XDEX features an advanced blockchain wallet management system, which enables an enterprise level of governance and controls. Additionally, when structured properly, it mitigates the risk of loss of blockchain-based cryptoassets due to passwords being lost or forgotten – a superior advancement over other blockchain frameworks.
For example, the following structure could be created to reflect the weighting and voting of an organization’s governance.
Imagine a company that has a Chief of Financial Officer (CFO) and some departments working for him, such as the Treasurer, Controller, Tax Manager, Accounting, etc.
The company also has a CEO and a COO who want to have spending or asset account privileges. Therefore, we construct an authority for the funds according to the following:
The CEO, COO, and CFO have their own authorities. But, the COO and CFO account could also have multiple depths, representing a cascading hierarchy of organizational structure and weighted decision authority. This would look like the following:
This example schema allows:
- the CEO to spend funds
- the CFO to spend funds
- the COO to spend funds
- the Treasurer together with Controller to spend funds
- the Controller or Treasurer together with wither the Tax Manager or Accounting to spend funds.
The weighted vote of various deputy staff members to combine their votes to represent a weighted representation for each department
Hence, any attempt to transact at an arbitrary depth can be spanned to construct a flexible authority model to reflect mostly any business governance use-case.
This multi-signature weighting protocol also enables approval processes for 3rd-party intermediaries such as custodians, trusts, and banks.