Cryptosphere got a bad reputation initially because of hacks that occurred mostly in Currency Exchanges where people’s private keys were hacked and then used for private gains. We designed Moonstone with these issues in mind. Moonstone tackles this issue by making the user a Keymaster of their own keys. We merely provide an infrastructure for a user to easily manage their keys and respectively their funds. As such we remove ourselves from large amounts of liability that come with managing funds - something that exchanges and banks do.
In a nutshell for our users, we provide the following functionalities completely free of charge:
In order to provide the highest levels of security we use open source tested libraries to manage most of these functions. They are the following:
The majority of crypto related code within Moonstone is composed of the above libraries, which are all open source and tested by the community extensively. They are not much different from the libraries that other wallets out there use.
We also use blockchain.info API to broadcast transactions, retreive balances on certain accounts and other application needs.
The figure below explains the workflow and data movement within Moonstone eco system. Keys never leave the local storage and Moonstone is merely a transmitter of raw signed transactions using third party API’s.