The practice of safe asset storage is vital for both ICO projects and their participants. Projects must protect their contributions, and patrons must safeguard the tokens they receive. What they both need is a secure and simple place to store and manage their assets. In other words, they need CryptoWallet.
CryptoWallet is a platform for storing tokens and coins during an ICO. Projects first share their ideas with potential contributors. Then, during their ICO, they collect donations via CryptoWallet. Meanwhile, contributors have a place to store tokens awarded to them by the project.
People acquainted with ICOs know that cryptocurrency hackers are prevalent. According to theEY report,"The speed and size of the ICO market draw hackers’ attention. Ten percent of ICO funds are lost as a result of attacks. Hackers are attracted by the rush, absence of a centralized authority, blockchain transaction irreversibility and information chaos."
The Ambisafe Team have helped to launch and maintain over 35 ICO projects. All of them collected contributions via CryptoWallet - none of them lost a single cent. We aren't merely bragging about our security. We have evidence to back up our claims.
Let’s have a closer look at CryptoWallet’s security features.
What Makes CryptoWallet Safe?
Several features ensure the security and reliability of our platform.
1. Password/Account recovery
People who hold Blockchain assets fear the loss of their private keys. We give users a way to recover their wallets without a private key. Smart contracts are what makes this possible for CryptoWallet.
Three secret keys protect each account. The client encrypts one with a password. CryptoWallet maintains the second one. A recovery service provider, called SecondFactor, holds the third. If a user loses access to their account, they no longer need to worry. Recovery is simple with the help of the two other keys.
2. Meticulous user authentication
Disclosing your password to the wrong person can be problematic. CryptoWallet prevents unwanted visitors by using two-factor authentication. Clients and their contributors first enter their password. Then, they will be prompted to provide an OTP code. They will receive this code via email or through Google Authenticator. Users who do not pass 2FA are unable to perform account transactions.
3. Authentication notifications
At login, clients receive an authentication email. If someone else logs in, this notification will alert the account owner. Clients can then inform your support team of this suspicious activity.
4. Session logging
CryptoWallet registers every session. Administrators can see the time of login, device information (OS, Browser), and IP address. This makes it easy to spot sessions initiated by unexpected IPs.
5. Transaction confirmation
CryptoWallet can interact with both tokens and cryptocurrencies. A unique code, sent via email, is used to confirm each transaction. It is also possible to indicate transaction limits. Transactions below the limit will broadcast without confirmation. This feature ensures that users do not transfer their assets accidentally.
6. KYC identity verification
Some people use ICOs as a way to commit fraud and other financial crimes. This makes it crucial for ICO creators to know who their contributors are. CryptoWallet tracks user identities and other Know Your Customer (KYC) information. We have equipped CryptoWallet with two KYC modes: manual and automatic. Administrators may also utilize a third party service, like IdentityMind, to automatically verify KYC documents for each contributor. Admins may also choose to manually approve KYC themselves. You can find manual approval options in the Admin Panel. Manual approval is useful when you need instant verification. KYC will help to ensure that your contributors are real and reliable.
7. Stable work under high loads
Stability is crucial during an ICO. Your fundraising platform's performance must remain steady. Some ICOs have experienced platform breakdowns during their sales. This often leads to failed donations and a loss of contributors. We have deployed CryptoWallet into the Amazon Cloud. Even under extremely high load, Amazon Stack will keep on working. This means that our clients do not have to worry about issues of this kind. Our wallets will never fail or terminate during your token sale.
These seven features are just the tip of the iceberg. We safeguard CryptoWallet using many different tools. Each are built to ensure your ICOs security and reliability. With CryptoWallet, clients no longer need to worry about the technical nuances of the software. They are free to direct their focus back where it belongs: their token sale.