WHITEPAPER

A well detailed article to guide and help readers understand an issue and how to proffer solutions

DISCLAIMER

Piggy Wallet shall not be held responsible for any damage or loss that one might encounter due to reading this Whitepaper and other material, content, or press news produced or released by Piggy Wallet. This main whitepaper goal is to provide information about Piggy Wallet, and for research purposes, it doesn't intend to be investment advice, financial advice, financial promotion, solicitation of any kind, or an endorsement. The material contained in this Whitepaper is not all-inclusive, and it is not intended to create or implement any agreements, be interpreted as an investment decision, offer for investing activity, and also is not a prospectus, invitation, inducement, or investment proposal, nor is it meant to be a sale or issuance of securities, interests, or assets.

Any decision or action based on this Whitepaper presented is made at the reader's discretion and at risk. It will take full responsibility for loss or damages, whether directly or indirectly, from the looking-forward statement, errors, or inaccuracy in the document. Looking forward statement in this Whitepaper is terms regarding but not limited to the expected future performance of the project, future events, completion of the project development, execution of the project's vision and strategy, future implementation of new features, and platform functions. Looking forward statements are also included in other publicly available Piggy Wallet materials, blog posts, interviews, social media outlets, etc.

The Piggy token ($PWT) is a utility token to allow token holders to participate in its ecosystem development. This piggy token is not security nor a currency and shouldn't be held by any individual, whether resident or citizen of countries that prohibit token activities. The readers' responsibility is to know the laws relevant to their country's legal jurisdiction and ensure they are entirely in compliance. If the Piggy token eventually gets listed on centralized or decentralized exchanges, there is no guarantee that the Piggy token will succeed financially or rise in value because of its volatile nature; hence no promises in terms of token value or future performance. Investors are advised to thoroughly assess the risks and uncertainties involved before making any decisions. They should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed in this Whitepaper and should understand that statements regarding prospects may not be realized.

ABSTRACT

In this Whitepaper, we'll discuss PIGGY Wallet: A wallet built on Cardano Decentralized Finance Ecosystem which will be used for storing tokens, swapping, staking, exploring web3.0, and a fully-featured NFT gallery where users could buy, sell and collect NFTs. In the traditional financial world it can be seen as a Mobile Bank but with the decentralized finance ecosystem, it provides the power to be your own bank, using a Peer-to-Peer connection in anon-custodian protocol supported by the Cardano blockchain. Finally, we aim to bring the Next-Generation of wallets ecosystem to mainstream users by building PIGGY Wallet. The project will provide financial independence security for users using blockchain concept in a trustless manner

BACKGROUND

We are a team of Engineers and blockchain enthusiasts with a strong background in Artificial Intelligence and versatile experience in cryptocurrency and finance technology. We are dedicated to bringing the banking system to your best comfort. With our knowledge and research, we intend to build this project (Piggy Wallet) while utilizing our proof of concept(POC) and proof of transparency (POT). We believe the future is built on blockchain technology, hence why we want to make it possible for everyone to be able to access DeFi products in a straightforward but most comfortably secured way. We intend to provide a more user-friendly interfaced decentralized financial system on the Cardano blockchain to provide more value to our users and secure transactions.

INTRODUCTION

Piggy Wallet is a non-custodial wallet that allows users to interact with websites that integrate Cardano. It will be available as a browser extension and a mobile application with a built-in DApps browser on both Android and iOS devices. Piggy Wallet, when developed, will be designed to have a recovery feature without paper backup, low transaction fee, staking platform, buy an option with fiat, manage digital assets and explore distributed applications on Cardano Blockchain. The wallet will allow users to manage their accounts data and private keys (seed phrase), which enables them to store, send, & receive digital assets, swap Cardano native tokens, and sign transactions in a simple but very secure way. Integrating into decentralized applications, the wallet will come fully loaded with a fast connection to Cardano blockchain via BLOCKFROST. This will allow users to get started quickly without synchronizing the complete node as we have already reduced the burden of complications, allowing our users to concentrate on what matters, making it easy to enter in a permission less manner. Piggy Wallet will employ multiple layers of encryption (smart contracts) and security. Piggy Wallet will inject a Cardano object into the javascript context of every site the user visits to interact with web applications. A given application may then interact with the Piggy wallet and ask for the user's permission to perform transactions through this injected object.

