Introducing Vesto and its Technology

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Overview:

Vesto provides an easy-to-use yet powerful gateway into the cryptocurrency ecosystem1 , transforming how organizations and individuals transact business, store and transfer digitized assets, and earn money. With a single secure sign-on using multi-sig encryption keys, users can deposit assets into an insured vWallet,2 exchange and transfer assets to and from that vWallet, utilize smart contracts, and send remittances or make payments globally, all at a small fraction of previous costs and taking only seconds to complete. Vesto’s unique 2-Token protocol utilizes Polygon, making Vesto’s transactions faster and their cost significantly less than other blockchain solutions, while enabling Vesto’s users to earn higher yields from decentralized finance (DeFi) services. Vesto’s combination of a robust proprietary blockchain protocol, a cloud container of application services, unique client applications (Apps), software development kits (SDKs) and application programming interfaces (APIs), and a best-of-breed partnering strategy, assures that Vesto’s clients and users always have access to the most up-to-date and cost-effective DeFi services, decentralized applications (dApps) and blockchain protocols. Its white labeling and customization options make Vesto the perfect solution for a wide range of applications, industry verticals and use cases.

How did this game-changing platform come to be? What principles governed its development? What makes Vesto a leader in providing comprehensive crypto services? What technology and architecture underlies Vesto’s capabilities? What industry verticals and use cases does Vesto’s platform support, and what benefits will clients and users derive from its use? This publication, Introducing Vesto and its Technology, answers these questions and more.

This publication was posted on November 15, 2021. The opinions, analysis, and technology and product descriptions discussed here are subject to change or updates over time.

Introducing Vesto:

Vesto is a comprehensive, multi-token protocol for decentralized services providing fast, reliable, and global access to today’s most advanced crypto banking, transaction and yield generation platform. Vesto users have continuous, convenient access to a highly efficient transaction engine, encrypted and insured accounts for their digitized assets, and a uniquely robust DeFi infrastructure to manage smart contracts and maximize potential gains on all their marketable digital assets. Dedicated to supporting its clients’ regulatory compliance, Vesto incorporates the security, know your customer (KYC), know your business (KYB), anti-money laundering (AML) and know your transaction (KYT) controls, and supports all the record keeping and reporting capabilities regulators typically require for financial institutions and cryptocurrency spot and derivatives exchanges. Like most financial institutions, Vesto supports B2B, P2P, B2C and C2B transfers, 3 domestic and international remittance, loans 4 and EMV (Europay, Mastercard, Visa) smartcard payment services.

But unlike traditional financial institutions, Vesto’s offering includes multi-sig identity verification and the ability to onboard multiple fiat currencies. Vesto can also onboard a variable list of digital currencies, including BTC, all ERC-20 compliant currencies (e.g. WBTC, USDC, DAI, ETH, etc.), as well as ERC-721 and ERC-1155 compliant non-fungible tokens (NFTs) representing art, property, and other previously illiquid assets. Internally, Vesto converts multiple onboarded fiat currencies and the more volatile digital assets into Stablecoins, such as USDC, because of their value stability and better suitability for day-to-day transactions on a mass scale. Additionally, Vesto’s vWallet is a non-custodial smart wallet, meaning Vesto provides custodial governance, multi-sig access controls and administrative services, but users own the account and retain unique private keys, giving them complete control over their assets. This contrasts with banks’ and financial institutions’ custodial accounts, where clients’ accounts are owned by that fiduciary organization and controlled by their back-office staff. Finally, unlike financial institutions, Vesto’s fees are a small fraction of the 2 to 4% or more for domestic credit card and some check transfers, the extra 2 to 3% or more for international transfers, the 4 to 7% or more for cross-border cash remittances; and, for property and art sales organizations, the 6 to 30% or more for commissions and royalties. Vesto opens up the global market of DeFi opportunities to its clients and end-users, giving them all the ability to efficiently transact business world-wide, gaining sales opportunities and earning yields on their assets that were previously only available to the most sophisticated of international traders and investors.

