Welcome to the 4th edition of our Technical Development Progress Report where today we'll learn more about the tech that powers the Klever Swap mechanism inside the wallet.
Another amazing week, with great progress from the entire tech team!
The Klever team and the KLV community are growing organically with consistency and efficiency that make us jointly be able overcome any obstacles in our way.
Each one in the team was so committed and did their best to delivered more value to Klever Wallet, Klever Exchange and the Klever ecosystem as a whole over the past period. So, thank you guys and gals, you rock!
Klever Wallet Swap Mechanism
This week let’s talk about the tech behind the Klever Swap mechanism inside and directly integrated into the Klever Wallet.
My first contact with crypto back in the day was disastrous. It was so hard to understand how I could buy and store my assets. So, I learned a lot until got used to the web-based of exchanges.
Since the beginning, I just wanted to build an easy way to exchange my assets, like I do when I travel and need to exchange fiat directly into my wallet.
In that time we invented a software computer model that could address and execute a simple coin exchange model, which needed to be safe, multi-chain, fast, cheap and reliable.
We thought in a simple and well tested computer model: “State Machine”.
State Machine, finite-state machine or finite-state automation is a very simple computer model that enable us to build systems based on “states”, well defined since the “start state” until “end state” with the input of data for triggering the “transition” between states. Those “transitions” will produce outputs also, and all data is stored, so it's possible to track each process, or swap in our case, from the “start” to the “end”.
State Machine is used in so many solutions out there from traffic lights automation to financial systems. So, it is a well tested computer solution.
For the Klever Swap, we built an in-house state machine integrated with the crypto market (liquidity pools, trading engines, exchanges). It functions with autonomous bots that are continuously hunting for the best prices on the market for that specific asset listed on the swap machine, all for our users’ benefit.
Directly integrated into the wallet, the swap machine makes possible to exchange assets multi-chain in a fully decentralized way, from wallet to wallet. Independent on which blockchain the user is swapping coins from or two.
Klever Swap finally addressed the need I felt in my early days in the crypto space. No tradingview, no complexity, no obstacles. Instead, we simply replaced the difficult process with pure simplicity. Just an easy and intuitive execution for the exchange, from my own wallet, to my own wallet.
We are also working a new feature for the swap machine. This is the possibility to give the users the choice in their hands decision to tolerate some variations in price, in case a large price market fluctuation is occurring. Through a slippage tolerance, informed by the user, the swap machine will take an even more accurate decision to complete the swap.
The tech team has significantly improved the Klever Swap’s accuracy since product inception over a year and half ago, to today record over 99,7% success rate of the swaps for our users. The very small number of failed swaps are nowadays refunded to the specific user through an automatic process, and any potential failure is often due to insufficient gas from the user, or strong and sudden fluctuations in price for the specific swap pair in question.
By monitoring and reviewing swap data and numbers each and every day to improve our accuracy, precision, speed and liquidity, the Klever team is maturing the swap machine and our goal is to reach 100% success rate very soon!
Now, let's see the overall progress in other squads this past week:
Klever Hard Wallet
I hope you enjoyed hearing more about the Swap mechanism inside the wallet this week and the general technical progress made by our team. I can't wait to see you next week!
CTO at Klever