2021 Recap: Blockchain, Crypto APIs and the Web 3.0

2021 Recap: Blockchain, Crypto APIs and the Web 3.0

Blockchain WaaS

Crypto APIs Team

Dec 22, 2021 • 4 min

2021 was a big year for blockchain technology. A new generation of blockchain innovations emerged across major industries and we saw a rise in the adoption of blockchain-driven business solutions. The tremendous growth of digital assets based on blockchain led to reconsidering their investment potential and to a shift in the perception about their role in our world. 

Millions of people joined the crypto ecosystem and the number of transactions with digital assets soared. Enterprises and institutions started realizing the benefits of integrating blockchain solutions to support their core operations effectively. New protocols and tokens emerge every day and we see more diverse blockchain-inspired trends like Metaverse and NFTs taking over the world.  

2021 was big for Crypto APIs, too, because our blockchain infrastructure development platform evolved as well. We revamped our architecture, fixed all bugs, increased the performance, added multiple new improvements, and expanded our technology stack to create the ultimate suite of data, tools and services for blockchain development. 

A Next-Generation of Blockchain Infrastructure

Crypto APIs now has a robust auto-scalable infrastructure, offers support for more than 160 unified endpoints,+30 networks and runs at a lightning fast speed. It also features a multi-currency wallet as a service functionality, protected with the highest cryptographic security protocols and keyless signing verification. 

We wanted to create a product that is not just better and faster than the previous, but to offer something unique to our clients that can be easily tailored to their business needs. By utilizing Kubernetes and the OpenAPI V3 specification we are now able to offer the most comprehensive infrastructure for blockchain data, tools and notifications. It has 25 ms average execution time, unified endpoints, auto-scalability and unlimited customization options.

Building the Foundations of Web 3.0 

We understand that businesses and institutions wanting to integrate blockchain into their operations need to rely on stable network architecture, data and tools, strong technical expertise and advanced security. Our solution can now serve over 25,000 requests per second without any changes in the execution time. It can be scaled to any size without compromising the integrity and performance of the whole system.

We stress tested our infrastructure multiple times by running tens of thousands requests per second and they were handled with ease and had no effect on the response time. 

Crypto APIs has processed over 1.5 billion requests, sent over 10 million callbacks and performed over 1 million HD wallets xPub syncs since its launch in March 2021. And this is just a fraction of our infrastructure’s capability. 

We are now able to better serve the needs of the crypto and blockchain development industry and to enable more businesses, organizations and institutions to take part in building the foundations of the Web 3.0 ecosystem. 

We end the year with a full product suite including Wallet as a Service, Blockchain Data, Blockchain Events (Webhooks), Blockchain Tools, Blockchain Automations and Market Data, while we keep working on multiple new integrations. Our solutions are used by hundreds of companies, including market leaders such as Ledger, CoinStats, CoinSwitch Kuber, Nexo, Enjin and many more.

As this is just the beginning. The global blockchain market is projected to grow to over $67 billion by 2026, according to a recent report. This decentralized blockchain-based ecosystem would need to rely on a stable infrastructure to operate and scale easily. We are here to provide it and we are ready to take on a leading position as a reliable technology provider.

MPC Wallet for Digital Assets Management

Because we know that in the digital world, security is everything, we wanted to implement the most advanced and sophisticated cryptographic technology for securing transactions. Our team of engineers and researchers explored in-depth the specifics of each encryption algorithm in the search for the most cutting-edge and secure signature scheme and key management solution. 

This is how we decided to partner with Sepior - a Danish-based security software company specializing in threshold cryptography and a pioneer in multi-party computation (MPC) implementation. 

Their advanced solution for key management eliminates any vulnerabilities inherent to private keys, by distributing key shares among parties, without having any central authority. Combined with our internally built hardware isolation, governance layer, anti-spoofing and manual approval scheme, in August 2021 we were able to launch one of the most reliable, easy to use and flexible MPC Wallet as a Service on the market.

Since then, we have processed over 1 million transactions, amounting to over $50 million. The digital wallet solution also supports multiple currencies and tokens and is offered in three options, including for an on-premises key management and custom signing scheme. 

In November 2021 we added two more layers of protection to our business wallet. The first one is the mobile application with approve or reject functionality for transactions and system action requests. The Crypto APIs Approver app is available both for iOS and Android and provides better control and more flexibility to users.  

The second layer of protection includes a new Backup and Recovery functionality that allows customers to create an encrypted backup and, in case, decrypt it using an open source disaster recovery tool.   

Thanks to its robust wallet solution Crypto APIs has become a trusted technology partner to businesses and institutions seeking reliable infrastructure, more advanced security and sophisticated key management to their digital assets.

The More, the Better

And just like Bitcoin has doubled its price since the beginning of the year, we’ve doubled our team. Crypto APIs enters into 2022 with a +30-member strong team and counting, ready to jump into the new opportunities ahead of us. We believe the adoption of the blockchain technology can transform industries, improve business performance, optimize costs and forever change the way we manage digital assets. 

We are participating together in this evolution and we’re building the founding blocks of the blockchain infrastructure for Web 3.0.

And you’re invited to join. 

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