Vesto holds all assets and processes all transactions on-chain,5 resulting in permanent, immutable blockchain records of all activity, and provides cold storage protection which allows users to recover lost keys for their accounts. Its unique multi-chain protocol and 2-Token architecture secures users’ deposited assets in their Ethereum-based vWallet, while creating corresponding newly minted ERC-20 compliant vTokens6 in a linked Polygon-based account. This chain-bridging process, combined with Vesto’s asset pooling and block transferring process, greatly increases transaction speeds, significantly reduces blockchain gas fees, and allows Vesto to efficiently maximize users’ DeFi yields. Using Vesto’s vTokens and Polygon’s proof-of-stake (POS) consensus algorithm is also much more energy efficient and environmentally friendly than using Bitcoin-like cryptocurrencies or processing everything on Ethereum’s current proof-of-work (POW) system. When a user requests that some or all the underlying assets in their Ethereum-based vWallet be unlocked and made available, the corresponding vTokens on Polygon are burned and the DeFi yields associated with this withdrawal are unlocked and transferred to that users’ Ethereum-based vWallet. This is similar to how banks hold clients’ deposits in the clients’ savings account ledger, while also pooling those same assets to earn the bank money in their own loan and investments accounts. The difference is, with Vesto, users own and control both their underlying assets on Ethereum and their vTokens on Polygon. Best of all, this arrangement can earn users much higher yields than typical bank accounts, historically running in the 5 to 15% range from Stablecoin liquidity pools, paid daily, with 24/7 access. For users choosing liquidity pools of more volatile asset classes, yields have historically run 15 to 25% or more.

One of Vesto’s founding principles is to own and control its own root source code and related technology. This includes a design for extensibility to, and integration with, best-of-breed partners; as well as a development portal with API documentation which serves as a hub for others to integrate with Vesto. This gives Vesto a unique flexibility to quickly adapt to fulfill its clients’ changing market needs and to continuously add the latest crypto and application service solutions. As an enterprise-ready platform, Vesto’s technology easily integrates into clients’ banking and business systems and it can be white-labeled and customized as needed, as can Vesto’s user-facing portal and mobile apps. All individual, retail and institutional interfaces incorporate the latest intuitive and user-friendly UI/UX design and underlying technology to make transactions using Vesto easy, safe and quick. This flexibility, functionality and ease-of-use opens an almost endless array of use case applications within multiple industry verticals. This same flexibility means Vesto can support an increasing range of fiat currencies, crypto coins, tokens and blockchains; and can mint and transact with vTokens representing a broad array of assets. Further, given the extensive time commitment needed to code and develop, along with the talent required to build Vesto’s platform and its complex multi- layered components and functionality, potential competitors are expressing interest in licensing and white labeling the platform as a foundation for their use cases; a developing trend Vesto is selectively encouraging. Finally, regardless of the organization through which individuals access Vesto’s platform, it democratizes access to global financial opportunities and yields previously only available to a select few. Its low cost and accessibility enable millions of individuals who are currently un-banked and under-banked access to these benefits, including the ability to send international remittances in seconds, 24/7, with few intermediaries, and at a fraction of previous costs.

The History of Vesto:

The history of Vesto begins with the innovations upon which it is based. Satoshi Nakamoto heralded the beginning of the cryptocurrency era in a white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System published in late 2008. Vitalik Buterin heralded the use of smart contracts and of cryptocurrency representing more than just money in the Ethereum White Paper - A Next Generation Smart Contract and Decentralized Application Platform published in late 2013. That paper began the development of Ethereum, whose protocol enabled the wide use of dApps and DeFi services. MakerDAO is credited with being the first Ethereum-based application using these capabilities to receive significant adoption, and the success of its Stablecoin Dai reinforced the value of Stablecoins for use as digital currency. The San Francisco area became a hub of exploration and innovation with these new technologies; and it was there that Vesto’s CEO and co-founder, Chris McGregor, developed his passion for the power of blockchain technology, DeFi and crypto while working as senior software engineer for a start-up developing adaptable business-ready blockchain protocol utilizing smart contracts and DeFi technology. Chris ventured out on his own in late 2018, driven by his conviction that blockchain technology would be at the center of a coming transformation in the way business and banking is conducted, and determined to help make that happen.

