beaching as coins that we want to add
onto that we're also looking
strategically on adding on new
blockchain that don't
have a really good wallet and support on
that but maybe have a big community
that's supporting them and being able to
provide the multi currency access is I
think a really unique offering so in
general you can you can anticipate us
adding in new blotching assets every
month or so and that will definitely
ramp up as we go towards the later part
of this year that's a smart kind of way
to look at it look for a big community
with a project that's you know pretty
popular that maybe doesn't have the best
wallet it doesn't have like external
support elsewhere that's it's a good a
good idea as far as picking and choosing
what you're gonna put on your wallet
yeah absolutely I think you know some
projects that are blocking projects
launched their own wallet it's kind of a
necessary thing for them to actually
build out on there and I don't think
that it's in it's in the high in their
priority list to build out an extensive
beautiful wallet for all their users and
the ones that don't have the resource
and capability that we definitely are in
a position to help them and support
their community so we're evaluating a
lot of those projects yeah I think
that's a great idea so I know that you
released a beta test or it's in the
process of being released so when can
the public I guess expect to see it or
be able to use it yeah so our
maintenance is currently being tested by
a private group of our early
contributors and investors and as we're
testing were mostly testing our kyc
integration right now and we'll be
inviting in a batch of users at a time
ones that have signed up at Arcana
wallet comm so users that have signed up
already will be getting kyc instructions
via email and though ya don't understand
how to get through the process and I
would say that if you're in keen on
trying our Connor Wallet sign up on our
website and look for that kyc email oh
I'm waiting for it cuz I signed up so I
look I look forward to that email
so what can the community expect from
you guys for 2018 what are your major
goals do you think you're gonna have or
try to hit um so we definitely want to
be a large contender in the multi
currency wallet space by the end of the
year and as I mentioned earlier we
definitely anticipate the demand for
that to grow and we want to support many
different blockades by at the end of the
year especially blog chains that are
used to launch ICO projects because they
then have token assets that are
underneath their blockchain and that's
definitely something that we want to
compete in by the end of the year on top
of that we're really excited to build on
our custodial layer in terms of being
able to provide value add opportunities
that all of our users can subscribe to
because that's something that a
noncustodial wallet like my ether wallet
would not be able to offer so I would
say that look out for two features that
will be coming up those are proof of
stage master note pooling allowing us
subscribe to that as well as hosting of
some top trading algorithms and we are
also working in integrating algorithms
of some funds as well and I'll talk a
little bit about what that means so um
right now there's marketplaces for
trading algorithms in crypto but it's
not an easy thing to run to host and to
maintain in your own environment so we
want to be the platform that looks at
these algorithms shows you how these
algorithms are performing against
historical data in a very unbiased
manner allow people to see how much
throughput can be can be used within
these algorithm and then they can
subscribe to them and have their assets
worked for them depending on what
strategy they pick um both of these
features are things that I think
encourage people to use this as a
custodian instead of just disconnecting
their assets and their Hardware wallet
so we are definitely keen on pushing out
is that only we can offer and definitely
look out for those that's awesome well
I'm looking forward to it so I hope the
rest of my viewers are because I'm
definitely gonna be jumping on that beta
test whenever I get the opportunity to
so those are all the questions I have
for you today is there anything that you
think we missed or anything else that
you'd like to add um not exactly I mean
I I really want to thank you Alex
Cortinas in err yeah I want to thank all
of your viewers in the community to take
the time to kind of listen and
understand what our con is about right
now what we want to do in the future and
I would say that we're actively looking
for people to help contribute to Darkon
an ecosystem if the message of were
doing the product that we're building
really resonates with you so in that
we're definitely looking for partners to
replicate our marketing message and
community building in regions that were
not familiar with and in general if you
are an engineer or your designer you
like what we do reach out to us and
we're really happy to include anyone
that can help us build this together
very cool hear that guys so keep a
lookout and give the guy an email well
thank you very much for coming on and I
look forward to seeing what you guys do
in 2018 awesome thanks a lot Alex
hello this is Ben CTO of Arkana I'm
proud to show you a sneak peek of our
multi currency wallet we've been working
very hard over the past few months and
are excited to show you what we've
created we're currently in alpha testing
and looking forward to our private beta
and letting the earliest supporters of
our project experience the platform so
let's take a look as in our canon user
we would go to our canon wallet comm and
login once we log in the first thing we
are greeted with here is our dashboard
we've designed our cannon to be a cozy
intuitive home for your crypto assets we
really wanted to create a platform where
you could have a super clear picture of
where you stand so at a glance you can
see the Fiat value of your assets
percentages of total holdings Delta of
each coin and quick links to current
news and information like on media and
read it essentially it's your
personalized coin market cap but maybe a
little prettier
from the same view we can activate
wallets for new coins and tokens and add
them to our portfolio at any time at
launch we will be supporting Bitcoin
litecoin aetherium over 200 IRC 20
tokens neo and the NEP 5 tokens as well
one of the things we've always longed
for in the past was not needing to have
multiple tabs open to see current and
historical prices for our holdings so
we've gone ahead and incorporated that
right here
I don't need your coins on the top right
corner over here
Arkana will give you real-time
notifications of all account activity
such as airdrops or completed deposits
or security concerns such as an
unrecognized login towards the bottom we
have all the recent activity pertaining
to your crypto assets such as deposits
and withdrawals and underneath that we
have a nice visual of your portfolio
performance over time from the wallet
tab we can get a detailed look at each
of the tokens and coins we hold all the
tokens I've activated are shown here and
I can add new tokens and coins in the
same way that I would from the portfolio
page here we can see the fiat value of
our individual coins and tokens and then
scrolling down a little bit we can see
the transaction history specific to this
coin and lastly on the bottom we can see
a little history of the ins and outs of
this particular asset
to make a deposit into our Arkana wallet
we simply copy our public address this
is where the magic lives the address you
get on our kana is a cold storage
address so depositing to this address
provides comparative security to a
hardware wallet behind this simple
button is where we've really spent a
gargantuan effort to provide a very
secure yet liquid wallet to make a
withdrawal is just like any other
platform we simply paste in the public
address of where we'd like to withdraw
to pretty standard here the difference
with our kana though is that network
fees can be paid with our Kotoka at a
discount so we can avoid eroding our
Bitcoin or native currency for our
transactions finally this takes us to
the settings page we take security very
seriously so we support and highly
recommend users use two-factor
authorization to secure their account
all withdrawals require email
confirmation as well login history is
logged so that you can easily spot any
unauthorized access to your accounts
this concludes our sneak peek at the
Arcana wallet we're very excited for
this first step of creating a beautiful
home the place that makes it simple and
easy to manage your crypto wealth from
this foundation we're looking forward to
building out our Akana
ecosystem maximizing the value that you
can create with your crypto assets as we
integrate things like algorithmic
trading and master notes taking so stay
tuned and thank you so much

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