Delio wallet, Protect customer’s asset with high security

DUCATO
DUCATO
Jan 21 · 4 min read
Image for post
Image for post

In order to store various cryptocurrencies including Bitcoin or Ethereum, you must have a ‘virtual asset wallet’.

The wallet is essential not only when using Delio’s lending or deposit services, but also when storing virtual assets.

We would like to introduce Delio’s wallet service that boasts strong security.

l. What is a virtual asset wallet?

When it comes to wallets, you often think of things you carry with money, credit cards, and ID cards. It would be easy to understand that a virtual asset wallet literally stores and manages virtual assets such as Bitcoin and Ethereum.

Basically, the virtual asset wallet supports deposit and withdrawal of cryptocurrency, and each company’s wallet has a different withdrawal process.

<Wallet withdrawal Process in general>

Image for post
Image for post

In general, virtual asset wallets, wallet service providers ( ‘-wallet’ ) act as withdrawals, so if a hacker tries to hack the wallet service provider, he or she can withdraw customer assets. In addition, theft by insiders of wallet service providers may also occur.

< Delio wallet’s withdrawal process>

Image for post
Image for post

However, Delio Wallet adopted a new ‘wallet owner authentication and direct withdrawal’ system in the withdrawal process of existing companies and introduced a safer process for wallet hacking.

The system verifies that the customer is the owner through a security code sent to the owner’s mobile phone when withdrawing a virtual asset, and in this process, Delio cannot participate in the withdrawal of virtual assets, so it has high security.

Delio wallet boasts stronger security than other wallets, even if Delio, a wallet service provider, attempts to withdraw money since withdrawal requires direct authentication of the wallet owner at the blockchain node. Even if Delio is hacked, it is designed so that withdrawals are impossible, so customer can rest assured.

2. Give the customer peace of mind with $150 million insurance coverage
Delio Wallet Service is insured for up to $150 million (worth KRW 164.9 billion) for digital assets through a contract with Ledger Vault, a global digital wallet manufacturer.

Image for post
Image for post

Marsh, an American risk advisory company, and Arch Insurance Limited, together provide insurance coverage services. Its coverages are :
■ External theft of user’s master seed key and private key
■ Partial seed key transmission error
■ Internal employee theft through a public offering.

If anything goes wrong, we provide insurance for digital assets, so if you are a Delio customer, you can use the wallet service with confidence!

3. Technologies that enhance the stability of Delio wallet

The Delio wallet is managed and operated by Delio, Hexlant, and Ledger Vault. The industry’s best technologies were combined to create the Delio wallet. Let’s take a look at the key security technologies.

Image for post
Image for post

1) Adoption of Multi-Authorization System

Multi-Authorization System is a technology in which the withdrawal of funds is executed only after three consents (authentication) are obtained from institutions with the authority to execute funds. Delio wallet boasts a stronger asset security system than other authentication systems because it enhances security through PIN number plus OTP authentication, and requires authentication of the user through SMS verification when additional withdrawals are made.

2) Application of Multi-sig technology

Multi-sig technology usually refers to a method of generating 3 private keys (signatures) in the Bitcoin family, and at least 2 of them must be signed before a withdrawal is made. It can prevent accidental withdrawal or individual stealing of virtual assets. And it is evaluated as safe because it is a structure that cannot open an electronic wallet unless all the people holding the key are hacked.

+See how to process withdrawal in Delio wallet

When a customer requests withdrawal from Delio Wallet, 3 user confirmations are required.

Image for post
Image for post
Image for post
Image for post
Image for post
Image for post

DUCATO

Hybrid DeFi 2.0 Blockchain Protocols for Finance

DUCATO

Written by

DUCATO

Hybrid DeFi 2.0 Blockchain Protocols for Finance

DUCATO

DUCATO

The DUCATO Protocols aims at developing an optimized blockchain technology, providing user-centric services, expanding of network participants and developing credible algorithm and decentralized governance for network users profit.

DUCATO

Written by

DUCATO

Hybrid DeFi 2.0 Blockchain Protocols for Finance

DUCATO

DUCATO

The DUCATO Protocols aims at developing an optimized blockchain technology, providing user-centric services, expanding of network participants and developing credible algorithm and decentralized governance for network users profit.

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store