Chris is a successful entrepreneur, a full stack developer, and a named inventor on numerous issued patents. His developed technologies include BT Cellnet’s original Pay & Go solutions for 3G/4G LTE mobile, mobile authentication for the US Federal Government, and prototypes of the first ISO biometric powered card (now being offered by MasterCard internationally). Two of the companies Chris co-founded and developed with his brother, Travis McGregor, were particularly successful. Their Telemac Corporation achieved over $100 million in revenue with over 20 million mobile devices licensed and deployed by 17 mobile phone manufacturers prior to its intellectual property assets being purchased by Tracfone, the largest prepaid mobile services provider in the US, in 2009. Their Q Technologies intellectual property assets were sold to RootMetrics, the largest and most trusted QoS/QoE monitoring company for 4G LTE and 5G packet-based mobile networks in the US, in 2015. These entrepreneurial successes allowed them to self-fund what ended up being a multi-year effort developing the vision and business model for Vesto, and the core code for the platform, vWallet and DeFi protocol. Once Chris wrote the core root coding and product strategy and was comfortable it was sound, he and a small team of trusted colleagues founded Vesto in September of 2019, initially incorporating in Wyoming because of its favorable treatment of blockchain and cryptocurrency companies at the time.

With Chris as Chief Executive Officer (CEO), Vesto’s other co-founders include his twin brother, Travis McGregor, Chief Business Officer (CBO), who brings over 25 years of experience in senior sales, marketing, and business and product development roles, and co-founded with Chris, several of his previous start-ups. Co-founder and Chief Strategy Officer (CSO), Wolfgang Decker, brings 30 years of experience as a consultant and business executive in Germany and the European Union assisting multiple businesses through high tech and digital transformation, novel digital business models, and product and service go-to-market strategies. Co-founder and Chief Marketing Officer (CMO), Carsten Bartsch, brings 20 years of experience as Managing Partner of an international consulting firm based in Germany specializing in marketing, strategy, business modeling, B2B industries, and digital transformation projects. Both Wolfgang and Carsten are Professors at Hochschule der Bayerischen Wirtschaft (HDBW), a business administration and engineering university in Munich, Germany. Co-founder and Chief Experience Officer (CXO), Jeff Lund, brings 13 years of experience as a web developer and manager of coding and digital media production for multiple companies, including two of Chris and Travis’s other start-ups. Head of Product, Erin Dobratz, brings 4 years of experience as COO of a social commerce startup and 9 years of experience as product manager at CBS Interactive and CNET Networks, including managing the team who initially developed CNET’s iOS app for iPhones and iPads. She brings great team working skills as evidenced by her having won multiple medals on the Stanford University and U.S. Synchronized Swimming Teams, including an Olympic Bronze. The Vesto team has quickly grown to include 30 individuals by the time of this writing, including managers, coders, sales and other staffing personnel, and an additional 10 key advisors, each bringing an impressive range of successful backgrounds and skills. To learn more about Vesto’s team, visit www.vesto.io/about-us.

When Chris and Travis McGregor and Vesto’s other co-founders surveyed this marketplace in 2019, they found each of their potential competitors that offer crypto-affiliated products and services were largely focused on one or two purposes or functions, and their user interfaces were typically difficult to navigate. Even those offering multiple functions often focused on a single industry vertical or use case. For example, they may offer a digital wallet, but only for the purpose of depositing, purchasing, selling, transferring or storing digital assets for use in their crypto exchange. Users typically had to establish accounts with multiple companies and sign on separately to access these different functions, with little ability to automatically integrate all their crypto-related activities. Further, despite cryptocurrency operating on distributed ledger or blockchain technology, many companies conducted much of their business off-chain, holding at least some records in off-line and vulnerable databases, and they often did not include the KYC, AML and KYT checks to verify the identities of those involved in business transactions; practices that can lead to the loss of accurate, auditable records and a lack of transparency regarding the value transferred, who was involved, and where and when the assets were sent.

The Vesto team was determined to build a full-service cryptocurrency platform that would usher in a new era for finance, banking and commerce, making participation in the evolving cryptocurrency ecosystem safe, user-friendly and easily available to everyone from multinational corporations to local businesses and individuals. This overarching goal led to the establishment of Vesto’s 6 underlying principles shown in the chart below.

