Problem
We had carried out a great market investigation and conducted a comprehensive analysis before we started Multy's development. We noticed a number of significant drawbacks in our competitors: complaints about dishonest developers, theft of cryptocurrency, inability to use wallet if one loses access to the device. Conclusion: there is a serious problem with assets security.
Solution
Multy. Killer Feature 3. High assets security
We developed a self-generated key to encrypt data in the local storage - mobile data base which records application data. Our idea is simple and elegant: each key is unique to each device, each key is generated right at the moment it is needed, it belongs to the user, not developers. It is impossible to get absolutely equal keys on two devices.
Our key is binned to
1) Installation life-cycle
It means that our key:
- does not change with application's updates;
- but it changes if application is deleted and reinstalled;
- user cannot accidentally (and intentionally) remove or delete the key.
2) A concrete device:
- Local Storage can be used only on the device for which it has been created.
3) Secret user password
- Even though all the factors described above are more than enough to provide complete assets' security we give our users an opportunity to increase assets' safety with the help of an additional secret password. It's only up to you whether to use it or not.
And the cherry on the top!
When launching an application we check whether your device has been rooted, if so, we do not decrypt local storage but delete it permanently (Don't worry, you can restore your wallet on another device with your seed-phrase).
Conclusion
Adversaries will not have any opportunity to take advantage of your wallet even if he manages to get your device or data base files.
Technical implementation story can be found in our devblog!
Let's keep in touch, friends, now we have a personal web-page!