Kwickbit and Paltalabs: Compliance Made Easy

Simplify DeFi with tax-compliant Stellar and Soroban blockchain transactions. Our tool streamlines crypto accounting for precision and compliance, making it accessible to accountants and users.

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Inspiration:

A bridge software, aiming to seamlessly connect two distinct worlds. The world of cryptocurrencies and the world of compliance regulation.

What he does:

At its core, it serves as a compliance tool. Users can effortlessly paste their wallet address into our platform, after which they can download a CSV file that meticulously lists all their on-chain transactions. This allows users to be compliant with their tax systems regarding their on-chain activities in Stellar and Soroban.

For this hackathon, our deliverable is a pre-MVP, and the user can download a plain list of their on-chain transactions. However, in the future, this tool will have the capability to automatically identify typical DeFi operations within those transactions, such as providing liquidity, swapping, withdrawing liquidity, lending, borrowing, and more.

How we built it:

Our primary tool for this project was the Subquery node indexer, tailored specifically for stellar/soroban. Within the project, we defined how data should be saved and indexed directly from the blockchain. The application was constructed using Next.js paired with TypeScript, ensuring robustness and scalability. To ensure effective collaboration and smooth progress, our team adopted a daily stand-up routine. We convened once a day to allocate tasks, discuss the primary challenges faced at each stage, and strategize solutions. Additionally, our collaboration was strengthened by working with James from Subquery, who provided valuable insights and support in addressing the bugs we encountered.

Challenges we ran into

While our vision was clear, the path to realizing it was filled with obstacles. From navigating the early stages of the Soroban environment for Subquery to resolving various bugs. A significant hurdle was the inability to use Subquery's publishing workflow for Stellar. This led us to self-host a Subquery node. Taking on the task of hosting our own Subquery node presented its own set of challenges.

Accomplishments that we're proud of is

The successful deployment and operation of our self-hosted Subquery indexer node. Achieving this within a mere 5 days. Furthermore, the fruitful collaboration between KwickBit and Paltalabs added immense value to the project and we plan to take this collaboration further.

What we learned

This project was a deep dive into the intricacies of using, debugging, and deploying the Subquery indexer. Each challenge presented a learning opportunity. Beyond the technical aspects, this project was a good chance to test our collaboration skills. Navigating the intricacies of working together across different time zones was beneficial to us. It underscored the importance of effective communication, patience, and adaptability.

What's next for Kwickbit and Paltalabs: Compliance Made Easy

Collaboration between KwickBit and Paltalabs is just beginning. Paltalabs is on the path to launching 'soroswap', a cutting-edge DeFi platform tailored for Soroban/Stellar. As for KwickBit, it stands as a bridge, linking the realms of cryptocurrency and accounting. Our shared vision is to collaborate on creating deterministic programmatic interfaces (eschewing heuristic methods) for standard protocols. This in order to enable KwickBit to determine and classify transactions for its users.

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