VESTO’S GUIDING PRINCIPLES

  • Inclusive: Democratize crypto opportunities, making it easy for all sizes of businesses and for individuals to enjoy our platform’s many benefits.
  • Easy to Use: All client and user interfaces to be easy to use, intuitive, and customizable to meet clients’ needs, with all assets safe and secure.
  • Always On-Chain: All transactions done on-chain, preserving an immutable record to assure accuracy and transparency.
  • Own Our Own Core Code: Develop, own and control our own root source code and related technology, assuring our unique value and our flexibility in responding to clients and changing market needs.
  • Provide End-to-End Solution: Provide a complete, integrated platform of services and functions through one sign-on, including best-of-breed partner protocols, and white labeling and customization options.
  • Support Regulatory Compliance: Include support for our clients’ compliance with KYC, KYB, AML, KYT, on-chain records and reports.

By early 2020, Vesto’s platform was sufficiently developed to begin discussions with potential clients and with other companies who would bring important features to the platform, such as a partner to provide insurance for vWallets, and DeFi partners who could deliver the highest yields to users. The positive feedback received from best-in-class companies in the crypto business, and their eagerness to partner with Vesto, confirmed that the platform was years ahead of the competition. Vesto’s partners at the time of this writing include, among others: Coincover (insurance and cold storage), Element (DeFi services), Finclusive (KYC/AML), Uniswap (crypto decentralized exchange), Pinfore (ATM offramp), and multiple crypto partners, including Ethereum, Polygon, Chainlink, Circle and Maker. The company is currently finalizing other best-in-class partner relationships, including NFT Marketplace partners and others. Also, some companies who might have become future competitors have realized that rather than continuing to invest time and money in building the capabilities Vesto delivers, they would be better served by collaborating with Vesto to integrate its platform into their products and services. For more on Vesto’s technology and partners, see the below section titled: Vesto’s Infrastructure and Use Cases.

Feedback from potential clients is quite positive, with nearly every business executive Vesto approached recognizing they would eventually need to incorporate cryptocurrency e-commerce into their business models. However, business executives without direct crypto experience require a great deal of education to understand the evolving crypto and blockchain ecosystem. To help address this need, Vesto began a weekly Webinar in Sept 2020 called The Carsten Show, which features industry leaders and other experts discussing all aspects of the market; and Vesto posts a recording of these at www.vesto.io/webinars. Vesto also finds banking executives somewhat concerned about the future regulatory environment for cryptocurrency services, especially given that many countries were reviewing their applicable statutes and regulations. To address these questions and assure bank executives that Vesto’s platform supports compliance with all known regulations under consideration, Vesto researched, developed and published the paper Cryptocurrency Regulation in the Americas – It’s time to let banks make stable e-currencies work for everyone in June of 2021 available at www.vesto.io/reports. Vesto was also able to assure potential clients that, while it provides custodial governance, multi-sig access controls and administrative services for its smart wallets, Vesto’s vWallets are considered non-custodial since users own their accounts and retain unique private keys for their wallets, giving them complete control over their own assets. That, and the fact that the Vesto platform’s role in transactions is limited to validating and completing transactions, means that Vesto should not need to separately register with the Financial Crimes Enforcement Network (FinCEN) as a money service business (MSB) in the US, or with similar agencies in other countries. This allows for easier adoption and integration within licensed banks, Neo Banks and financial institutions who are already registered as MSBs. Also, since Vesto is not actively choosing or rebalancing users’ assets in the DeFi protocol, it does not act as a financial advisor and is not subject to regulations as such.

The initial intended use case for Vesto’s platform was the banking industry. But it quickly became clear to Vesto’s founders that many other industry verticals had a variety of use-cases that could immediately benefit from the platform’s capabilities. Traditional bank executives generally recognize they need to act soon, but their reluctance to modify traditional business practices and legacy systems, and their concerns about potential regulatory changes, made them slow to adopt. Executives with Neo Banks, FinTech companies, payment processors, and a number of other forward-looking companies have been ready and willing to act more rapidly to expand into crypto services and gain the advantages Vesto’s platform delivers. As a result, Vesto’s early adopters undergoing pilot implementation represent a variety of different industries and an expanding range of use cases. A chart listing the wide range of industry verticals and use cases Vesto is designed to support is included at the end of the next section.

