Consumer Guide & FAQs

Introduction

RendBit is a custodial fintech wallet built on Stellar, designed to simplify cross-border payments across Africa. The platform enables users to send, receive, and swap money across borders quickly and securely, without hidden fees or technical knowledge. It is ideal for small businesses, families, and unbanked communities.

RendBit combines custodial convenience, regulatory compliance, and blockchain interoperability, making it possible to operate like a regular fintech app while still benefiting from the security and transparency of Stellar.

1. Architecture & Technical Design

Q: How is RendBit built, and what does its architecture look like?

  • Modular & Scalable:

    • Backend built on Node.js + TypeScript, enabling scalable, high-performance services.

    • Frontend built on React.js + TypeScript with Vite, Redux, and Tailwind CSS for responsive UI.

    • Each module (wallet management, KYC, transfers, swaps) functions independently but integrates seamlessly.

  • Integration with External Entities:

    • Stellar blockchain powers cross-border transactions.

    • Licensed anchors like LINKIO handle fiat-to-crypto conversions.

    • Banks, payment processors, and remittance services integrate securely for compliant operations.

  • User-Centric Design:

    • Abstracts blockchain complexity; users interact like with a regular fintech app.

    • SEP-10 authentication ensures wallet ownership.

    • KYC credentials are linked to anchors for reusable verification across services.

2. Data Storage & Interoperability

Q: How does RendBit manage user data and cross-platform operations?

  • Secure Storage:

    • MongoDB stores transaction and user data.

    • Redis caches frequently accessed data for faster access.

    • KYC and wallet keys are encrypted using AES, and access is restricted to authorized parties.

  • Cross-Platform Usability:

    • Users can send/receive funds across multiple African countries.

    • Anchor-linked KYC allows seamless verification for deposits, transfers, and swaps.

    • Blockchain addresses are optional, visible only for users who want them.

  • Offline Availability:

    • Time-locked permissions ensure data access even when users are offline.

    • Anchor-linked verification guarantees transactions continue uninterrupted.

3. Security & Cryptography

Q: How does RendBit keep user funds and data safe?

  • Encryption & Authentication:

    • AES encryption for wallet keys and KYC data.

    • Passwords hashed with bcrypt.

    • Two-factor authentication (2FA) available.

    • SEP-10 ensures only rightful owners can access wallets.

  • Blockchain Security:

    • Stellar blockchain guarantees transparent, near-instant transfers.

    • Transactions are traceable without compromising privacy.

  • Operational Security:

    • Docker ensures consistent deployment across environments.

    • Nginx acts as a secure reverse proxy.

    • Automated testing and monitoring prevent system failures and breaches.

4. Cost & Incentives

Q: How does RendBit reduce costs and improve efficiency?

  • Lower Transaction Fees:

    • Removes traditional middlemen, reducing processing costs.

    • Stellar blockchain ensures low fees for cross-border payments.

    • Transparent exchange rates, no hidden charges.

  • Operational Efficiency:

    • Reusable KYC reduces repeated verification costs for institutions.

    • Automatic compliance checks minimize human error.

  • User Convenience:

    • Enables seamless deposits, transfers, and swaps.

    • Empowers small business owners, families, and unbanked users to transact easily.

5. Ecosystem & Partnerships

Q: Who does RendBit collaborate with?

  • Licensed Anchors & Banks:

    • LINKIO provides fiat on/off ramps.

    • Licensed banks and payment providers ensure regulatory compliance.

  • Integrations:

    • Flutterwave for fiat payments across Africa and globally.

    • Stellar Horizon API for blockchain interactions.

    • CoinMarketCap for live crypto market data.

  • RendBit Consortium:

    • Continuous expansion of partners to enhance interoperability.

    • Secure, fast, and legally compliant cross-border transfers.

    • Supports a connected African financial ecosystem.

6. KYC Reusability

Q: How does RendBit simplify verification?

  • Anchor-Linked KYC:

    • Verified KYC is linked to Stellar anchors like LINKIO.

    • SEP-10 authenticates wallet ownership without repeating KYC for each transaction.

  • Operational Efficiency for Businesses:

    • Financial institutions rely on verified credentials from onboarding.

    • Reduces repeated verification, errors, and operational costs.

  • Secure & Compliant:

    • KYC data is encrypted, with selective disclosure for authorized parties.

    • Works offline with time-locked permissions to maintain compliance.

7. Legal & Regulatory Considerations

Q: How does RendBit handle compliance across borders?

  • Operates within regulated environments, adhering to AML, CTF, and KYC laws.

  • Collaborates with anchors and banks licensed in their jurisdictions.

  • Ensures data protection according to NDPR, GDPR-like principles, and emerging African regulations.

  • Reusable KYC, time-locked permissions, and selective disclosure maintain compliance and operational continuity.

8. Getting Started: What You’ll Need

  • A modern device (smartphone, tablet, or laptop).

  • Stable internet connection.

  • Modern web browser: Chrome, Firefox, or Safari.

  • Basic personal information for KYC (ID, phone number, email).

9. Frequently Asked Questions (FAQs)

Q1: Can I use RendBit without knowing blockchain?

  • Yes. The UI abstracts blockchain complexity. Users can transact like a regular fintech app. Blockchain addresses are optional.

Q2: How fast are cross-border transfers?

  • Near-instant settlements via Stellar blockchain. Low fees, transparent rates, no hidden charges.

Q3: How secure is my data?

  • Wallet keys and KYC data encrypted with AES. Two-factor authentication available. SEP-10 ensures wallet ownership.

Q4: Can I reuse my KYC for multiple transactions?

  • Yes. Anchor-linked KYC allows reuse for deposits, transfers, and swaps without repeated verification.

Q5: What happens if I’m offline?

  • Anchor-linked KYC and time-locked permissions ensure your funds and verified credentials remain usable.

Q6: Can I send money to someone without RendBit?

  • Yes. Funds can be sent to external accounts, banks, or cash-out partners.

Q7: Which currencies can I use?

  • RendBit supports multiple fiat currencies and stablecoins. Swap features allow seamless conversion.

Q8: Who regulates RendBit?

  • RendBit collaborates with regulated anchors, banks, and payment institutions across Africa. Compliance with AML, KYC, CTF, and NDPR is enforced.

Q9: How do I deposit funds?

  • Deposit via crypto or fiat using LINKIO or other approved anchors. Transactions are credited to your Stellar wallet.

Q10: Can I view my blockchain address?

  • Yes, for users who want transparency. But it’s optional; normal fintech interface hides blockchain complexity.

PreviousIssue GuideNextOfficial links

Last updated