This article will be introduce the different on Eurus seasoning-custodial and non-custodial Wallet. (中文版)
Before you get your first crypto, something you should required is a wallet address “public key”. It just like your bank account number, everyone able send assets to you once they have your wallet address. When you want to transfer your assets to other’s wallet address then you will required “private key” which just like ATM password. But different with ATM situation, like if someone get the ATM password it doesn’t mean they able manage your assets, the ATM card still required. But in crypto wallet it different, once anyone get the private key will able manage the asset.
Is that all crypto wallet required private key?
Private key just available to the custodial wallet but it does not mean the custodial wallet without private key. It just held by service providers.
What is the key looks like and how does it work?
The private key is a string of letters and numbers or in seed phrase which wasn’t particularly user-friendly. Learning and remembering one’s private key was very hard and therefore prone to errors. Nowadays, many crypto wallet just generated mnemonic sentence or word seed which are simply a more human-readable way of expressing the private key used as the root, as it can be algorithmically converted into the root private key.
What is custodial Wallet?
Usually, custodial wallet will be called centralized wallet by defining the private keys are held by a third party. Therefore, the asset safety are in risk on this structure. On the other hand, the transaction mostly are not reflect on-chain in real time.
For the purpose to lower the asset safety risk; service providers are using many different strategy to protection the private key storage security. Such like storage offline or by custody solution. For above reason, even if a user has lost his private key or forgot the mnemonic phrase, regaining access to the wallet and stored funds is quite easy.
What about Eurus Wallet?
Eurus wallet is a dAPP for Eurus economics Blockchain network, there are supported web-based and mobile application (Android and iOS). Both of wallet are supported in one app. The wallet by using the theme colors to make our users easy to identified the existing wallet type. Blue for seasoning-custodial, purple for non custodial wallet.
Is that Eurus seasoning-custodial Wallet also mean centralized wallet?
Eurus custodial wallet are different by the way of storage the “private key”. We don’t actually storage any private key, we just keeping the user’s “Salt”.
Salt is random data that is used as an additional input to a one-way function that hashes data, a password or passphrase. It used to safeguard passwords in storage.
The only way to satisfy the wallet safety , we split your private key into several parts and “seasoning” it then keeping each parts separately. That why we named it as seasoning custodial wallet.
1) No single person can know your Eurus salty custodial wallet ‘private key , because your private key was composing by your payment password + Your personal Salt A + Your personal Salt B.
2) We don’t keeping your private key in our server , we only storing your personal Salt on our server.
It drive custodial at highest security level. Even users forgot the payment password, they still able recovery it by wallet password plus 2FA.
No matter which kind of Eurus Wallet you held, all transaction are on-chain in real-time.
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