From late 2018 through early 2021, Vesto’s development was entirely self-funded by capital contributions from co-founders and select Vesto team members, and by the sweat equity of its founders and many of its management, staff and advisors. Vesto sought outside funding for the first time in 2021, offering interested individuals an opportunity to participate in a SAFE investment round with a targeted cap of $2.5 million. Vesto’s platform continued to develop through the first three quarters of 2021, and was modified to support more industrial verticals and use cases. In mid-August, the platform officially launched, live on the 33rd episode of The Carsten Show; and it began its pilot-testing with several early clients. At the time of writing this white paper, Vesto has begun pilot implementations with 7 clients. An additional 45 potential clients are in varying stages of development, and over 240 more prospects are identified in Vesto’s customer relationships management (CRM) pipeline. Potential revenue from just three of these early pilots would eliminate the need for additional outside funding to support Vesto’s current business plan. Chris’s vision of three years ago has become reality, with 2022 seen as Vesto’s breakout year.

Vesto’s Infrastructure and Use Cases:

The infrastructure of Vesto’s comprehensive gateway into the cryptocurrency ecosystem can be envisioned as a layered stack of integrated components. The core of this infrastructure’s architecture is comprised of three tiers, the Vesto Protocol, Vesto Cloud Services, and the Vesto Client. Collectively Vesto delivers a full stack of services that provide an end-to-end solution platform designed to be the foundation for any organization to leverage any and all crypto services in an agile, simple, seamless, and scalable way. The primary Vesto architectural layer is the Vesto Protocol. Like a diplomatic protocol for negotiating across disparate institutions and communication channels, the Vesto Protocol provides a set of discreet yet cohesive functions and services that allow for negotiation across varied blockchain protocols, crypto assets, and services. All business logic for providing and engaging crypto services resides in smart contracts written and controlled by Vesto which reside on-chain, so they can easily and reliably integrate and operate with other blockchain protocols, such as Ethereum and Polygon.

Vesto Cloud Services comprises the second tier of the Vesto architecture. All of Vesto’s software services reside in an AWS container which allows for easy and rapid deployment of unique instances of Vesto’s services for each of Vesto’s clients. This layer contains component applications services, including security, monitoring, and reporting services which are fully integrated with their counterparts in the Vesto Protocol to provide robust enterprise grade services. The Vesto Cloud Services houses design templates, APIs and SDK tools which enable clients to quickly integrate with Vesto’s services through Vesto Client, and to modify and white label Vesto’s crypto services to be an extension of clients’ own digital services architecture.

The third tier of the Vesto architecture is the Vesto Client. The key guiding design principle is for the user experience when carrying out a transaction to be as simple as sending an email. Vesto provides mobile applications for both iOS and Android devices, which are available through each respective platform’s marketplace. In addition, Vesto has created a web services client interface that is accessible through any common web browser. The primary component of the Vesto Client is the vWallet, providing an intuitive, up to the minute view of a customer’s assets on deposit, as well as yield status and information on all transactions executed through the Vesto Protocol.

Within this core architecture reside the many smart contract modules that constitute Vesto’s proprietary core code. They manage and integrate the other layered components comprising Vesto’s platform, including the protocols of Vesto’s best-of-breed partners, as well as the integrated elements of Vesto’s clients representing a range of industry verticals and use cases. Vesto’s clients’ applications and use cases can be visualized as sitting on top of our core architecture and integrated with the platform through Vesto Client and Vesto Cloud Services. Vesto’s partners and their protocols provide support for, and are integrated into, the platform through Vesto Protocol. The three tiers of Vesto’s architecture are described in detail below, including how they integrate in Vesto’s Service Architecture.

