Very happy to come to the ICP ecosystem. I learned about ICP through ICP China Hub. After analysis, I think ICP is most likely to solve the problem we are eager to solve - a completely decentralized database or structured data storage.
LotusWallet is both a wallet and a security software that helps users manage their various encrypted information. Therefore, the decentralization requirements of LotusWallet are much higher than conventional software or wallets. We have been trying to find a “decentralized MySQL, or decentralized Berkeley DB” to help users manage information - instead of using servers and centralized databases to manage.
I hope to participate in communication here and find my own solutions.
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The Journey of LotusWallet into the ICP Ecosystem
LotusWallet was founded in 2021 as an integrated tool combining digital wallet functionality, secure information management, and OTP (One-Time Password) features. It’s not just a wallet; its origins are deeply rooted in the founders’ extensive experience in the security industry.
Throughout our development, we have closely followed innovations and upgrades in the security sector. However, security incidents continue to occur, even with security software itself. For instance, LastPass has faced multiple data breach incidents over the years, which is quite concerning. Whether it’s a crypto wallet or encrypted information management, one unavoidable topic is the storage of encrypted data. Mainstream secure information management software like 1Password and LastPass employ PBKDF2 and AES256 to encrypt data, ensuring that only users can encrypt and decrypt their information. The encrypted data is then stored on the service provider’s server or third-party storage solutions like Dropbox or Google Drive. With the growing influence of IPFS, many static file storage solutions have sought IPFS as an option. Similarly, Swarm is another decentralized storage solution. However, these solutions still require a centralized server as an access point to operate the decentralized storage, which can become a target for malicious attacks, such as DDOS attacks.
This led us to question whether a truly decentralized solution exists—one that is entirely on-chain and decentralized. When friends from ICP China Hub introduced us to ICP, we immediately tried deploying our static website on the ICP network. The process was smooth, with significantly lower storage costs, prompting us to discontinue our AWS server hosting for LotusWallet’s website. This was a huge relief: we no longer had to worry about server-side attacks or the high costs of AWS servers, and we even saved on purchasing HTTPS certificates. This experience far exceeded what IPFS and Swarm could offer.
Our next aspiration is to see the implementation of relational databases on ICP. If ICP’s Canister could directly interact with a decentralized relational database, it would significantly enhance security and potentially change the landscape of the information security market. We’ve noticed the implementation of NoSQL on the ICP chain through CanDB. This seems to be the first step towards achieving a decentralized database. We look forward to the realization of relational databases on the ICP chain and are eager to become one of the first users.
We welcome discussions on security-related topics.
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