As more people get into crypto and start buying bitcoin and other digital assets, one of their biggest concerns is to how to keep their crypto safe and never lose access to their funds.
A big percentage of them uses custodial wallets, because don’t require as much responsibility and are usually more convenient. But with custodial wallets another party controls your private keys. Most custodial wallets these days are web-based exchange wallets.
Custodial wallets may be considered less secure than a non-custodial wallets. Over the years there have been numerous hacks on crypto exchanges, which is why many people turning to non-custodial wallets. With a non-custodial wallet, you have sole control of your private keys. While non-custodial wallets don’t require you to trust a third party, they do require you to trust yourself to keep your keys and your wallet secure.
But people still make mistakes that can be lethal. In some cases they don't backup up their keys or are careless in how they store their paper wallet. If someone were to discover the your paper wallet or password, they could drain your funds without your knowledge.
For most people backing up private keys and safely storing backup seed phrases can be complicated. People have been locked out of their Bitcoin fortunes as a result of lost or forgotten keys. Out of the existing 18.5 million bitcoin in circulation, around 20 percent — currently worth around $150 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis.
Bitcoin owners who are locked out of their wallets speak of endless days and nights of frustration as they have tried to get access to their fortunes. Earlier this year, the NYTimes published "Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes."
Who needs this hassle and frustration? Who needs to manage one more thing... don't we have enough things to remember and manage in our lives?
Our team has spent months considering the most secure way for users to back up their digital assets. With our backup functionality, which users perform when they sign up to use our wallet, we make the cryptocurrency experience safer and simpler.
When you sign up and create your wallet we generate two secrets using a distributed key generation protocol. One is stored on your mobile device and the other on our servers. These two secrets are used to sign transactions. We encrypt and store your secret on your personal cloud and scan your face, which we use to authenticate you, when you need to restore your wallet.
When you restore your wallet, all you need to do is scan your face. We compare the scan with the one that was created when you signed up. If there is a match, the app retrieves and decrypts the backup from your personal cloud, and the wallet is restored.
This functionality is live and working in our app. If you have an Android phone, download our app and try it. Trust us, you'll sleep better at nights.