As we were busy building supply chain incentive solutions, we stumbled on this novel mechanism for anyone to easily send, receive, and swap tokens with a text message, and we are now very excited to share this service with the greater crypto community.
LOS GATOS, Calif. (PRWEB) December 22, 2020
SUKU, a global leader in blockchain-based supply chain solutions for brands and retailers, has released TextMeCrypto Alpha to make sending, receiving, and swapping any ERC20 token as easy as sending a text via SMS or WhatsApp. TextMeCrypto uses Uniswap with plans to integrate with MetaMask as soon as they open up their swap protocol. As part of SUKU's supply-chain-as-service solution for brands and retailers, TextMeCrypto will be used as the mechanism to distribute microloans through SMS to farmers and small suppliers.
TextMeCrypto is currently live on the Kovan testnet with plans to be released on mainnet in early 2021. To start using the feature, all you need to do is text "SUKU" to +1 (201) 896-7940 or click here (wa.me/+12018967940) for WhatsApp. You'll get TEST SUKU and TEST ETH airdropped automatically.
Yonathan Lapchik, CEO of SUKU, expressed, "As we were busy building supply chain incentive solutions, we stumbled on this novel mechanism for anyone to easily send, receive, and swap tokens with a text message, and we are now very excited to share this service with the greater crypto community."
When a user sends a text message to TextMeCrypto, the user's phone number is run through a key derivation function (KDF). This is a secure cryptographic one-way function that will always generate the same key for a given phone number.
If the user texts TRANSFER, the recipient’s address is either entered directly as part of the text message or derived from the recipient’s phone number. A real Ethereum transfer (ETH or ERC20) is executed on the Ethereum blockchain and signed with the private key pair derived from the sender’s phone number.
If the user texts SWAP, the SUKU protocol calculates the resulting amounts based on a 0.5% slippage and a direct path. It will call the Uniswap v2 Router contract and execute the swap on the user's behalf. Since Uniswap requires the input token to have an allowance for the user’s account, the SUKU protocol will approve the amount of the token to be swapped.
In this alpha testnet version, SUKU touches the user's private key for milliseconds when a transaction needs to be signed or when the user requests their private key. In this option, the secret is stored on a hardware security module. That secret is used in a key derivation function with the user's phone number to deterministically calculate the private key every time it is needed. The private key is never stored, so it only exists for the moment it is needed. From a security perspective, this is still secure, but the user would have the ability to retrieve their private key giving them custody. Alternatively, the private key could be stored directly on the hardware security module, but then no one could access it, ever. Not even SUKU or the user. This would be the most secure, but ultimately the user would not have custody.
As a transparency provider for supply chains, SUKU plans to add microloan capabilities soon to further incentivize small providers—local farmers and craftspeople—to provide the data needed to track all steps in a product's journey.
For media inquiries, please contact Kili Wall at (310) 260-7901 or Kili(at)MelrosePR(dot)com
SUKU aims to make commerce more transparent and efficient with blockchain-powered supply-chain solutions. By leveraging the traceability enabled by blockchain, SUKU provides brands and retailers with the transparency they need to meet the demands of a growing base of conscious consumers. To incentivize the participation of small suppliers, SUKU rewards participants with tokens that grant the holder access to key financial services, such as microloans, that are not otherwise available to them. The SUKU team consists of a group of successful entrepreneurs and corporate leaders with a background in supply chain and blockchain from Deloitte’s Blockchain Lab. SUKU is developed by its parent company Citizens Reserve, Inc. headquartered in Los Gatos, California. For more information, please head to http://www.suku.world, engage with us on Facebook, LinkedIn, Instagram, and Twitter or chat with our team on Telegram.