Vesto’s Architectural Components

Figure 1 - Vesto - Logical Model of Architectural Components

The Vesto Protocol

The Vesto Protocol consists of several native smart contract modules; vWallet, vToken, vDeFi, vBridge, and vSwap, all of which are deployed on-chain, primarily on the Ethereum protocol, to provide a broad array of crypto services as well as providing access and orchestration of functions of other blockchain protocols. There are also some composite services which have components residing in smart contracts on-chain, and others as software components residing in the Vesto Cloud Services. Composite services, such as vLighthouse, vProtect and vFactory provide visibility and control of end-to-end business services offered by Vesto. The Vesto Protocol supports any ERC20 tokens. In addition, Vesto employs a 2-Token process to mint vTokens, including vUSDC, vDAI and vWBTC, which can be paired with underlying deposited tokens, then utilized on other blockchain protocols, like Polygon. This functionality enables Vesto to perform lower cost transactions more efficiently and create higher yield generation opportunities against underlying crypto tokens which are deposited in the vWallet. The 2-Token process is made possible through the complimentary set of smart contracts running within the Vesto Protocol. At a high level, vTokens and vSwap orchestrate the minting and burning of tokens, while vBridge manages the cross-chain (i.e. L1 to L2) activity of crypto assets. vDeFi manages the process of generating high yields with vTokens, such as with Vesto’s partner Element Finance, while vLighthouse and vFactory provide visibility and control across the end-to-end business processes that are taking place – from Vesto Client, through Vesto Cloud Services and the Vesto Protocol.

The Vesto Protocol can also mint and burn NFTs and deposit them into the vWallet like any other ERC20 token. This ability can be utilized as a method to collateralize NFTs or to enter them into escrow as part of a smart contract transaction for auctions or for other transactions. By design, Vesto does not provide a cryptocurrency exchange for NFTs but focuses on treating them as managed assets. All transactions are secured through the vProtect module, which includes a patent pending process called Multisig, for the creation of multi-sig private keys described below, providing the highest level of authentication verification and key recoverability.

The Vesto Cloud Services

As described in the previous section, the application functions of vLighthouse, vProtect and vFactory reside in an AWS cloud container. Along with these three composite services, the cloud container also houses all the Vesto Client services, including API connection points, SDK tools and application templates. This layer of the architecture provides supporting software services for the business logic that reside on-chain in the Vesto Protocol. Dedicated instances of Vesto cloud services can be created for customers who want to develop white label deployments of the Vesto infrastructure.

The AWS Cloud container not only provides secure and unique customer instances of Vesto services, but also offers automation and orchestration capabilities of AWS Compute, networking, secure storage, and other application resources needed to fulfill clients’ business application requirements. AWS can readily provide an easily managed cloud service for integration of Vesto’s platform with a client’s own application ecosystem.

vProtect consists of server components, which includes Vesto’s patent pending Multisig credentials generation and management service. Multisig generates at least three private keys when onboarding an entity that will be issued a vWallet. One private key resides within the vProtect service, a second private key is generated on the user’s personal secured device through a process that does not expose that newly generated key on any network. Finally, a third private key is generated and deposited into cold storage service hosted by CoinCover which ensures a method for clients to recover their private key through an out of network channel. Attached to each entity’s private key is meta-data that enables the assignment of personas to each entity that can be invoked to provide a layered authorization approach to executing transactions. More important or higher value transactions could be designed to be signed-off by certain types of personas, such as an administrator, and could even require multiple signatures to execute a single transaction.

Collectively Vesto’s Cloud Services enrich and facilitate the customer experience when interacting with the services managed through the Vesto Protocol. These software services also can be leveraged by a client to rebrand and integrate Vesto’s platform for incorporation into their existing and emerging application offerings. The Vesto Cloud platform enables developers to create custom interfaces through a published SDK which include several templates for customization.

The Vesto Client

The Vesto Client primarily provides the user interfaces for the vWallet. It can be installed through downloads from either the Apple Store or Android Marketplace. Vesto also provides a web services interface accessible through any modern browser. The vWallet user experience is designed for ease of use to allow the processes of making a transaction as easy as sending an email. Additionally, Vesto provides a developer portal with API documentation which developers can leverage for interacting with services of the Vesto Platform. Vesto’s platform can be white labeled and customized and all of Vesto’s user-facing interfaces can be branded.

