How does Numio simplify blockchain? — Part 3 (Numio Vault)
In our last post we took a look at some of the features offered by the the Numio Pay app. In this post we will take a more detailed look at our Numio Vault wallet.
What is it?
Numio Vault is an easy-to-use cryptocurrency wallet which is jam-packed with features and enhanced security mechanisms, such as allowing for a trusted person to recover your money if something goes wrong and joint accounts where responsibilities are shared.
What additional features does it offer?
You are always in control
At Numio we believe that you should always be in control of your money, and that is why we have no access to your money in any way, shape, or form.
Strangely this is not as simple as it might seem. It’s actually quite difficult to create a system where users are in full control but can still interact with the blockchain, without being, a). over complicated, or b). compromising security.
With Numio Vault we have made it simple while retaining the highest levels of security.
How does it work?
- Vault uses what we call ‘private keyless’ security*.
- This means that a user’s ‘private keys’ (essentially the master code to your savings) are broken apart and stored across the cloud in a way that makes each part useless to thieves.
- When you want to access your account your app pulls these parts back together and lets you interact.
- This can only happen if you authorise it from your device.
*Of course the private keys are available to download if you want them.
Joint Accounts
We all need joint accounts sometimes. You might want to have a shared business account, a family fund for a holiday, or a household pot to pay the bills. We have that covered.
Additionally the technology behind joint accounts* means that any payments need to be co-signed by multiple people, giving you peace of mind that no one will run off with your hard earned money.
*known in in blockchain as multigignature or multisig accounts
Accidental Death or Loss of Account Access Protection
Unlike managed bank accounts most cryptocurrency wallets don’t offer any way to access a person’s money should something go wrong. Historically, this has created some huge problems and means many millions have been lost forever.
With Numio Vault we have added a ‘dead man’s switch’ so, should you meet an unfortunate end, a trusted person can be automatically sent your assets after a set period of time.
Login Security
With streamlined logins we have combined two-factor authentication with account creation. This means that logging into Vault is as easy as scanning the onscreen code with your Pay app.
It couldn’t be simpler.
Next Up
Coming up we will be publishing more technical detail on each feature and guides on how you can get the most from your Numio experience.
Your Identity, Your Money
Contacts
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