VISION

Our objective is to build a Smart Wallet with a generally solid community and a unique reward mechanism, further demonstrating how our overall goal is to develop a Crypto Wallet with a usually solid community and an innovative reward approach, or so they believed. We aspire to put “cryptocurrency in every portfolio.” We envision a world where wealth building strategies that were once only accessible to affluent individuals become available to everyone, transferring the power back to the people. Piggy Wallet will create a revolutionary ecosystem to bring more people into digital assets, helping them earn a passive income by holding the different currencies through our wallet and maintaining their privacy, security, power, and autonomy. We strive to create a wallet based on sound monetary policies, with a sound and solid decentralized foundation to provide facilities to every individual.

MISSION

We are on a mission to provide unquantifiable improved accessibility features to users of the Cardano ecosystem in harnessing the decentralized finance and other web3 applications on Cardano through leveraging smart contracts to provide users with unique capabilities and features. With Piggy Wallet, your mobile device will hold the private keys while a smart contract holds your assets, creating a new pattern for wallet functionality. This mission will allow Cardano users to selflessly participate fully in the Cardano ecosystem, as we will make entry easy for both new and old users of the ecosystem as we hope to deliver a functional smart contract wallet with a human-readable address, recovery option without paper backup, free transaction fees, explore and interact with Cardano application on web 3.0 in a trustless manner. Finally, we aim to achieve a successful DApp smart wallet by making sure that the gateways for interacting with web 3 are intuitive, secure, and accessible while maintaining the core ethos of "being your bank" and its unique features, as we target to be one of the prominent wallets benefiting from the proliferation of DeFi, which will efficiently and reliably unleash the power of the Cardano ecosystem. We will evolve into multi-chain because that is the foreseen future of blockchain technology as we aim to deliver the best to our community.

PROBLEMS PLAGUING THE CARDANO WALLET ECOSYSTEM

There has been some exponential growth in Cardano in terms of the DeFi ecosystem, but then, we are aware of the stress and complexities associated with having a Cardano wallet, like the stress of securing storing your private keys, so you don't get to lose the seed phrase or make it vulnerable for bad actors to attack your bank (Cardano wallet), difficulty in understanding gas fees (transaction cost) and the non-human readable nature of address doesn't help as you have to double-check endlessly to confirm you have the correct address. This has become a burden to anyone new to decentralized finance and Cardano world, affecting the adoption and public consumption of the Cardano DeFi Ecosystem. With this in mind, we plan to provide an intelligent solution to the problems mentioned above by giving you PIGGY WALLET, and intuitive self custodial intelligent contract wallet and passport to explore decentralized applications built on Cardano Blockchain.

SOLUTION

Piggy Wallet will solve the problem mentioned above by providing a functional DeFi tool with documentation well stated to guide users and developers, as we aim to `birth new blockchain enthusiasts in the crypto world. For a start-up, the wallet will be designed to be an open-source wallet on Cardano with a staking platform integrated, allowing delegating and earning of ADA and CNTs, also when fully launched, Piggy Wallet will be a DApp smart wallet with core features like low transaction fee and metadata option, Web3 interaction, human-readable address, quick swapping of ADA, CNTs, and CNFTs integrating hardware plugin, purchase of assets with fiat, setting of daily withdrawal limit and NFTs management in a fully-featured NFTs gallery, security and recovery features for users to mitigate any risks associated with storing your private keys and this will significantly abstract many of the complexities related to existing wallets.

CORE FEATURES OF THE WALLET

Looking forward when fully launched Piggy Wallet will allow users to explore the wide range of distributed innovations which will be discussed below:

Send/Receive: With piggy wallet one can easily send / receive ADA and Cardano Native Tokens that could be NFTs or Tokenized version of currencies.

Buy: Users will be able to buy ADA and CNTs with fiat systematically through their cards and bank transfer with very low fees.

Store: This is the basic feature of any crypto wallet, so therefore, piggy wallet will be used to store ADA and CNTs

Swap: This special feature will allow users to swap Cardano Cryptocurrency and Cardano Native Tokens in a trustless manner.

