Technology Stack and Processes
The robust infrastructure and systematic procedures underpinning the Naira Stablecoin (ENSC).
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The robust infrastructure and systematic procedures underpinning the Naira Stablecoin (ENSC).
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Every ENSC released into circulation will be supported in a one-to-one ratio by an equivalent amount of Nigerian Naira reserves. These reserves are securely stored and held in trust by ProsperaVest ESG LTD in collaboration with its partner banks based in Nigeria. In our role as the custodian, we act as a trusted third party overseeing the backing asset. To mitigate risk, we've implemented a straightforward approach that simplifies both fiat and crypto audits, enhancing the security, provability, and transparency of these processes.
ENSC Technology Stack:
The ENSC technology stack comprises three layers with various features, offering a comprehensive understanding best depicted through a visual diagram.
Let's delve into an overview of each layer:
1. The Blockchain: The first layer is the Lisk Chain. The ENSC transactional ledger is embedded on the Lisk chain as metadata via the embedded consensus system.
2) The second layer is the Imbedded Consensus Layer that can:
a) Mint (create) and burn (destroy) ENSC token represented as metadata embedded on Lisk Chain and other interoperable blockchains.
b) Track and report the circulation ENSC of via blockchain explorers such as Lisk Blockscout.
c) Enable users to transact and store ENSC in a:
i) peer to peer, pseudo anonymous, cryptographically secure environment.
ii) opensource, browser based, encrypted web 3 wallet:
iii) multi signature and offline cold storage supporting system
d) the consensus layer also implements security architectures such as ZKP (Zero Knowledge Proof), Reentrancy Guard, Openzeppelin etc.
e) the consensus layer also provides a cross-chain bridge for ENSC that facilitates ZKP in a cost-effective manner
3) The third layer is ProsperaVest ESG LTD, our business entity primarily responsible for:
a) Accepting fiat deposits and issuing the corresponding ENSC
b) Sending fiat withdrawals and revoking the corresponding ENSC
c) Custody of the fiat reserves that back all ENSC in circulation
d) Publicly reporting Proof of Reserves and other audit results
e) Initiating and managing integrations with wallets, exchanges, and merchants
