Two of our leading principles are radical transparency and building in public. The Auki Network is open-source, and we aim to keep the development process visible and accountable to all stakeholders. As part of this process we share updates about any developments which might be of interest to our community. Today we have another update to share: we have changed our third-party custody solution for our token.

What are third-party custodians and why is it important?

Third-party custodians are companies that securely hold and manage digital assets on behalf of clients. They store the private keys needed to access tokens, increasing security. There are two primary types of custodians: centralized custodians and decentralized custodians. These differ in approach and regulatory requirements, but ultimately both make it easier to hold digital assets securely.  The choice of custody solution is important for any project and should be continually evaluated.

Changing third-party custody solution primarily involves migrating tokens to new wallets under the stewardship of our new custody solution, and re-setting permissions for routines like the weekly node operator reward job to use the new wallets. Some of our more eagle-eyed community members might have noticed the movement on-chain, which is why we felt it was important to write this post and share the information with our community.

The Reasons

While migrating to a new custody solution is mostly a case of moving tokens to new wallets, it does address some issues that our previous solution had:

• They kept all of our cold wallet $AUKI tokens in one wallet so we couldn't have clear on-chain separation between different pools of unvested tokens.
• This wallet also contained other tokens under their custody.
• They can and periodically do move tokens around internally, which could have presented issues since any $AUKI tokens not in a specific list of wallets is considered circulating supply. Such a move on their part would have reflected negatively on us on-chain, and we would not have had any control or even forewarning about it.

The above flaws could have caused perception issues between us and our community. It also did not conform to what we consider is a best in class implementation.

The Benefits

In terms of our new set up, we have migrated to the following third-party custody solution:

• Assets moved to Hex Trust (centralized custodian)
• Smart Contract administration roles moved to Safe Wallet (decentralized custodian)

In addition to solving the above issues, leading to better visibility and more transparency, the migration also provides better insurance coverage for our wallets, further improving security. With Hex Trust we now have comprehensive insurance with USD 50 Million coverage on all wallets.

The better transparency is already benefitting our community with more accurate circulating supply data on platforms such as CoinGecko.

Migrating to our new multifaceted custody solution gives us a better solution for both the present and the future. We wanted to share this update with our community to ensure full transparency and give some further context for any on-chain movement.

   

About Auki Labs

Auki is building the posemesh, a decentralized machine perception network for the next 100 billion people, devices and AI on Earth and beyond. The posemesh is an external and collaborative sense of space that machines and AI can use to understand the physical world.

Our mission is to improve civilization’s intercognitive capacity; our ability to think, experience and solve problems together with each other and AI. The greatest way to extend human reach is to collaborate with others. We are building consciousness-expanding technology to reduce the friction of communication and bridge minds.

X | LinkedIn | Medium | YouTube | AukiLabs.com

About the posemesh

The Posemesh is an open-source protocol that powers a decentralized, blockchain-based spatial computing network.

The Posemesh is designed for a future where spatial computing is both collaborative and privacy-preserving. It limits any organization's surveillance capabilities and encourages sovereign ownership of private maps of personal and public spaces.

The decentralization also offers a competitive advantage, especially in shared spatial computing sessions, AR for example, where low latency is crucial. The posemesh is the next step in the decentralization movement, responding as an antidote to the growing power of big tech.

The Posemesh has tasked Auki Labs with developing the software infrastructure of the posemesh.

X | Discord | LinkedIn | Medium | Updates | YouTube  | Telegram | Whitepaper | DePIN Network