With Bitcoin and other cryptocurrencies becoming popular, crypto security has been more important ever. No matter you are senior investors or new beginners in cryptocurrency, we all want to benefit from the features of it, which allows us to transact online freely and securely without third-party intervention. On this point, how to store your crypto assets in the wallet safely would be the first consideration. In this article, we will discuss how O3 Wallet ensures your assets’ security.
Traditional centralized-platform
Nowadays, most wallets and exchanges are still centralized, meaning that the private key is not owned by the user but is stored in their centralized server. Because of the trust from users, people transact or store their cryptocurrencies on these platforms. Users do not need to understand private key concepts or memorize the Mnemonic, even the password can be retrieved if lost. Although this kind of advantage is simple for users, security issues would be a problem. Some famous exchanges such as QuadrigaCX, Bithumb, Binance, Cryptopia, Bitpoint, GateHub, etc. have been attacked in 2019 and lost over $50M totally. Fortunately, some of them like Binance have an insurance policy against these types of events. But the risk of cyber attack still exists.
How O3 Wallet Keeps Your Assets Safe?
1，100% Non-custodial wallet
To decrease asset risk, a non-custodial wallet could be an option. In O3 Wallet, assets are stored on the blockchain. Your assets never leave your control, only you have your private keys. The wallet is just a tool to help you manage the assets on different chains. You don’t need to worry about wallet providers running away, because as long as you keep your private keys, your assets are still on the chain. Therefore, in our experience, most private key loss incidents are caused by the user not keeping it well, rather than attacked by hackers.
2，Never store your personal information
If you want to open an account on any digital platform, you always need to provide an email, which is always used for activation and password recovery, or phone number to receive text messages. However, if someone hacks the server or accesses your information, it may cause your assets to become dangerous. To ensure assets secure, O3 Wallet never saves your personal information on our server. so every user is anonymous. You can create many wallets if you want or import with your private keys, encrypted keys + password, or Mnemonic which only you know. In this way, it is difficult for hackers to get your information or attack you. On the other hand, the most important thing I guess you can imagine. It means the assets are 100% under your control, we can not help you to recover the keys and password if you lose them. So please make sure you always back up your private key/ Mnemonic correctly.
3，Phone security
Recently we are working hard on preparation to support BTC and ETH in the near future. At the same time, we allow users to login with Face ID, Touch ID, or wallet password to ensure phone-layer security. We truly believe our professional Dev team which is extremely rigorous and strict working on resisting hackers; Not only that, we implemented the most advanced code security audits for better ensuring the safety of user assets.
Conclusion
Although O3 has a 100% non-custodial wallet, honestly, it’s fair to say no company or platform nowadays can totally prevent the assets from being attacked. Even decentralized products, there are still lots of ways to trick users into providing their sensitive information. Therefore, always be careful to manage your private keys. (see this article to ensure the safety of private keys)
About Us
The earliest light wallet in Neo ecology. We have 100,000+ users in the European and North American markets, supporting NEO, GAS, ONT, ONG, and NEP5 assets. Currently building the world’s leading cross-chain wallet for popular assets such as BTC, ETH, NEO, etc.
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