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Nightmares about losing your private keys? Not anymore with Token Protector

11.03.2020

Nobody’s secret the amount of forever lost cryptocurrency increases daily. The problem of losing private keys overtakes every very careful hodlers. The idea of protecting crypto assets is not a new direction. Since 2017, we have been dealing with developing of the Will smart contract.

What solutions does blockchain offer?

  • You can store funds on a smart contract. The downside is the lack of a token transfer function (you need to make program calls), which costs more than just a transaction. This is not very convenient for managing, given that about 70% use cold addresses to transfer cryptocurrency.
  • Multisignature — a complex contract where several addresses can interact with one account with restrictions. Multiple access to one contract has drawbacks, firstly it requires a separate program development and another account has the right to pick up your assets unbeknownst.

To all the rest, additional difficulties and efforts to develop such contracts may lead to the risk of losing the contract due to errors in code. That’s why these ways to secure your crypto have not become popular.

MyWish has released Token Protector smart contract

In the direction of making Smart Contract accessible to everyone with zero codings. MyWish has developed a solution that allows you to protect your tokens without restrictions of daily operations on a current account, the balance of which requires insurance — Token Protector.

How it works?

  • User setup the contract’s terms — protected & backup address, conditions.
  • MyWish generates the user’s own smart contract under the terms.
  • The user has exclusive rights to own and manage the created smart contract.
  • If conditions are met then contract transfers tokens from main address to backup address.

 

Preempting Questions:

  • How is the security of a private key guaranteed?
    We respect the personal information of our users and never ask for your private key!
    When creating and deploying a contract, the MyWish platform does not request to enter private keys and does not store them.
  • Who is this smart contract for?
    The owners of crypto use a cold address for storage, and not on the exchange. It is possible that this Token Protector solution is also suitable for exchanges and their numerous private accounts. After all, security and user trust is the most important thing in the world of crypto.
  • What terms can be set in a smart contract?
    Now the contract is configured for a temporary period, you set the date when the transfer to the backup address should be completed. Tasks for tracking account activity will be added in the future. The owner of the contract can cancel the contract at any time.
  • What tokens can I protect?
    Now the service supports the only Ethereum but we are witnessing interest, so we will add other blockchains too.
  • Will your contract protects me from stealing a private key?
    This solution is designed in case of loss of a private key in situations such as forgot virtual numbers/letters or something happened with a hardware wallet.
  • How do we guarantee the security and transparency of the service?
    Our smart contracts are a proven open-source solution since 2017. We are trusted by more than 10,400 users who created over 7,500 unique smart contracts through the MyWish Platform.
  • Can I use the service after losing the key?
    Unfortunately not. To create a contract you need to know two private keys of the main and backup addresses

If you have questions or suggestions for improving the Token Protector contract, please contact us. We are always open to dialogue.

You can try the service for free in the testnet without the risk of infection with Coronavirus. Take care of yourself and your savings.

Token Protector https://protector.mywish.io/

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