Safle’s CEO: Never Under Any Circumstances Store Your Assets With A Custodial Wallet

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This story originally appeared on ValueWalk

Wallet infrastructure is essential for a wider adoption of blockchain applications, as it should offer users and developers a seamless experience. However, a killer combination of wallets, web and phone applications, and browser extensions is what the crypto ecosystem is needing.

Q3 2021 hedge fund letters, conferences and more

We spoke with Safle’s CEO Abhimanyu Kashyap on how to protect digital assets, the main challenges of trading and storing cryptocurrencies, and how to reduce the complexity when interacting with DeFi.

Abhimanyu also shares the latest of what the company is working on to innovate in a sizzling market.

What are the main issues users face when trading and storing crypto on decentralized infrastructures?

Multichain accessible accounts and high gas fees seem to be two major deterrents when it comes to users trading and storing crypto on decentralized infrastructures.

For example, swapping USDT for Ethereum on Ethereum network can cost up to $125 per transaction, irrespective of the value being swapped. The same transaction on a centralized exchange would cost 20 times less.

If the user intended to do the same transaction on a decentralized infrastructure such as Polygon or Binance Smart Chain, they would be challenged for transferring the native asset first on the low fees chain referred herein.

What are the key features of the Safle identity wallet?

SafleID is a self-sovereign identity infrastructure that allows one human-readable name for resolving public addresses of multiple blockchains –SafleID users can then generate as many wallets inside the Safle vault.

Safle is a non-custodial wallet, so the key security barrier is mainly the user’s device. However, Safle has built a secure key management mechanism called Safle vault, which has six layers of encryption to contain the keys no matter which platform the user is on.

The vault uses a native keyring-based mechanism that generates keys using the same HD path, and it’s also encrypted using a PIN that is not stored anywhere –it just stores the hash-to-match checksum at the time of decryption. Safle wallet was built with users in mind and is DAO-governed –which also means, users-governed, and that is what makes it truly decentralized.

It comes with a high-security vault, multi-chain support, and many more auxiliary features to assist the user in their journey. Also, Safle is not just a wallet, as it also provides developers with infra to onboard users, like a wallet and web3 provider. It caters to both users and developers at the same time, making it safe and simple for them to use dApps.

How can investors protect their coins now that scams are on the rise?

There are various things to keep in mind. Firstly, be very careful where you store your funds. A completely secure wallet is a must –never under any circumstances store your assets with a custodial wallet.

Also, you need to look out for fraudsters who make customers divulge confidential crypto trading information by posing as customers service representatives of legitimate exchanges. Never share your mnemonic/seed phrase or private key with anyone and keep it written in a completely safe place.

Further, be extremely cautious of deals or schemes that claim to multiply rewards with easy steps or by getting you to reveal authentication information. Many times, such fraudsters ask you to part with a certain amount of your cryptocurrency in lieu of rewards and then steal it.

One sure-shot way of protecting oneself from crypto scams –and the one I swear by– is to trade only through trusted and reliable platforms. Never under any circumstance respond to people trying to extract confidential information.

Also, asset storage is extremely important for crypto holders, so users should be wary of where they are storing their funds –with this in mind, Safle has 7 layers of encryption. Follow these tips and I am sure you’ll have a safe crypto journey!

Please walk us through the latest developments of the Safle beta version.

Safle Beta version was intended to receive feedback on SafleID, and wallets deployed first on Ethereum via our web application interface and our closed Discord channel.

We are happy that more than 15,000 members joined the Discord group and provided honest feedback to our product team and more than 20% also registered their SafleID on Polygon blockchain as part of the beta test.

Now we move forward while keeping in mind these feedback improvements and suggestions, and we are ready to launch the Browser extension wallet and the new version of the web application.

What projects are you currently focusing on with a view on the future?

In the immediate future (Q4 2021) Safle is launching its multi-utility governance token, a multi-chain browser extension wallet, and a new version for the web application. Lots of exciting things in the pipeline that I wish I could reveal right now!

We are building on multiple blockchains at the same time, developing wallet and node infrastructure from ground up with the support of strategic partners from Ethereum, Matic, Harmony, Avalanche, Tezos, Cosmos, Velas, Solana, and other blockchains supporting smart contract frameworks.

Safle is focusing on a lot of DeFi, gaming, and NFT projects on the chains mentioned above, and on providing multichain access to store and interact with blockchain applications.