A user can be issued more than a single vWallet and an organization can create sub-vWallets which they can manage on behalf of their clients. In addition to providing the user interface for the vWallet, the Vesto Client is also integrated into Vesto’s proprietary process of generating their Multisig vWallet. The customer’s local private key is created and encrypted on the customer's personal device, so it is never exposed on any network. The Vesto Client is the secure end point for customers to initiate transactions and view the status of all assets deposited in their vWallet.

Vesto’s Service Architecture

So how do these three tiers of Vesto’s infrastructure work together? They collectively enable Vesto’s Service Architecture, which provides for the on and off- ramping of crypto and fiat currencies by known entities, which can then have their deposited crypto assets leveraged for DeFi yield investment in a cross-chain transaction workflow that provides higher performance and scaling while reducing transaction costs. The architectural design below shows the services and workflow paths provided through the Vesto platform, including cross-chain transactions and seamless integration with partner services.

Vesto’s Service Architecture has many unique attributes, from the generation of vTokens across blockchain protocols, the minting of NFTs and invoking best-of-breed crypto services, while keeping all transaction processes on-chain. Because Vesto built and controls its own core code, it can also make modifications and extensions to its Service Architecture when needed.

Figure 2 - Vesto Service Architecture

Use Cases for Leveraging Vesto’s Platform

Vesto’s architecture has been designed from the ground up to provide a secure, highly performant, scalable, transparent and low-cost platform that can fulfill a broad array of use cases. Most prominent among the uses of the Vesto platform revolve around financial services, providing an impressive set of benefits to almost every industry vertical and use case utilizing Vesto’s platform. Consistent with Vesto’s guiding principle of being inclusive, Vesto’s financial services use cases are designed to support clients ranging from large multi-national businesses, banks, Neo Banks and financial institutions to retail businesses, and the healthcare, art and real estate industries and more. Central to this guiding principle is Vesto’s commitment to democratize access to the power of blockchain technology and cryptocurrency for everyone. Vesto’s platform enables extension of the consumer banking and Neo Bank industry to also serve the large number of underserved or unbanked people around the world. Anyone with a smartphone, access to the internet and the ability to provide basic documentation can be onboarded and issued a Vesto vWallet. For microfinance transactions, including international remittance of funds, Vesto provides an appealing alternative to traditional payment and remittance services which typically charge high transaction fees, can take several days to process and are plagued with the risks of dealing in cash and by instances of fraud. Vesto can provide remittance services instantly between vWallets and provide fiat off-ramp services at the speed of the local financial institution which is disbursing funds.

In addition to these benefits, any crypto funds left on deposit by individuals transferring funds or sending remittances will earn the depositor yields far higher than traditional savings accounts, without minimum balance requirements, lock-in periods or hidden, convoluted transaction fees. Vesto’s high yield 2-Token DeFi services scale from these individual consumer deposits up to institutional investment and businesses’ asset management applications. Yields are calculated daily and continue growing until the of DeFi deposited assets are withdrawn. Organizations can create sub-accounts to track client deposits and have multiple levels of sign-on controls. Full records of transactions are available through their vWallets.

VESTO INDUSTRY VERTICALS AND USE CASES

  • Banks, Neo Banks and Financial Institutions: Enables the full array of crypto-related services for these industries and their varied client populations, including DeFi services that maximize yields for their balance sheet and for their and their clients’ accounts, enhancing their asset management options.
  • Retail Services: Supports integration of online and brick-and-mortar storefronts with crypto payment services, providing faster and less expensive payment and collection and high DeFi yields on the float and savings
  • Large and Multi-National Businesses: Enables full access to the world- wide crypto ecosystem, including fast, low cost movement of assets and payment processing across borders, high DeFi yields enhancing balance sheets and asset management options, the ability to tokenize and market a wide range of previously illiquid assets, and to manage vendors and materials through smart contracts.
  • Small to Medium Businesses: Access to the same benefits as Retail Services and Large Businesses, and enables optimal use of fiat currency held in cash and savings through the use of Vesto’s high-yield DeFi accounts.
  • Art and Real Estate: Includes NFT tokenization of these and other real assets, opening up the world-wide crypto marketplace for users’ NFTs. Also supports asset management and liquidity pool creation using these tokenized assets.
  • Health & Life Sciences: Empowers fast, inexpensive payment processing and enhanced asset management as with Retail Services and Large Businesses, plus enables use of high yield DeFi accounts to help fund high- cost drugs and care.
  • Other Use Cases: Includes Intellectual Property services, from minting NFTs to escrow services and more; Automotive and Manufacturing, including onboarding and managing vendors and resources with smart contracts; and the Public Sector, including constituent registration and onboarding and benefits disbursement. The industry verticals and use cases are endless.

