Maximum Security
Multiple layers of security (encrypted user access, two-factor authentication etc.) mitigate hacking attempts and ensure that your funds always remain safe.
Multi-Layer Encryption Mechanisms
To ensure a secured communication between the frontend and the wallet server, we add several intermediate layers that center around a random generated string which we name secret.
Layer 1
We never store any user passwords. Instead, we store secrets and encrypt them with user passwords. If hackers manage to somehow hack into a user account, they still cannot withdraw any funds because withdrawing funds requires entering that user’s password which only the user knows.
Layer 2
We use secrets to encrypt withdrawal requests. Our hot wallet component only accepts encrypted withdrawal requests. In other words, if a hacker writes code to issue a withdrawal request, the wallet will not react as the request is not encrypted.
Layer 3
We encrypt and decrypt our secrets in different ways. During the registration procedure, we use so-called asymmetric key pairs to safely pass along decrypted secrets to the wallet server.
Cold Storage
In contrast, a cold wallet keeps key pairs completely offline, e.g. on a piece of paper or on a USB stick, making them impenetrable to cyber criminals. It makes sense to have both a hot and a cold wallet, one for convenience and one for security reasons.
Multi-currency
Skalex wallet support all of the most popular cryptocurrencies and NFT standards and multiple asset types for not only trading and exchange solutions but also for performing DeFi Operations.
Withdrawal and Deposit
A deposit transaction is visible in the user account as soon as the depositor successfully broadcasts it to the blockchain network. During a cryptocurrency withdrawal, the wallet first performs security checks to assure that a valid and double-authenticated user is initiating the transaction.
Skalex can interact with any type of crypto asset. We have gone beyond standard digital assets and have created new ways to categorize and interrelate built assets with purpose.
The Skalex minting tool is designed to help users tokenize multiple asset types.
Fungible tokens
Fungible Assets are crypto-based assets that are interchangeable for commercial purposes where the properties of which are identical.
Many blockchain powered ecosystems use this asset type to establish platform governance, generate liquidity, and incentivize their communities.
Non fungible tokens
An NFT is a verifiable digital token that represents true ownership of an asset on the blockchain. These assets are unique and therefore are not mutually interchangeable.
The Skalex minting tool allows for tokenizing assets on the blockchain.
Bundled Assets
Bundled assets are algebraic asset types. Structured assets that are formed by composing other asset types.
A good example of a bundled asset would be a user’s inventory. The inventory is unique and it is composed of multiple NFTs.
Proof of Ownership Assets
The proof of ownership is an asset type that encodes special characteristics to the NFTs smart contract, that can be used to tokenize things like user credentials, certificates, permissions and memberships.
Creating truly decentralized mechanics for authentication.
