Kidcoin: Blockchain-Powered Family Finances

4ire Labs started a collaboration with Kidcoin in 2018. The Kidcoin team was looking for ways to create a transparent and reliable platform for money management. Nowadays, people have access to countless opportunities to earn, spend, save, and invest, thus it’s important to manage these resources properly. 

The clients’ vision was to help children become more resourceful, generous, and responsible and assist them with managing their money proactively, minimizing debt wherever possible, and practicing healthy financial habits. Our specialists helped to create an architecture vision for Kidcoin and then create a modern, blockchain-based transparent platform for families and children.

4ire Labs contribution and value

4ire Labs team created the whole Ecosystem and Digital Economy for the Kidcoin platform. 

The platform allows the interaction of the following users:

• Kids: the main users of the platform. The platform helps children understand and learn quickly how to manage their savings, invest them, and prioritize their spendings.
• Parents: Parents can create automatic or incentive-based allowance distributions, make real-time transfers, track spending, encourage saving, and more. 
• Educators: Kids often spend more time with teachers than their own families. Therefore, these groups need to be part of the paradigm shift that Kidcoin envisions – properly recognized for their impact on society and empowered with resources and adequate tools.
• Corporate and Nonprofit Entities: Kidcoin was planned to become the currency that enables corporations, nonprofits, institutional and individual donors to engage with and reward users for improving and consuming their products and services, aligning with their mission-driven objectives, and making the world a safer, more financially savvy place.

We took part in the whole development, from the architecture vision to production.

Technical part

For the development, the Kidcoin team chose blockchain technology as it is scalable, secure, and generally very advantageous.

We used: 

1. Сloud-based technologies. 

2. Web and Mobile Access for users

3. Significant User Interface and User Experience which allows:

• overview status of funds in all accounts via the dashboard
• children allowance distribution and automation
• children transactions monitoring

All sensitive static data was encrypted in the Kidcoin system. Our engineers developed a Multi-Factor Authentication to make the product more secure and protected.

Why 4ire Labs? 

As a company, we’ve been working since 2010. During this time we had completed hundreds of projects which broadened our expertise. Kidcoin was looking for a long-term partnership with a consulting and development company. They decided to move forward with our team because at that time we already had fintech and blockchain cases in our portfolio. 

Now we keep working on fintech and blockchain-based projects.

We offer the following solutions:

Custom financial software development. We deliver a full-scale product development strategy, underpinned by the latest tech innovations in the financial sector, and bring in our deep domain expertise as a trusted financial software development partner. We allocate our experts both for long-term and short-term cooperation. 

AI & Data Science consulting. From business problem assessment and strategy-level consulting, technical vision creation to prototyping, and solution development/implementation. 

Solution Architecture Design. Our experienced Solution Architects can provide you with expert design services and independent advice which will ensure your business stays agile without compromising security.

Blockchain development. We help our clients get all the advantages of blockchain financial services and get a competitive edge over rivals through the power of smart contracts, P2P networks, decentralized apps, and digital IDs.

Design Sprint for innovative ideas validation. 4IRE Labs helps facilitate the process and saves development time and money by solidifying concepts and building the groundwork for wireframing and designing.