Seal of Permission – iToken Asset Security

Recently, some cross-chain bridges have been frequently attacked by hackers. Cryptographic safety is a hot topic, viewed as the ultimate solution for enhancing interoperability between blockchains.

DeFi means you are 100% self-managed and in control of your assets, but only you are responsible for keeping them safe.

iToken Walletb offers a feature called “Authorization” that allows users to manage their privileges on different chains. Whether you’re an experienced crypto native or a complete novice, you’ll need to authorize access to tokens to work with smart contracts.

Keys and Encryption: What Are Permissions?

All crypto transactions are based on public key cryptography. Essentially, each wallet is created by itself with its own “private key”.

Although oversimplified, you can try this virtual door and apply similar logic to your cryptocurrency wallet. Transactions require both private and public keys. A private key to prove that the transaction has started, and a public key to verify the originator of the recipient.

This process is rightfully called token approval. Here’s what we’re doing:

Grant permission to projects by allowing smart contracts to access token balances. Think of this as the “smart contract stage”. At this point, the wallet clearly indicates the value of the access you give it. Some contracts/dapps may specify a finite amount of tokens, while others require unlimited access. Confirm that you want to complete the transaction in question: Where do you authorize your smart contract to submit transactions on your behalf to the network?

How do I manage permissions?

One of the features of Web3 is to give users complete control over their privacy and how they interact with the platform.

However, it can be extended to other features such as the ability to view and manage approvals for dApps and smart contracts.

iToken tutorials are:

On the “Wallet” page, select the wallet you want to manage and click[Approve]to enter the corresponding interface, where users can check the value of approved assets and the value of assets under risk. You can revoke a token approval at any time with one click. We also recommend limiting approvals so that your assets are not at high risk.

In addition to that, there are some safety tips to keep your assets safe.

Improper storage of private keys and mnemonic words

If you use a wallet to store your assets, the easiest way is to find an unused mobile phone, download a cold wallet and copy the wallet address in the mnemonic phrase. Remember your password. However, no one knows the mnemonic. If the mnemonic or private key is leaked, the assets will be lost.

The advantage of this is that if your phone breaks or you forget your transfer password, you have two saved mnemonics that you can recover. If the two mnemonics are lost, the mobile phone and transfer password are also used. However, if both phones are lost at the same time, it means the assets are gone.

Entering a phishing website leads to exposing your private key.

People are always excited about airdrops, but there are scammers who use this mindset to trick you into clicking on fake links by saying airdrops require you to enter a mnemonic or private key. After that, your assets will disappear quickly.If you use your wallet for DeFi or NFT, remember that it’s all about the private key for the mnemonic phrase. Giving this to someone else means giving money to someone else. You don’t need a mnemonic phrase and secret key to get any kind of airdrop.

My device was hacked and my address changed.

Another situation is when addresses are copied and pasted onto other devices such as laptops, phones, computers, etc. If your device is connected to the internet, it can be hijacked and tampered with.

Therefore, when sending money, it is necessary to repeatedly check that the address is correct. Even if you scan a code to send money, you still need to make sure the destination address is correct. All too often we inadvertently let our guard down and the target address is tampered with and goes to someone else.

Everyone is looking for a place to keep their assets 100% safe during this particular period. The iToken wallet helps prevent those risks as well as the security of your assets. For more information, download the iToken wallet here.

iToken Wallet Community:

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