Monday, October 30, 2023

How to Transfer Assets Automatically with CoinSend

In the fast-paced world of digital asset management, speed and security often exist at opposite ends of the spectrum. The quicker the transaction, the greater the risk; conversely, more security layers often mean slower processing times. What if there was a solution that could offer you the best of both worlds? 

Enter CoinSend, a state-of-the-art automated payout solution engineered for rapid, yet secure, digital asset transactions.

In today's blog, we will dive deep into how CoinSend manages to marry speed with security, empowering your business to respond instantly to user withdrawal requests without compromising on safety. Whether you're a digital asset manager or a blockchain-based enterprise, read on to find out how you can drastically reduce latency while enhancing your user experience and maintaining airtight security.

A Quick Overview of How it Works

Automatic Approval

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This option is suitable for corporations with a large volume of withdrawal requests from their clients. 

First, the corporation binds the public key generated by their server to their CoinSend account - this step is important because it ensures the authenticity of the withdrawal requests.

Then, they submit the signed data to CoinsDo for verification, which in turn enables 24-hour automatic withdrawal through the CoinsDo API.

Step 1: Set Up Your Client Device

These are the wallets containing your users’ digital assets, from which they are dispatched as requested. You can set them up according to these simple steps

Step 2: Set Up Your Sub-Accounts

The purpose of sub-accounts is to allow smooth running of your operations without your employees accessing your private key whenever there needs to be a transaction.

To set them up along with the requisite permissions, follow these steps.

There are three types of sub-accounts:

Robot account: A sub-account you can program to automatically approve transactions upon meeting certain conditions

General account: A sub-account that allows for the manual initiation and approval of transactions.

Server account: A sub-account that allows automatic dispatch via API calls 

Step 3: Dispatch Assets 

This is where your server account comes into play.

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You can set your server account to initiate dispatch records automatically based on pre-set trigger conditions:

  • You can set the server to approve only outgoing data from a specific source (to ensure authenticity of requests)
  • You can set the server to only approve dispatch from a specified CoinSend client device 
  • You can approve transactions by currency or amount (as seen below)
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Don’t forget about your robot sub-account!

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The robot sub-account works in conjunction with your server sub-account to do the following:

  • Confirm/approve transaction based on pre-set parameters
  • Require a passphrase to confirm transaction (an extra layer of security) 
  • Work during a determined period of time. If unchecked, the robot is available 24 hours a day.

Real-World Use Case

Hypothetically, a blockchain gaming company could set up 24/7 automatic asset withdrawal for their users using CoinSend, their server sub-account, and their robot sub-account the following way:

First, the robot account is given the permission to confirm transaction requests (from a pre-approved list of data sources) 

Second, a transaction/currency limit is set. For example, it could be that any transaction below $10000 is confirmed automatically.

Third, for 24/7 operations, the company would just leave the working hours box unchecked.

Voila! Any gamer looking to withdraw their assets (below a certain amount) can do so without the need for manual intervention at any time.

Scale Your Business Effortlessly

By following this guide, you can effectively set up an automatic asset withdrawal system for a large user base that works securely 24/7. For manual approvals involving high amount but low volume transactions, please refer to this post

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