FAQ

We choose Ethereum as the main platform due to its performance in terms of decentralization and security.

Avalanche is a top ranked platform, compatible with the Ethereum Virtual Machine (EVM) and supports Solidity-based smart contracts.

Ethereum and Avalanche are decentralized, open-source proof of stake blockchains with smart contract functionality. ETH and AVAX are the native cryptocurrencies of the platforms respectively.

We recommend using Ethereum for high value payments and Avalanche for low value payments. Fees on Avalanche are much lower than those on Ethereum.

The native currency in Ethereum (ETH) and the native currency in Avalanche (AVAX). We work with two stable coins: USDC and EURC. Besides that, you can receive and transfer any token ERC-20 and ERC-721/NFT.

We choose USDC for its reputation, support, and exceptional infrastructure.

USDC can be used as a substitute for cash in digital transactions, as its value will remain pegged to the US Dollar. However, it is not officially recognized as cash and is instead considered a cryptocurrency.

EURC is a euro-backed stablecoin issued by Circle Internet Financial, designed for stability and issued under the same full-reserve model that has made USDC one of the world's most trusted digital currencies.

Centre, founded by Coinbase and Circle, makes a great effort to comply with audits and governmental regulation, and has more transparent, fully-backed reserves.

Network fees are calculated for each new block.

Network fee = (baseFeePerGas + maxPriorityFeePerGas) * gasUsed

The public contract - soliditybank.eth - holds all the funds. Every USD/EUR deposited by account holders is converted to USDC/EURC on the public chain.

You can create contracts based on a standard, like ERC-20 or ERC-721, or custom contracts based on your specifications.