IOST Wallet Series – Part 3 of 3: Securing Your Cryptocurrency

This third and final part focuses on a general overview on how to secure your cryptocurrency wallet. One of the greatest advantages of blockchain …

This article is the final part of our IOST Wallet series. The first part is A Beginners Guide to IOST Wallet, the second part is a guide on IOST Wallet Resources. This third and final part focuses on a general overview on how to secure your cryptocurrency wallet.

One of the greatest advantages of blockchain technology is its security, also the major threat to the industries acceptability is security too. With reports of hacks and security threats in the news every day. There is a need for Blockchain users to know and understand how to secure their hard-earned fund from hackers, phishers and cyber thieves. This guide focuses on how to protect users cryptocurrency asset.

Not Your Keys Not Your Crypto

One of the most important principles to remember when you invest in cryptocurrency is the principle of “Not your keys, not your crypto.”

This quote is popular in the cryptocurrency circle this simply means if you don’t hold the private key of your wallet, then it is fair to say your cryptocurrency in such wallet isn’t yours. A lot of people will ask what of exchange sites? As much as you would want to trust an exchange site, a major hack can happen and your funds on the exchange site stolen which could be hard for the exchange to refund.

The best practice is to allocate enough funds that you need to trade and move your money off the exchanges once the transaction is completed.

Always Back Up your Private Key

Your private key is your access to your personal wallet if you misplace or don’t have a copy of your private key then it is impossible to access your wallet hence your cryptocurrency. The best practice at all time is to have a copy of your private key saved on as much as possible secure location.

1. Save your private key where only you can access it.

2. Be careful of saving your private key on google drive or any cloud storage.

3. Do not save your private key on a friends device.

4. Never share your private key with anyone.

Use Cold Wallet

Cold wallet are hardware wallet, a hardware wallet is a physical device that is kept offline but has the ability to be plugged into a computer when needed. Hardware wallets are safe because when you make a transaction, they ask you to confirm each one by pressing a button on the device. They are pretty much hacker-proof. Examples are Trezor, Ledger Nano e.t.c

1. Always buy a hardware wallet from an official supplier.

2. Do not buy a second-hand hardware wallet or through a third party.

3. Use only trusted hardware wallet with PIN or Password.

4. Never share your password or pin with anyone.

Other Security Practices

1. Update your wallet software often.

2. Be careful of apps installed on your device (mobile/PC) where your wallet is located.

3. Secure your wallet with multi-signature to protect against theft.

4. Add an extra layer of security like 2FA if possible.

5. Check your wallet often to check for security leak and if any is found move your cryptocurrency immediately.

Securing A Compromised IOST account

Let us assume after taking all of the security measures posted above you found out that your IOST wallet has been hacked or maybe your IOST token or other relative tokens like TIX, LOL, iPLAY or METX token is been moved by hacker, relax there are still ways to make sure you take control of your account back and send your funds before the hacker does.

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RPT-FACTBOX-Facebook’s cryptocurrency Libra and digital wallet Calibra

… Holdings Inc, eBay Inc, Uber Technologies Inc and Vodafone Group Plc, as well as venture capital firms Andreessen Horowitz and Thrive Capital.

(Repeats with no changes)

By Katie Paul and Anna Irrera

SAN FRANCISCO/NEW YORK, Sept 13 (Reuters) – Facebook Inc revealed lofty plans to establish a cryptocurrency called Libra in June, but the project quickly ran into trouble with skeptical regulators around the world.

Opposition deepened on Friday, when both France and Germany pledged to block Libra from operating in Europe and backed the development of a public cryptocurrency instead.

Facebook’s goal is for Libra to be run by an association of other corporate investors and non-profit members, with an expected launch in the first half of 2020.

Here are some details about Facebook’s plans:

THE COIN

Libra will be a digital currency backed by a reserve of real-world assets, including bank deposits and short-term government securities, and held by a network of custodians.

The structure is intended to foster trust and stabilize the price.

Although Libra prices may not always align with the underlying assets, holders should have a “high degree of assurance” that they can convert coins into traditional currency based on an exchange rate, according to the project’s information.

