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DeFi & Token Economics Blog · Oct 17, 2024

HYFI's Approach to Self-Custody Blockchain Wallets

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Rohas Nagpal · DeFi & Token Economics Blog

Not Your Keys, Not Your Coins

That's a fundamental belief in the world of blockchain & cryptocurrencies.

HYFI's self-custody wallet empowers users with full control over their digital assets.

With a simple and secure setup, users can create a personalized wallet, manage their private keys, and easily send and receive transactions using memorable names like hana.hyfi instead of complex blockchain addresses.

This approach ensures privacy, security, and a seamless user experience without relying on centralized services.

You can test out the wallet here: https://gold.hyfiblockchain.com

You can use the wallet on Brave, Chrome, Edge, and Firefox. Currently, it doesn't work on Safari due to limited support for IndexedDB and certain encryption methods.

Enter a unique name (e.g., hana) and set a password / PIN.

If the name is available, a new wallet is generated for you - with a private key, a public key, and an address.

A data stream entry is made on the HYFI Blockchain, mapping your HYFI Blockchain address to your chosen HYFI name.

Your private key is encrypted using AES with your password, adding a layer of security.

Your encrypted private key is stored securely in your browser's IndexedDB, ensuring only you have access to your keys. There is no centralized storage and no third-party involvement.

When making a transaction, enter your password, the recipient's HYFI name, and the amount. The amount is in hGold, which is equivalent to 1 gram of gold. The real time price in multiple currencies is automatically displayed.

In real-time, your private key is decrypted, used to sign the transaction, and then the transaction is broadcast across the HYFI Blockchain network.

All transaction details can be viewed on the HYFI Blockchain Explorer.

You can easily back up all your wallets with one click.

Wallet recovery is a breeze. You can change your password / PIN at the time of recovery.

You can test out the wallet here: https://gold.hyfiblockchain.com

Full Control: You have complete ownership of your keys, ensuring a true self-custody experience.

Local Security: Private keys are securely stored in your browser, not on any central server, reducing the risk of hacking.

User-Friendly Transactions: Sending and receiving assets is simplified using easily memorable names like "sara.hyfi" instead of long, complex wallet addresses.

Privacy Protection: No personal information is stored on central servers, enhancing privacy.

You can test out the wallet here: https://gold.hyfiblockchain.com

Safari Compatibility

You can use the wallet on Brave, Chrome, Edge, and Firefox. Currently, it doesn't work on Safari due to limited support for IndexedDB and certain encryption methods.

Password Security

You must remember your password/PIN. Losing it means losing access to the wallet, as HYFI does not store or recover passwords.

Browser-Specific Access

Private keys are tied to the specific browser where they were created. To use the wallet on a different device or browser, you need to manually import your wallet.

You can test out the wallet here: https://gold.hyfiblockchain.com

Read the original on defiblog.substack.com

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