7 Reasons to trust Krypto to keep your crypto safe
When we talk about cryptocurrency, or in fact about anything finance-related, Safety and Security are perhaps the first words that come to our minds. At Krypto, we aim to disrupt the crypto-trading industry by making the buy/ sell/send process swift, easy and risk-free. This being said, we at Krypto have focused a lot on developing the security features of our platform.
Here’s what we have done:
1. 2FA Authenticator Support
Two-factor authentication is simply a way to improve privacy and safety online by requiring two different credentials to sign in to an online account. A simple way to understand this is that most often web or mobile apps require us to send us an OTP when we enter our username and password there and try to sign in.
Krypto uses the Google Authenticator App to implement 2FA. This means that while signing into or making transactions on Krypto, you’ll also need a code generated by the Google Authenticator app on your phone, in addition to your password.
So even if a hacker guesses your password and tries to log into your account to steal your cryptocurrency, he probably won’t be able to do so until you specifically hand over your phone with the Google Authenticator app code to him. This mechanism helps keep the cryptocurrencies in your wallet safe.
2. Cold wallets for the majority of the digital asset reserve
Cold wallets are specifically designed devices that are designated physical cryptocurrency storage. These are typically not connected to the internet and are locked away somewhere in an archival fashion.
This means that cold wallets are hard to access and even harder to hack into. A majority of cryptocurrencies stored by Krypto are kept in such cold reserves, safely away from the hands of unauthorised people who may try to steal them.
3.Repeated private key encryption
Assume you wish to send a secret parcel to your friend. You’ll probably put a lock on your parcel so that no one other than your friend (who has the key to the lock) can open the parcel.
Coming back to cryptocurrencies, let’s say you send 1 BTC from your Krypto account to your friend’s account. Your transaction details would be encrypted; ie. kept hidden from the rest of the world, and can only be decrypted by you or your friend.
Cryptography involves the use of two keys: a public key, which may be known by anybody, and can be used to encrypt messages, and verify signatures and a private key, known only to the recipient, used to decrypt messages and sign (create) signatures. Those who encrypt messages or verify signatures cannot decrypt messages or create signatures.
4. Automatic session time-out
For applications like Krypto that are serious about security and/or privacy concerns, a mechanism was developed to automatically log out users after a certain period of inactivity (i.e., session timeout).
The users are taken to the Login page with a message that the session is timed out (or suspended) and that they must log in to start a new session. This approach is useful as a lot of the data available in a user’s Krypto account is sensitive. Automatic session timeout keeps this data out of unsafe hands.
5. HTTPS everywhere
HTTP is the basic protocol for communication between servers and the web browser. Unfortunately, the architects of HTTP decided to trust all web servers; and didn’t focus much on security aspects. In the modern world, however, authentication is absolutely essential, and hence HTTPS was created. HTTPS is simply HTTP with an added layer of security.
Authentication and security are of prime importance to Krypto, and we decided to make use of only HTTPS for all our hostings, thus, preventing and blocking many attacks.
6. Insurance of Crypto assets by Bitgo
BitGo is the leader in digital asset financial services, providing institutional investors and crypto platforms with liquidity, custody, and security. It processes over 20% of all global Bitcoin transactions and supports over 250 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries, including qualified custodial entities in Switzerland and Germany.
Having our assets backed up and insured by a large organization as Bitgo adds trust and credibility to Krypto. This should erase any doubts that one might have about the security provided by Krypto for all your cryptocurrency needs.
7. Privacy policy
A Privacy Policy is a legal document that discloses the ways a party gathers, uses, discloses, and manages a customer or client’s data. The purpose of a privacy policy is to disclose how a website/app collects information, how the information is used, whether or not it is shared with third parties and how it is protected and stored.
Krypto’s privacy policy is simple and self-explanatory. We only collect a few personal details of users for the creation of a user profile and guarantee that there won’t be any data leakage of personal information. Krypto doesn’t share personal details with Third Parties without the user consent. Users also have the choice to select what details are to be shared or not.
This means even though users shared their data with Krypto, users will still have complete control over their personal data and can be assured that it won’t be misused.
To conclude,
Security still remains the key issue in preventing the widespread acceptance of cryptocurrency as an investment asset. We strongly believed to have developed our platform to be high- secured because of the above-mentioned reasons. Our motto is to promote cryptocurrency usage and drive the world towards decentralisation through a platform where all traders- novice or expert can feel safe to invest and trade.
