Recently Japanese cryptoexchange Bitpoint was hacked and $32 M were stolen. We want the funds of USDX Wallet users to be safe.
To guarantee the safety of the network, USDX Wallet implements security at multiple levels:
- The use of DLT (distributed ledger technology) ensures that all transactions are irreversible;
- Symmetric cryptography for storing users' private data;
- Asymmetric cryptography for transactions verification: users encrypt transactions with their private keys, and witnesses decrypt them with public keys;
- The private key of a user is generated from user's password by a powerful algorithm called "scrypt"; this means brute-force attack to obtain a user's password will require lots of time and very powerful processor;
- The account is linked to a user's mobile phone number, which prevents unauthorized access and enables 2FA. Every transaction must be confirmed with a code from a push notification or SMS;
- The app auto-locks after several minutes of inactivity and requires a PIN code, Face ID or Touch ID (one of these is also required upon each entry).
- Users' private keys are backed up in an encrypted form. So if a user will lose a device, he/she can recover access to the wallet from a new device.
All these security measures ensure that only account owner who knows the password can make transactions.