Kryptonio solves three basic problems that every cryptocurrency user faces:
- Custody: Being the only one with complete custody of your digital assets.
- Key management: Managing private keys, safely storing mnemonic phrases or remembering passwords
- Asset recovery: Being able to always recover digital assets, in case something goes wrong.
Using our wallet, cryptocurrency owners get the security of a hardware wallet and the convenience of a hot wallet, having their crypto secured and readily available to send, receive, buy, sell and exchange, without any of the key management complexities of other non-custodial wallets.
How do we do all this:
- MPC & TSS protocols: Kryptonio uses multiparty computation (MPC) and threshold signatures (TSS) to support our key management solution and allow independent parties to sign transactions using secret data, without disclosing the data itself.
- Shared responsibility: When the user creates a wallet, two secrets are generated in a distributed way. One secret is stored on the user’s mobile phone, the other is stored on the servers.
- Advanced Biometrics: When the user creates a wallet, we scan the user's face and generate a 3D biometric face map, that’s used to authenticate the user when he wants to restore his wallet.
- Simple Backup & Recovery: When the wallet is created, we store an encrypted copy of user's secret to his personal cloud. To recover his wallet, the user scans his face. We compare the generated new face map with the one stored on our servers, when the user created the wallet. If there is a match the user's wallet is restored.
- User Custody: Without the user’s secret nothing can happen. While both secrets are needed to sign a transaction, only when the user initiates a transaction, from his mobile phone, is his secret used by our distributed signing protocol.
- Keyless Wallet: Our wallet has no private key or mnemonic phrase. Hackers will never find a private key stored on our servers. Users do not need to store a piece of paper with a mnemonic phrase in a safe place or ever worry about losing it.
We approach security on multiple levels. Firstly, we share security responsibilities between the user’s mobile phone and our own servers. Secondly, facial recognition is only one of the three security factors we is use for authentication. The others are email verification and the user’s access to his personal cloud. All three are required to gain access to an account.
For more information you can also read on our website "Keyless Security Model."