Yanda Protocol Flow
Last updated
Last updated
Yanda is powered by a network of validators that monitor and verify off-chain logic and transactions.
The protocol is composed of four phases:
When required by Law, brokers must share with the Yanda validators the outcome of their users’ verification so that the smart contract will interact with verified users only.
The broker must provide public API endpoints that contain the verification output for the users in an anonymous way. In fact, users will be addressed via their wallet address only, all private information such as name and surname remain private in the brokers’ database.
Every time that a user wants to access a service offered by a Yanda broker, it will interface with the Yanda smart contract via Metamask (or any other compatible web3 wallet).
The smart contract will ask validators to double-check and confirm the feasibility of the service requested by communicating with the broker.
If validators will confirm the feasibility of the service then the smart contract will ask the user for a deposit.
Once the smart contract triggers the deposit request to the user, the user will be able to physically send its funds to the Yanda smart contract. The smart contract will deduct the protocol fee and send the remaining funds to the broker.
While the broker receives, executes, and terminates the requested service by saving every transaction on-chain, Yanda’s validators are double-checking the correct execution of the service by communicating with both CEXs that the broker is using and the blockchain where the broker is saving the data.
This process will prevent malicious operations and flag them as they happen for higher transparency and user safety.
Once the broker has completed the service for the user, Yanda’s validators check the legitimacy of the broker’s operations and compliance with the logic.