Libra will trade on a network of exchanges, which Facebook did not identify.

TECHNOLOGY

Libra transactions will be powered and recorded by a blockchain, which is a shared ledger of transactions maintained by a network of computers.

The Libra blockchain will be permissioned, meaning that only entities authorized by the governing association will be able to run the computers. Its governance differs from bitcoin, which does not have an entity in charge.

The software will be “open source,” meaning companies outside the association can build applications on top of it.

The association plans to move toward a permissionless blockchain within five years of Libra’s launch.

THE ASSOCIATION

The Libra Association is a 28-member independent non-profit based in Geneva, Switzerland. It will oversee major decisions about the digital coin.

Members include Mastercard Inc, Visa Inc, Spotify Technology SA, PayPal Holdings Inc, eBay Inc, Uber Technologies Inc and Vodafone Group Plc, as well as venture capital firms Andreessen Horowitz and Thrive Capital.

There is a minimum $10 million investment to join, except for non-profit members like financial inclusion group Kiva. The association aims to have 100 members by launch.

Each will have one vote on important issues. Facebook will be a member via Calibra, a newly created subsidiary that will offer a digital wallet for Libra.

THE WALLET

Individuals and merchants will be able to use Calibra to store, send and receive Libras.

It will be available as a standalone app on smartphones, as well as a button within Facebook’s Messenger and WhatsApp products.

Facebook eventually wants to make Calibra available for transactions across its family of apps, such as digital checkouts for purchases on Instagram.

The company appears to be betting it can squeeze revenue out of its messaging services through transactions and payments, something that is already happening on Chinese social apps like WeChat.

Executives envision users purchasing Libra through the app either by linking a bank account or, for people without banks, at physical locations like cash transfer businesses and convenience stores.

Calibra engineers are involved in building the blockchain, though Facebook says it intends to keep the currency and the wallet in separate entities.

Calibra has about 100 employees, mostly based at Facebook’s headquarters in Menlo Park, California, as well as in Tel Aviv. Calibra executive Kevin Weil told Reuters he did not foresee a dramatic expansion beyond that headcount.

PRIVACY AND SECURITY

Every person who uses Calibra will have to go through a “know your customer” process, which verifies user identities to prevent financial crimes.

That means anyone who signs up must share a government ID and other personal information.

Calibra will provide support to customers who lose phones or their passwords and refund customers whose Libras are stolen by fraudsters, Facebook said.

Calibra will only share user data with parent company Facebook and third parties when it has customer consent, or in other “limited cases,” such as when law enforcement requests information, according to a statement.

Facebook pledged not to use Calibra data to improve ad targeting.

Businesses will see the same information about customers who pay with Libra as they do about customers who pay with credit cards, Weil told Reuters.

REGULATION

Regulators have raised eyebrows about the Libra project since the week of its launch, citing concerns about its impact on the financial system, user privacy and its potential for use in money laundering.

The Group of Seven advanced economies warned in July that it would not let Libra proceed until all regulatory concerns had been addressed.

U.S. authorities have also expressed caution, including a senior Treasury official who visited Switzerland earlier this week to discuss regulatory standards for cryptocurrencies.

Shortly afterward, Swiss authorities said Libra would be more than just a payments systems and would therefore be subject to extra requirements that typically apply to banks.

The project suffered another setback on Friday, when the French and German finance ministers said that virtual currencies pose risks to consumers, financial stability and even “the monetary sovereignty” of European states.

(Reporting by Katie Paul and Anna Irrera; Editing by Cynthia Osterman)

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Trust Wallet enables FIO Addresses making it easier to transact in cryptos

The co-founder of Ethereum Vitalik Buterin, for instance, could replace his Ethereum address, 0xAb5801a7D398351b8bE11C439e05C5B3259aeC9B …

Trust Wallet, a secured multi-cryptocurrency wallet, announced that it will enable a feature that lets its clients simplify their blockchain public addresses.

The firm will integrate FIO Addresses into its platform available for purchase to all users. FIO Addresses make it easier to transact with cryptocurrencies because it replaces the need for cryptic blockchain public addresses with an address that is formatted like: “username:domain.”

