Don’t be another #DataHack statistic — here’s how to keep your crypto funds secure and hidden from online threats.
On New Year’s Eve, hackers targeted global foreign currency company Travelex, executing a ransomware attack that crippled their stores, airport counters and exchange services by forcing them offline. Customers have been left stranded in foreign countries with no access to their funds, and all transactions are held in indefinite limbo.
Cryptocurrency empowers you to take charge of your own finances. You’re not at the mercy of custodial services like Travelex (who are facing ransom demands in the millions).
But when dealing with your own digital assets, your private keys are more important than your internet banking passwords and PINs.
If you mess up a bank transaction or forget your PIN, you can call Travelex.
If you mistype an Ethereum address or lose your private key, you can follow these helpful instructions…
Your keys act as gatekeepers to your funds, allowing you to access your wallets and sign cryptocurrency transactions — something that automatically happens when we send, trade and swap digital currency.
With decentralized wallets, there’s no system or team monitoring your accounts for suspicious activity, nor is there anybody to help you if your funds are stolen.
This may sound scary— but it’s not! There’s a multitude of ways to easily safeguard (and fool-proof) yourself against these kinds of vulnerabilities (including having a Smart Contract wallet…)
Exploring the many decentralized apps and services within the broader DeFi ecosystem can be both a safe and enjoyable experience.
That’s one of the reasons why we integrated with WalletConnect last year.
WalletConnect protocol makes connecting to any desktop or browser DApp simple, fast, easy and secure. The integration also leads us one step closer to our vision of empowering you to take control of your personal data.
You can use WalletConnect to link your wallet to platforms using a QR code via the Pillar app. Seamlessly interact with DApps and the broader DeFi community without having to share your private keys — or personal data — with anyone.
You should always Use WalletConnect via Pillar. Here’s Why…
There is potential for a scammer or hacker to be lurking behind every login page, patiently waiting to steal your private information — whether that be your passwords, email addresses or private keys.
It’s estimated that some $9 million worth of crypto is lost every day to sophisticated hacking and phishing attacks.
One of the best ways to protect yourself against these kinds of attacks is to limit the number of times you share your private keys with websites and apps.
WalletConnect allows you to do this. To interact with compatible DApps and services that require access to your wallet, you simply need to open Pillar and scan your unique QR code.
Prying eyes won’t be able to observe your private keys as you type them out, or log them in an attempted phishing scam. Since Pillar is only available on one registered device at a time, using Wallet Connect removes the likelihood of a hacker accessing your accounts and stealing your funds in the first place.
The average person can remember up to seven numbers at any given time… Private keys, on the other hand, are 64-character-long randomized passwords that are not so easy to remember. 🤯
The upside to this is that private keys are hard to guess, so they keep your accounts far more secure than regular passwords. The downside is that you probably will need to store and keep copies of your keys handy, or attempt to memorize them.
Besides being totally disruptive to the user experience, poor management of your private keys puts your funds at great risk of being lost or forgotten.
WalletConnect gives you peace of mind, while also making it much easier to interact with new platforms in the decentralized ecosystem. Instead of needing to externally store or memorize your keys, you can start interacting with dApps right away by scanning your unique QR code.
You won’t need to re-enter or type out your private keys again and again — virtually removing all that painful device-to-device friction.
With data breaches and leaks occurring at an unprecedented rate, it’s never been more important to protect your private data.
By using WalletConnect via Pillar, you’ll never need to share your personal information with third parties — unless you want to.
As you start exploring various dApps and decentralized platforms, the risk of having your private data compromised in a breach or sold onto third parties will be greatly reduced.
Instead you’ll be able to explore and interact with decentralized apps and platforms with peace of mind, simply by scanning your unique QR code through the Pillar app.
Learn more about our collaboration with WalletConnect in our Ecosystem Zoom Out Series.
Every day the DeFi ecosystem becomes more advanced and user-friendly. At Pillar, we started by removing confusing blockchain addresses altogether, with every Pillarista choosing their own unique username tied to their wallet.
Projects like WalletConnect are another team who are breaking down the barriers to crypto usability, while acting as a barrier to fraud and human error. A simple QR code may just be the difference between you accidentally exposing your private keys, or keeping them secure.