Staking: is the process by which a Cardano token holder delegates some or all of their tokens to a particular validator or validators, which helps increase those validators’ voting weight and in turn the Cardano holder gets a reward for delegating the Cardano tokens or ADA. Delegating your tokens means assigning your tokens to a validator. Delegating your tokens to a validator does NOT give the validator ownership or control over your tokens. At all times, you still control all your staked tokens that you may have chosen to delegate. Piggy Wallet will have a staking pool called PiggyStake, where $PWT holders can delegate their tokens to earn piggy token as reward and also give them the voting right on projects that will be selected for funding.

Human-Readable Address: Piggy Wallet upon integration with Cardano Name Services (CNS), will provide users with an intriguing feature that allows them to send and receive cardano crypto assets with username (like xyz.piggycad) rather than a normal public wallet address that is confusing. This feature drastically mitigates any complexities when sending and receiving any digital assets.

Decentralized Applications Browser: DApps browsers are specialized software that sustains new generation decentralized applications. DApp browsers are considered to be the browsers of Web3 and are the gateway to access the decentralized applications which are working based on blockchain technology. That means all dapp browsers must have a unique code system to unify all the different codes of the dapps, for this project we are using cardano blockchain where users can have full access to their favorites cardano distributed applications. The wallet will provide the simplest yet most secure way to connect to their favorite DeFi and other Cardano blockchain applications with Piggy DApp browser built in the browser, which lets the user stay in control when interacting on the web3.0. Piggy DApp browser is where users can directly interact with new and emerging DeFi platforms and other web3 applications. The browser is almost identical to traditional web browsers, so therefore when interacting with a decentralized application users don't have to connect to other wallet, as it will synchronize automatically With that in mind users will have access to a host of DeFi services from their wallet, making the integration seamless and natural. Moreover we'll also provide connectivity to Decentralized Application (DApp) outside of our Platform. Looking forward the team will develop some exciting decentralized applications (DEX, Blockchain Games, NFTs Market integrated to the wallet and this options will be powered by our utility token $PWT.

Decentralized Exchange: The Piggy Wallet will have an integrated service for swapping cardano native token by connecting several decentralized exchanges (DEXs) to find the best exchange rate. This option will be called PiggySwap. Later on the team will build a DEX called PiggyDEX, it'll be a cross-chain DeFi aggregator protocol & platform for trading at the best prices across the market, yield farming and liquidity pools all aggregated together. Saving users, developers and businesses time and money, with access to multiple DeFi protocols within a single cross-chain interoperable protocol and platform. This awesome option will allow users to easily swap and trade without having to move funds or connect to another DApps. The PiggyDEX will use EUTXO protocol to create a trustless transactions for the decentralized exchange of Cardano cryptocurrency and tokens. At the end of the day PiggyDEX will join the list of DeFi aggregator but will stand out because of it's low transaction fee, hence having best trading price amongst other.

NFTs Fully Featured Gallery (Marketplace): NFTs are token that has a calculated supply, whose aim in the world of today is to connect, verify and give value to original ART. The NFT market cap is steadfastly growing and making waves in most areas of the crypto world. NFTs are not a sort of currency, although they do employ the same blockchain technology as cryptocurrencies. Each NFT is associated with a single object. It could be artwork, video game material, music, or anything else. This is ideal for digital assets, and NFTs have become a popular tool for artists and other producers to profit from their work. Piggy Wallet will allow users collect, store, send, buy and sell NFT’s in the built in NFTs fully featured gallery. NFTs Market is a cross-chain non-fungible token (NFT) marketplace & protocol to create, manage, auction or trade NFTs, for arts, games and more on a revolutionary platform, and this marketplace protocol will be directly integrated into the Piggy Wallet. With the NFTs gallery in the wallet the team will build Piggy NFTs that users can access through the NFTs Marketplace, this will be powered by Piggy token and as well aid in the Piggy Wallet growth. NFTs could potentially be ideal access points for special events and perks available within our platform. The possibilities and uses appear limitless, which is what makes our project so appealing.

Piggy Game: Looking forward the team plan to expand into gaming in the future to bring new utility to piggy, by creating some of the leading PC & mobile games. We aim to create our own games, as well as to work with the community to bring new community-developed games, the game will be powered by our utility token $PWT. The team is working really hard towards the success of this project and will updating with every steps we are taking towards the welfare of this project through our different versions of white paper.