The co-founder of EthereumVitalik Buterin, for instance, could replace his Ethereum address, 0xAb5801a7D398351b8bE11C439e05C5B3259aeC9B, for something like “vitalik:trust” if he was using the Trust Wallet platform.

“This is a big step forward in user experience that will improve crypto usage and it is available for all coins supported with Trust Wallet,” saidViktor Radchenko, founder of Trust Wallet.

The integration of FIO Addresses will also allow users to request payments in the cryptocurrency of their choice and add metadata to transactions, such as notes, for storing purposes. These addresses can be reserved on the Trust Wallet app and will have an annual fee of 2 USDC.

Trust Wallet was originally released in November 2017 as an open-source Ethereumwallet. Now, it supports a wider range of digital assets and a browser for several decentralized applications (dApps). On July 2018, Trust Wallet was acquired by Binance to add an on-chain mobile wallet to the list of Binance services with other future integration possibilities.

“The Trust Wallet brand and team will retain the autonomy and freedom to develop the core product while benefiting from the increased synergy from Binance, including the broad user base and the upcoming DEX,” read the announcement.

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Filed Under: Binance

Ali MartinezAli Martinez

After Ali began forex trading in 2012 In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin.

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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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How will you choose which Ethereum Wallet to go for

You can look for a mobile app development company if your purpose is to develop an online mobile cryptocurrency wallet. Many companies are …

Ethereum wallets might be a new term for those who are only aware of bitcoins as a form of cryptocurrency. The development of blockchain applications is mainly helpful for various financial purposes.

Ethereum wallets might be a new term for those who are only aware of bitcoins as a form of cryptocurrency. In that case, choosing which Ethereum wallet to go for can be a difficult move.

It is essential to go through the fundamentals of the terms associated with the working of Ethereum wallets and their development. Unlike bitcoins, the processing of Ether currency is a bit complex.

image

The complexity comes in terms of communication if interacting with contracts. The purpose of Ethereum currency is to execute contracts through a supercomputer.

Contracts are the code pieces. The Ethereum wallets help in complex contract communication. We can choose the best Ethereum wallet by understanding how they are developed.

A Blockchain development company provides services in many areas. The storage of Ethereum is a bit complex and thus it completely depends on the user that which wallet will serve him/her best.

You can look for a mobile app development company if your purpose is to develop an online mobile cryptocurrency wallet. Many companies are providing these services nowadays.

The company that provides custom web development services can help you to create apps for Ethereum wallets. The Ethereum wallet that can be operated on your computer, as well as your mobile, can be a great option for business purposes.

Types Of Ethereum Accounts

Your private key is in the hands of the Ethereum wallet which allows you to use your coins. People can send you ether currency through the ether address provided in your wallet.

The network provides you two types of accounts namely EOAs and Contract Accounts.

  1. EOAs: They are Externally Owned Accounts. These accounts contain a private key that controls the Ethereum address. One is allowed to open as many wallets as one wants. EOAs create and trigger contracts to transact Ether.

  1. Contract Accounts: The contract accounts are based on codes as the name suggests. Every contract comes with a unique ether account and address. However, there cannot be any changes in the contracts once they are made. The contracts are controlled not through a private key ut a set of pre-defined triggers. The transactions can be made similar to an EOA account. The ability to open a new account depends on contract programming.

Read the blog- Top Key Players For Blockchain In Security Market Is Booming Worldwide

Transaction Mechanism

The messages medium is used for the interaction of EOAs and contracts or the interaction of EOA with another EOA. Transactions contain wrapped up messages.

The Ethereum Wallets are used for the following reasons.

  1. Basic Transaction: Sending Ether from one account to another.
  1. New Contract Creation: The transactions contain the codes required to build new contract accounts.
  1. Trigger: You can activate a specific contract through the transaction mechanism. This way you can get a particular task performed.

Different Types Of Ethereum Wallets

Now as we are through with the construction of the Ethereum and transaction phenomenon its time to catch the main topic. Let us first know what are the types of Ethereum wallets available for you.

This way you would be able to select which Ethereum wallet you should go for as per your needs.

