✨Overview

What is Prak?

Prak is a smart wallet that lets you fully control, safely store, and easily manage your cryptocurrencies. It keeps your funds secure with strong protections and makes transactions quick and simple, all while ensuring you stay in charge without relying on others.

Why we started PRAK?

We started PRAK (Smart Wallet) to give people full control over their finances by moving beyond the limitations of traditional banking systems. Unlike banks, which are centralized, slow, and often inaccessible to many, PRAK is built on blockchain technology to provide fast, secure, and transparent transactions. It empowers users with complete ownership of their assets, removing the need for intermediaries or custodians. PRAK introduces smart features such as multi-signature approvals, batch transactions, and automated payments—tools that modern users and businesses need but banks don’t offer natively. We aim to improve financial accessibility globally, allowing anyone with a smartphone and internet connection to participate in the digital economy.

Mission Statement

We want to create a smart wallet application that leverages modern technologies such as blockchain, smart contracts, non-custodial features, and cryptocurrency. Our goal is to help people:

• Manage and Store digital assets like PRK, USDT, and more

• Send, receive, and save digital assets with low fees

• Stake tokens to earn rewards

• Use DeFi platforms to borrow, lend, and grow their assets We aim to replace traditional banks and give everyone more freedom, control, and financial opportunities.

Problem

• Multi-Signature Functionality: Without multi-signature options, users are more likely to lose their crypto if their account gets hacked. If only one person can control the funds, it makes it easy for a thief to take everything. This lack of security can make users feel unsafe about storing their crypto in the wallet. Additionally, when multiple people need to manage crypto together, it can lead to disagreements if there’s no shared control.

• Auto Payment: Without auto payment features, users have to remember to pay their bills on time. This can lead to missed payments and late fees, which can be frustrating and costly. Keeping track of payment deadlines adds extra stress to managing finances. Also, not having automatic payments makes it harder for users to stay organized and can make using the wallet feel less convenient.

• Batch Transactions: Without batch transactions, users end up paying more in fees because each transaction costs money. This can add up quickly, especially for those who make many payments. The process of handling each payment one by one takes more time and effort, which can be tiring. Moreover, doing things manually increases the chance of making mistakes, like sending the wrong amount or choosing the wrong person to pay.

Solution

To tackle the issues outlined in the previous chapter, we propose creating a Smart Wallet application that leverages modern technologies such as Web3, blockchain, smart contracts, non-custodial features, and cryptocurrency. Each of these components plays a vital role in enhancing security, efficiency, and user experience.

1. Web3 Integration Introduction: Web3 technology enables a seamless connection between users and decentralized applications (dApps). This integration empowers users to interact directly with blockchain networks without relying on intermediaries. Key Functions: . User-Friendly Interface: Provides an intuitive design that simplifies navigation and transaction processes.

• Direct dApp Access: Allows users to access a variety of decentralized services, such as DeFi platforms and NFT marketplaces, directly from the wallet.

• Enhanced Security: Facilitates secure transactions by connecting users directly to the blockchain, reducing the risk of third-party interference.

1. Blockchain Technology Introduction: Blockchain serves as the foundational technology for the Smart Wallet, ensuring that all transactions are secure, transparent, and immutable. This decentralized ledger enhances trust and accountability. Key Functions:

• Transaction Verification: Every transaction is recorded on the blockchain, allowing users to verify and track their activities.

• Immutability: Once a transaction is recorded, it cannot be altered, significantly reducing fraud risks.

• Transparency: Users can access the public ledger to review transaction history, fostering confidence in the system.

1. Smart Contracts Introduction: Smart contracts automate processes within the Smart Wallet, executing transactions based on predefined rules. This reduces the need for manual intervention and enhances security. Key Functions:

• Automated Transactions: Executes payments and transfers automatically when set conditions are met, ensuring timely and accurate transactions.

• Conditional Logic: Allows users to create complex agreements that trigger actions based on specific criteria, such as time or events.

• Reduced Errors: Minimizes the potential for human error by automating routine processes.

1. Non-Custodial Features Introduction: A non-custodial approach ensures that users retain complete control over their private keys and funds. This design minimizes reliance on third parties and enhances security. Key Functions:

• User Control: Users manage their own private keys, providing them with full ownership of their assets.

• Increased Security: Reduces the risk of hacks or theft since there is no central authority storing users’ funds.

• Privacy Protection: Users’ transaction data remains private, as they are not stored by a centralized service.

1. Cryptocurrency-Based Transactions Introduction: Supporting multiple cryptocurrencies allows users to hold and transact in various digital assets. This flexibility meets the needs of a diverse user base and enhances the wallet's functionality. Key Functions:

• Multi-Currency Support: Users can manage and transact with a variety of cryptocurrencies, broadening investment opportunities.

• Easy Conversions: Facilitates seamless swapping between different digital assets within the wallet.

• Real-Time Tracking: Provides users with up-to-date information on their cryptocurrency holdings and market values.

1. Batch Transactions Introduction: Batch transactions allow users to process multiple transactions in a single operation. This feature enhances efficiency and reduces costs associated with individual transactions. Key Functions:

• Cost Reduction: Users can save on transaction fees by combining multiple transactions into one, lowering overall costs.

• Time Efficiency: Executing several transactions at once saves users time, making the wallet more convenient for frequent users.

• Simplified Management: Users can easily manage multiple payments or transfers, reducing the complexity of handling each transaction separately.

1. Auto Payment Introduction: The auto payment feature automates recurring transactions, allowing users to set up payments for various services without needing to remember deadlines. This functionality is particularly beneficial for managing subscriptions and utility payments, ensuring that users stay current with their financial obligations. Key Functions:

• Subscription Payments: Users can set up automatic payments for subscriptions to services such as streaming platforms, software licenses, or memberships. By automating these payments, users can enjoy uninterrupted access to their favorite services without the worry of missed payments. The feature allows users to customize payment amounts and schedules, adapting to their changing needs.

• Utility Payments: The auto payment feature enables users to automate payments for essential utilities, such as electricity, water, and internet services. This ensures that bills are paid on time, preventing service interruptions and late fees. Users can receive notifications or reminders before each payment is processed, giving them peace of mind while managing their household expenses.

• Scheduled Payments: Users can set up automatic payments for regular bills, subscriptions, or services, ensuring they are never missed.

• Customizable Settings: Users can adjust payment amounts, frequency, and recipients, allowing for flexibility in managing finances.

• Notification Alerts: The app can send reminders or alerts before scheduled payments, helping users stay informed about upcoming transactions.

1. Multi-Signature Functionality Introduction: Multi-signature functionality requires multiple approvals for transactions, enhancing security and shared control over funds. This is particularly useful in collaborative financial settings. Key Functions:

• Enhanced Security: Transactions cannot be executed without the approval of multiple parties, significantly reducing the risk of unauthorized access.

• Shared Control: This feature is ideal for groups or partnerships, allowing all members to have a say in financial decisions.

• Transaction Tracking: Users can view the status of pending approvals, promoting transparency and accountability among all involved parties.