Killer Feature 3. High assets safety

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 his device. So we made a conclusion that there was a serious problem with assets safety.

Solution

Multy. Killer Feature 3. High assets safety

We developed a self-generating Master key to encrypt user’s 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 generates 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. (for more details read our devblog).

Our key is bined 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 can not accidentally (and intentionally) remove or delete the key.

2) A concrete device:

  • Local Storage can be used only on the device on which Multy has been installed.

3) Secret user password:

  • Even though all the factors described above are more than enough to provide complete assets’ safety we give our users an opportunity to increase assets’ safety with the help of 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 they manage to get your device or data base files.

Technical implementation of our Solution — DEVBLOG !