  1. Full node/client/wallet: This type of wallet stores complete blockchain history. This helps you to verify every transaction detail at any point in life. Although consume more memory and space of your computer. The codes can be executed in a decentralized manner using full nodes. Each node executes code after receiving a transaction block.
  1. Smart contract wallets: These types of smart wallets can be used to trigger contracts through transactions. The other term used for wallets is nodes and clients. Clients are further classified into light clients and full clients.
  1. Light node/client/wallet: With the emerging custom web development services the invention of a light node was quite predictable. These wallets are designed to be useful for those who have less memory space in their computers. They can be operated on mobile phones as well. They attain information through third-party nodes.

Popular Ethereum Wallets

There are many companies providing blockchain app development services. Now they have been focussing on building a more user-friendly interface.

Listed below are those popular light node wallets that prevent you from writing smart contracts:-

Features of MyEtherWallet:

  • Open-source wallet
  • Smart contract wallet
  • Can be Access through the internet browser
  • Allows transaction of Ether, Ethereum Classic, ERC20 tokens
  • Encrypted file for the private key, MEW does not have access to your coins
  • Can be used for controlling hardware wallet
  • May lead to phishing or DNS attacks.

Features of Hardware wallets:

  • Private key stored offline in a piece of hardware
  • Secure transaction by connecting the device to a computer only during the transaction
  • Provide security but are a bit expensive to buy
  • All are not smart wallets and allow the transaction of Ether and ERC -20 only.
  • Examples are TREZOR, KeepKey, LEDGER, etc.

Edge – Finally, comes the turn of a mobile app development company. Edge is a cryptocurrency mobile wallet.

Its features are:

  • Multi-currency wallet
  • Open-source
  • Exceptionally secure product due to open source
  • Provides user-friendly features for beginners
  • Services are available for both iOs and Android users.

Features of ETHAdress:

  • Allows you to store Ethereum offline without any hardware
  • Gives the option to print out the Ethereum wallet by creating a pair of private and public key
  • Prevents your coins from external hackers
  • Cannot be used with Ethereum Classic
  • You can encrypt your private key and keep it secured
  • Allows transactions by exporting keys to online mobile wallets.

Features of MetaMask:

  • Browser extension wallet can be used with Firefox, Chrome, Brave
  • Holds ERC-20 tokens and Ether
  • Contains a built-in mechanism for coin purchase
  • HD settings allow you to create an infinite number of addresses
  • Open-source
  • Private keys are encrypted.

Features of Exodus:

  • Interactive design and interface
  • Can be used only for the transaction of Ether
  • Not completely an open-source
  • The community cannot review the code fully
  • Available only in the desktop version
  • Supports Ethereum only
  • The private key is stored on your machine
  • Your coins are under your control and are your responsibility.

Conclusion

With this, we come to our concluding end of the article. A blockchain development company that fulfill the financial needs of through their blockchain app development services are looked after the most.

The development of blockchain applications is mainly helpful for various financial purposes. The custom web development services help in streamlining the proceedings, market research, ROI.

Although the best option is to use a wallet and observe which one fits best among many. Exodus wallet is a nice option for those working with small amounts whereas Ledger is a nice option for storing larger amounts.

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Axa XL covers cryptocurrency security firm

… XL will provide contractual liability insurance for Hoyos Integrity Corp. in the event of a breach of the technology security firm’s cryptocurrency wallet, …

Axa XL will provide contractual liability insurance for Hoyos Integrity Corp. in the event of a breach of the technology security firm’s cryptocurrency wallet, the unit of Axa SA announced Thursday.

The insurance covers Fort Lauderdale, Florida-Hoyos for defined amounts paid out in the event of a specific, breach of the digital wallet’s security system, Axa XL said the statement said.

Hoyos offers a so-called digital hot wallet, which is connected to the internet and allows users to conduct cryptocurrency transactions. The wallet is compatible with bitcoin, litecoin, ethereum and other cryptocurrencies, the statement said.

The plan provides for reimbursement to a Hoyos Wallet user for up to $1 million in the event of a breach, the statement said.

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