Conclusion:

Vesto has created a comprehensive enterprise ready end-to-end solution that makes the entire world of blockchain and cryptocurrency e-commerce easily available to any organization. It makes fast, efficient global transactions and remittances accessible to everyone through simple to operate mobile and web-based Apps 24/7 at a fraction of previous costs. Vesto’s clients and users have instant access to the most advanced DeFi services through which they can instantly transact business world-wide and earn previously unavailable high yields on their deposited assets, paid daily. Our state-of-the-art technology is implemented on the Ethereum and Polygon networks, and also has the flexibility to operate on multiple other blockchain networks and manage efficient multi-cross-chain transactions. Our unique multi-token protocol for decentralized services, combined with our ability to do batch transfers cross-chain decreases blockchain congestion and gas fees, while ensuring that our clients’ and users’ assets can rapidly be put to their most efficient and effective use. Most importantly, all these benefits come with the security and peace-of-mind made possible by Vesto’s proprietary Multisig vWallet protocol, KYC, KYB and KYT screening, encrypted on-chain processing, and account insurance. Vesto has eliminated the risks of lost private keys through its cold storage recovery process and has eliminated the headaches many have had trying to transact with cryptocurrency by making all our client and user interfaces user friendly and intuitive. Anyone with a mobile phone and internet access can now have the power of the most advanced institutional traders and investors in their hands at any time of day or night. Lastly, Vesto’s AWS cloud-based client and partner interfaces and integration support make on-boarding of clients, users and partners an easy process; and our best-of-breed partnering strategy assures clients always have access to the best state-of-the-art technology.

A brief review of Vesto’s 6 guiding principles and the wide range of industry verticals and use cases our platform supports, both discussed above, well demonstrates Vesto’s leadership in today’s marketplace. We invite the readers of this publication to consider how Vesto might fit into your, or your organization’s plans. To gain more information on Vesto, or to arrange a demonstration of our capabilities, contact us through our website or by contacting our Chief Marketing Officer listed below. Our entire team looks forward to welcoming you into our growing list of satisfied clients, partners and investors.

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  1. 1Cryptocurrency and crypto are treated here as synonymous and include any digital asset secured by cryptography in a decentralized blockchain network and a distributed ledger enforced by a network of disparate computers.
  2. 2vWallet is Vesto’s proprietary non-custodial smart wallet which can hold a wide range of digital assets. While Vesto provides custodial governance, multi-sig access controls and administrative services, users own their vWallet accounts and retain unique private keys, giving them sole control over their assets
  3. 3Business to business, peer to peer, business to customer/employee, and customer to business transfers.
  4. 4Loans arranged by smart contract through Vesto’s DeFi services.
  5. 5On-chain means transactions are executed and recorded on blockchain and a record of that is added to every participant’s ledger, making it virtually impossible to change, hack, or cheat the system.
  6. 6vTokens are Vesto’s proprietary minted tokens representing users’ digital assets on other networks, like Polygon.

Note: For further information about Vesto, visit vesto.io. For current and prospective Vesto clients and investors, Vesto has developed an expanded version of this publication titled the White Paper that includes all the above information plus a comparison of Vesto’s platform to potential competitors’ products and a vision of Vesto’s future growth potential. Vesto clients and investors can obtain a copy of that document from their Vesto representative.

For enquiries contact:
Prof. Carsten Bartsch, PhD
Chief Marketing Officer, Vesto
carsten@vesto.io