One of the ills of the crypto industry is that there are a lot of bad actors. Wallets get hacked and crypto funds get stolen, People don’t know that they have been hacked until they check their wallets. Self-custody wallets don’t require email or phone numbers for set-up and there is no way to notify the owner when a transaction is about to take place. This article will show you tools that can help you do that and much more. The goal is to help you secure your funds.
There are other wallet features that are not native to many wallets but that are much needed for you to get the best out of your wallet, and more importantly, keep your funds safe. The tool is Webacy.
What Is Webacy?
Webacy is a software layer of protection for self-custody wallets that allow users to set up their own system for management and security. It gives your wallet that extra protection layer of protection and management that is absent in most self-custody wallets. (i.e a wallet where you own and manage the private keys yourself as opposed to it being managed by a third party, they are also known as a non-custodian wallet).
It should be noted that Webacy is not a wallet as it does not “store” your private keys. You do not need your private keys or passwords to set it. You provide your self-custody wallet of any type and you add Webacy software as an extra layer of protection and customizable management.
What Can You Do With Webacy?
Webacy is a suite of tools that you attach to your wallet to achieve various excellent capabilities. It is designed to reduce human errors which are inevitable. Some of these are highlighted below;
1. Real-Time Update On Your Wallet
The Webacy Wallet Watch function helps you keep tabs on all of your wallets automatically, you do not have to manually check each wallet to know the state. You get notified automatically via email or text messages whenever an activity is about to take place on your account. Much like what you get for your traditional banking apps but this time on a self-custody crypto wallet.
Wallet Watch helps you keep a tab on your accounts, if a hacker is trying to compromise your wallet, be notified of any interaction and can therefore take necessary action to safeguard your wallet. It should be noted that the security of the wallet is not compromised with Webacy. You retain the private keys of your wallet and are therefore responsible for the management of the wallet.
2. Wallet Backup And Panic Abort Botton
Webacy offers a Wallet Backup option for your wallet, you get to create a backup wallet for your main wallet. A backup wallet can come in handy in case you lose your original wallet. You just transfer all funds to your backup. A backup wallet is also important in case you are subject to a phishing hack, you could easily transfer all your assets from the compromised wallet to the backup.
Wallet hacks are frequent in the crypto ecosystem, whether it be through your interactions with a DAO or through some undiscovered wallet vulnerability. A case in point was when the Ethereum Multisignature Parity wallet had a $31 million hack. It might be difficult to manually transfer your assets when there is an ecosystem wallet ongoing hack, Webacy does offer a solution, there is a panic button that you can use to transfer all your assets with the click of a single button.
The Webacy Panic button transfers all your assets to a backup wallet in just a single click.
3. Set up A “Crypto Will” For Your Beneficiary
You could also set up a “Crypto Will” for your Wards and Beneficiary which is executed automatically on your behalf based on some preset parameters or upon your passing. There is no need to draw up some complex legal write-ups and pay huge legal fees to have it enforced. Your digital assets could be drawn up in a smart contract execution using Webacy.
You could signup for a free trial at https://app.webacy.com/ to explore some of the features of Webacy such as Wallet Watech tp get a real-time update on your wallet.
Webacy offers a suite of tools that you can use to improve the functionalities of your self-custody or non-custodian wallets. It is an added layer of security to help you keep a real-time watch over your wallets, and get notifications on any activities on your wallet through text or email. It also helps you create an easy backup for your wallet and transfer it to the backup in cases when you have lost access to your original wallet or had it compromised through hacks. Other functionalities include a panic button to abort transactions and the ability to create Crypto Will for your beneficiaries.