Why a Solana Wallet

MomentMM uses Solana for fast, low-cost financial transactions and to deliver instant cashback rewards to users. This page explains how wallets are created, how we keep them secure, how cashback is calculated and sent, and where to find more information.

Why Solana?

• Sub-second finality (≈400ms) for near-instant transfers
• Extremely low fees (average $0.00025 per transaction)
• High throughput and a mature DeFi ecosystem
• SPL token support for future MMMT token and on-chain integrations

Read more: https://www.momentmm.xyz/learn/why-solana-wallet

Wallet Creation (one-click)

• MomentMM offers a one-click Solana wallet creation flow using BIP-39 mnemonics and Solana key derivation (m/44'/501'/0'/0').
• On creation we:
  1. Generate a mnemonic (12 words) using bip39
  2. Derive a Solana keypair from the mnemonic
  3. Encrypt the private key and mnemonic with AES-256-CBC
  4. Store the encrypted secrets in the wallets table (server-side)

Encryption & Safety

• Encryption key is derived from SHA-256(user_email + ENCRYPTION_SECRET) and a unique IV per wallet.
• Private keys are decrypted in-memory only when signing transactions and are immediately cleared.
• Users can export encrypted backups and are encouraged to store their seed safely.

How MomentMM Uses Solana

• Payments and reward transfers are done on Solana Mainnet via Alchemy RPC.
• Server signs reward transactions from a hot server wallet (encrypted private key) with retry logic and confirmation checks.
• Transaction records (signatures) are stored in the database for audit and explorer links are provided to users.

Cashback Flow (10%)

1. User RSVPs and pays the event fee (INR) using Razorpay.
2. Host accepts the RSVP in their dashboard.
3. Backend calculates cashback = 10% of the RSVP amount.
4. Backend fetches live SOL price (Binance + exchange rate API), converts INR → SOL.
5. Backend creates and signs a Solana transfer from the server wallet to the user's public key.
6. User receives SOL in their wallet; frontend displays transaction signature and explorer link.

Example:

• Event price: ₹500 → Cashback: ₹50 → Converted to 0.004 SOL (example rate)

Edge Cases & Troubleshooting

• If a user hasn't created a wallet, the system holds the NFT ticket in the server wallet and prompts the user to create a wallet to receive cashback.
• Network failures: reward API retries up to 3 times with exponential backoff and logs errors for manual review.
• Refunds/chargebacks: may affect reward eligibility — see Terms of Service.

Links & Resources

• Whitepaper section on wallets and rewards: /whitepaper.md#pillar-1-non-custodial-solana-wallets
• Learn more: https://www.momentmm.xyz/learn/why-solana-wallet

If you'd like, I can expand this page with diagrams, code examples (minting and reward API), or add a troubleshooting checklist for users.