Page cover

👁️HOW DOES SLY WORK

An In-depth breakdown

  1. Register & Deposit:

    • Registration: New users are required to register for a hot wallet. SLY operates on a decentralized model, meaning there's no need for Know Your Customer (KYC) details. This emphasizes user privacy and decentralization.

    • Private Key Generation: Upon registration, users are provided with private keys for their hot wallet. These keys are generated securely and are crucial for accessing the SLY platform. Each user account can deploy up to 10 separate wallets, providing flexibility and organization for managing funds.

    • Security Warning: Users are strongly advised not to share or lose their private keys. Losing access to the private key could result in a permanent loss of access to the SLY profile and associated funds.

    • Deposit Process: To initiate transactions within the SLY ecosystem, users generate a random key (note) and deposit either Solana or SPL20 tokens into their SLY wallet. A hash of the key is then sent to the SLY smart contract, initiating the deposit process.


  1. Login & Wait:

  • Logging In: Upon registration, users can log into their SLY account using their private keys. The platform provides a secure and encrypted Web 3 portal for browsing the internet.

  • Anonymity Protection: To safeguard user anonymity, it's recommended for users to wait for a brief period (1-2 minutes) after depositing funds before initiating any withdrawals. This delay helps obscure the timing of transactions and enhances privacy.


  1. Withdraw:

  • Withdrawal Process: When users wish to withdraw funds, the SLY smart contract executes the withdrawal process. The contract verifies the validity of the user's key against the deposited notes.

  • Transfer of Funds: Upon successful verification of the key, the smart contract transfers the specified amount of Ether or SPL20 tokens to the designated recipient address. This process ensures that only users with valid keys can access and withdraw their deposited funds, maintaining security and preventing unauthorized access.


Technical Implementation Considerations:

  • Smart Contracts: SLY relies on smart contracts deployed on the Solana blockchain to facilitate transactions securely and autonomously.

  • Key Management: Private keys are managed securely using cryptographic protocols to prevent unauthorized access and ensure the integrity of user accounts.

  • Hashing: Hash functions are utilized to generate and verify the integrity of keys and transaction data, enhancing security and preventing tampering.

  • Gas Optimization: The smart contracts are optimized for gas efficiency to minimize transaction costs and ensure cost-effective operation on the Solana network.

  • Encryption: The Web 3 portal provided by SLY employs strong encryption protocols to protect user data and ensure secure browsing experiences.

By incorporating these technical considerations, SLY delivers a robust and privacy-focused platform for conducting transactions within the Solana ecosystem. Through decentralized architecture, strong encryption, and smart contract functionality, SLY empowers users to transact securely and anonymously while maintaining full control over their funds.

Last updated