Master It Monday: Wallet Security & Privacy

Keeping your funds safe with oxis wallet, security tips, and more

Take one step closer to sovereignty every single week, join the DeFi Slate community below:

DeFi Slate Fam:

Security and privacy in crypto, two things even degens can’t forget.

The first key here is being your own custodian.

Step 1: Getting funds off centralized exchanges.

Step 2: Use your own wallets, such as Oxis, to secure your funds.

Creating a plan to manage your security and funds is crucial, having backup keys and access controls.

There’s really a lot that goes into it, its a marathon not a sprint.

We hope today’s post inspires you to start thinking about the future of your security and how you can start being more bankless every single day.

Happy monday go bucs baby lfgggg.

-Andy


🙏 Big Ups To Our Great Sponsor Aave: Earn Interest & Leverage Your Assets with Aave, a non-custodial money market protocol leading the #DeFi charge.


Master It Monday: Wallet Security & Privacy

As an influx of new entrants pour into the cryptocurrency ecosystem there is a jumping off point that is the beginning of each journey towards being your own bank. While some may choose to use custodial services for peace of mind, when controlling your own wealth, security should always come first. 

Securing your digital assets shouldn't be cumbersome - from fears over losing lengthy seed phrases to anxieties using long and confusing addresses, Oxis is here to simplify the process for you. As a web-based wallet, we wanted new users to have a familiar email/password login method while being able to leverage top security standards to protect their holdings. To explain a bit how we’re able to do this while using a traditional email/password scheme, when a user creates an account in Oxis, a public key and a private key are generated. The private key is the most important one, and should not be shared with anyone, and Oxis does not have access to your private keys. 

"He who has access to the private key, has access and control over the funds associated with it"

Oxis encrypts your private key with SHA-256 using the password chosen for your account. This hash is stored in three different distributed locations through IPFS. It is impossible to access any private key without the associated password that it has been hashed with, which is why it is extremely important when controlling your own wealth to create a strong password that is unique from all others a user has. In turn, Oxis prompts account holders to provide answers to three secret questions, which are then used to encrypt the password set at the time of your Oxis account creation.

The password is encrypted using the Bcrypt algorithm. These three responses are also logged and saved in three different locations. Through this system, if a password is forgotten, a user will be able to recover their account using the answers to the security questions. That being said, if your password and security questions are forgotten, there is no way to recover the associated private key, and thus, access to the account and funds inside. Oxis also provides a traditional 12-word recovery phrase to give users complete control of their assets. It is important to keep your password and the answers to your chosen security questions safe and secure, the same way you would protect physical gold or money. 

To ensure that these funds are protected thoroughly, Oxis also provides 2FA that can be enabled from within the security menu. The 2FA becomes required for any transaction when active, even to approve swapping between cryptocurrencies within the wallet.

Oxis seeks to eliminate the technical barriers that exist to use cryptocurrencies. Our approach keeps our community from forgetting the principles of security, while providing a solution to assist users in controlling their private keys. We wanted to create a product that would be easy enough for our parents to use, and safe enough to trust that their assets would remain out of harm's way without our assistance. 

Too many times do we hear stories of people losing their funds not only to hackers, but also due to simply losing access to their wallets via forgetting their password or miswriting their recovery phrases. A recent story circulating involving a man who lost over 200 million due to this are the type of events that we want to prevent at all costs. 

I would just lay in bed and think about it: Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again." A potential loss of that magnitude makes "you sort of question your own self-worth," he added. On Saturday, the stash was worth about $220 million”. 

This is why it’s so important to always keep a copy of wallet passwords and recovery phrases written down, and stored in a safe place where nobody else could find them. 

Overtime, Oxis hopes to increase its security even more for users through a couple additions to our product suite. For one, a mobile application is currently in development to provide our users a piece of mind on the go. Our standard security offering will be available as well as 2FA at launch. We are also exploring multi-signature implementations to provide a safer, yet user friendly and seamless way to add an additional layer of protection to user funds.

You know what they say…not your keys, not your coins ;)


⚠️ DISCLAIMER: Investing into cryptocurrency and DeFi platforms comes with inherent risk including technical risk, human error, platform failure and more. At certain points throughout this post, we might get commission for promoting certain projects, if this is the case we will always make sure it is clear. We are strictly an educational content platform, nothing we offer is financial advice. We are not professionals or licensed advisors.


Liked this post? Share with a friend :)

Share

Subscribe to the DeFi Slate Newsletter & join thousands of other crypto enthusiasts:

🌐Check Us Out On Twitter!

🚀Join the community on Telegram Channel to get our free V.1. yield farming guide!

🎤Subscribe to our YouTube channel!

Last week in review:

Check out some previous interviews: