Permission Seal – Asset Security on iToken

Permission Seal – Asset Security on iToken

Recently, many cross-chain bridges have been repeatedly attacked by hackers. Cryptographic security has become a hot topic of discussion, and is seen as the ultimate solution to enhance interoperability between block chains.

While DeFi Self-guarding allows you to be 100% in control of your assets, meaning that you are solely responsible for keeping them safe.

In iToken Walletb, we provide a feature called “Approval” for users that enables you to manage their permissions on different threads. Whether you are experienced in the field of cryptography or a complete novice, to interact with any smart contract, you need to consent to it accessing your tokens.

Keys and Cryptography: What is Permission?

All your encryption transactions are based on public key cryptography. Basically, all Pocket wallet It was created on its own with its own ‘key’.

Although oversimplified, we can meet the challenge of this hypothetical door and apply similar logic to crypto wallet. Both private and public keys are necessary to perform the transaction: the private key is for you to prove that you initiated the transaction, and the public key is for the recipient to verify the origin.

This process is variously, somewhat unsurprisingly, referred to as token approval. What you do here is:

  1. To grant permission to the project by allowing the smart contract to access your token balance. Think of this as the “smart contract phase”. The wallet will clearly indicate at this point the value of the access you are granting. Some contracts/dapps may specify a limited amount of tokens, while others require unlimited access.
  2. Confirm that you want to complete the transaction in question: Where do you allow the smart contract to send the transaction to the network on your behalf?

How can I manage permissions?

One of the distinguishing features of Web3 is that it provides users with complete control over privacy and how they interact with its platforms.

However, it can be expanded to include other features as well, such as the ability to view and manage dApps and smart contract approvals among them.

Here is the tutorial on iToken:

On the “Portfolio” page, choose the wallet you want to manage, and click “Agree” to enter the corresponding interface, in which users can see the value of the authorized assets and the value of the asset at risk. You can revoke the token at any time with just one click, and we also suggest you restrict authorization which keeps your assets from high risk.

In addition, there are some security tips for you while keeping your assets safe.

  1. Improper storage of private keys and memorial words

If you want to use your wallet to save your assets, the easiest way is to find an unused mobile phone, download a cold wallet, and copy the wallet address under a mnemonic phrase. Do not forget the password, but no mnemonic person can know. If the mnemonic or private key is leaked, the assets will be lost.

The advantage of this is that if your mobile phone is broken or you forgot the transfer password, there are two types of stored memory tools that can be recovered. If two mnemonics are missing, the mobile phone and transfer password are also used. However, if both phones are lost at the same time, that means the assets are gone.

  • Entering a phishing website causes the private key to be leaked.

People are always excited about it Air dropbut there are scammers who use this mentality to get you to click on their fake links, saying that Air drop It requires you to enter a mnemonic key or a private key, and then your assets are gone in a second. When using your wallet on DeFi or NFTs, please remember that the private key for a mnemonic phrase is everything. If you give this to others, you give money to others. No matter what type of airdrop you’re going to have, you’ll never need a mnemonic phrase and private key.

  • The device was hacked and the address changed.

Another situation where the address is copied and pasted to your other device, such as a laptop, phone, computer, etc. If your device is connected to the internet, it can be hacked and tampered with.

Therefore, when we transfer funds, we must repeatedly confirm the correctness of the address. Even if you transfer money by scanning the code, we must check if the target address is correct. Too often, we inadvertently lower our vigil, the target address gets messed up, and we just go to someone else.

During this particular period, everyone is looking for a place to keep their assets 100% safe, iToken wallet is here to help you, not just the assets Safety But also to prevent those risks. To learn more, please download the iToken wallet over here.

iToken wallet community:

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All information on our website is published in good faith and for general information purposes only. Any action the reader takes regarding the information on our website is at his or her own risk.

#Permission #Seal #Asset #Security #iToken

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