Encrypting Private Keys
The new encryption feature of the Counos Mobile Wallet allows users to encrypt their private keys using a PIN code. When the private keys are encrypted with the PIN code, only the user can decrypt them.
The reason is that PIN code is NOT saved on any server. No part of the PIN code is saved or stored on the servers. Only the user, or the owner of the account, has access to it. Therefore, the owner of the account has full responsibility to store the PIN code safely and securely.
When users have chosen a PIN code, they need to write it down and keep it very safe. Since it is not saved online anywhere, if they lose the PIN code, then all their assets are lost. Since, the PIN code is NOT recoverable.
This feature gives ultimate power and privacy to users. Only they have access to their private keys. Even if all the servers are hacked, no one can access their assets. Since literally no one but the user has access to the PIN code and therefore the private keys.
How to Set a PIN Code?
The PIN code is necessary to make transactions. Because in order to send a transaction, you need to decrypt your private key of the wallet. And the private keys are encrypted with the PIN code.
Here, we will see how you can setup a new PIN code step by step.