SECURITY

Our security features will bring great improvement for the ecosystem, which ultimately will make us stand out amongst other wallets in the Cardano ecosystem and these special features will be discussed below:

Self Custodial: Users will be in self control of their wallets, as they will have full access to their keys alone. This is a great security improvement over having keys in a centralized system or storing cryptocurrency in an exchange that can be attacked by bad actors which will affect every user of the exchange, but Piggy Wallet allows users have full control of their crypto assets .

Recovery Tool: Piggy Wallet as a smart contract wallet will introduce ANGELS, where wallet owners can assign trusted devices or individuals to recover their funds without the need for a private key or seed phrase. So if piggy wallet user ever lose their phone, they can simply request access from their ANGELS and recover their funds upon majority approval. It is important to note that Piggy Wallet Angels will never have access to users private keys at any point. This unique feature will allow users recover their funds without paper backup, reducing the risk of losing funds just because they lose their seed phrase, a major factor over the already existing wallets in the ecosystem.

Daily Limit: This feature is similar function to our native banks, where Piggy Wallet will allow users to set daily limits on withdrawals in their account. Making it impossible for bad actors to achieve huge success if ones wallet is compromised. This means users can recover their assets within 24 hours their wallet is compromised, as all they need to do is log on to their wallet using the seed phrase in another device and cancel the transaction initiated by the bad actor within 24 hours they initiated the transaction.

Hardware Wallet Integration: Piggy Wallet will allow users to manage accounts and their private keys in so many ways, including hardware wallets, while isolating them from the site context. This is a great security improvement for the security of the digital assets in the wallet. Piggy wallet will offer support for a multiple of industry-leading hardware wallets, like Ledger and Trezor. Looking forward we will build PIGGY Hardware Wallet that could be integrated with the software wallet and other existing digital wallets.

2FA & Biometric Authentication: The wallet will support two factor, biometric protection, private password and transaction pin for maximum security. We understand how important users digital assets are to them, reason why we aim to deliver the best security feature for wallet protection.

PIGGY TOKEN

$PWT is a native Utility token of the Piggy Wallet with so many leverages. We aim to evolve into a Multi-Chain and decentralized Autonomous Cooperation (DAC) where decisions are taken by Piggy token holders, based on the amount of tokens they hold. $PWT holders would influence the future of PIGGY WALLET by signaling their support for upgrades, voting rights and introducing new ideas to the ecosystem and also earn rewards for holding. Piggy Wallet aim to build a strong long-term ecosystem that will prove a healthy competition in the cardano network while maintaining trust and efficient security in the system.

Piggy Token will be used in the following ways:

Staking: Piggy Wallet token Holders will be able to stake Piggy tokens to generate additional yield earned for holding.

Governance: Governance model will allow holders of Piggy to participate and vote on community proposals and amendments.

Fund raising: $PWT will be used for fund raising to generate the funds needed to develop Piggy Wallet.

CONCLUSION

It goes without saying that asset management tools are absolutely essential to the long term success of DeFi ecosystem. These tools like the wallet in this whitepaper allow users to intuitively manage their assets in a very easy and secure manner while also interacting with DeFi and other web 3.0 applications. We utilized the advantage of smart contract wallets in providing much-needed improvements in accessibility for users with the introduction of seedless recovery tools, daily withdrawal limits, and other legacy native banking functionality. When the complexities of blockchain technology and decentralization are abstracted, Piggy Wallet is here to act as the foundation for banking the unbanked and building an open financial system where one can confidently control and access their assets with ease in a most secured way. PiggyWallet is a smart contract crypto wallet, designed for users to store, buy, send, receive, swap tokens, collect NFTs and to interact with websites that integrate Cardano, the wallet will have PIGGY DApp Browser to securely explorle the decentralized web applications. As the Cardano Ecosystem grows, projects like PiggyWallet will undoubtedly become an integral components in the bridge between blockchain technology and the real word.

REFERENCE

https://developers.cardano.org/docs/integrate-cardano/creating-wallet-faucet/

https://en.wikipedia.org/wiki/Cryptocurrency_wallet

Shaik, Cheman. (2020). Securing Cryptocurrency Wallet Seed Phrase Digitally with Blind Key Encryption. International Journal on Cryptography and Information Security. 10. 1-10. 10.5121/ijcis.2020.10401.

Deepanshu, Bhatt (2019). "Best DApp Browsers to use in 2019". Archived from the original on 2020-10-21.