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Easy Crypto Wallet - What is Social Recovery / Cloud back up
Easy Crypto Wallet - What is Social Recovery / Cloud back up
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Written by Easy Crypto
Updated over a week ago

Why do I need to backup my wallet?

Easy Crypto’s wallet is self-custodial, which means that creating a backup is crucial for safeguarding your digital assets. If you lose access to your wallet (due to device loss or malfunction for example), a backup will be the only way to retrieve your cryptocurrencies. .

Backing up the Easy Crypto wallet ensures that you can still access your crypto assets if you lose your device or it gets stolen. We have an easy to follow backup process in the app. Please ensure you backup your wallet safely.

Does Easy Crypto have the ability to recover my wallet if I lose my phone?

Easy Crypto does not hold access to your back up key therefore we can’t access your wallet for you if you lose this, that's why we strongly recommend completing the social recovery backup process.

What are my backup options with the Easy Crypto wallet?

The Easy Crypto wallet offers two backup options. The first option is the social recovery method. The other option is the cloud backup. You can use both options for maximum peace of mind. Let’s go through these options in more detail.

What is social recovery and how does it work?

Social recovery allows the Easy Crypto wallet users to recover access to their wallets through a selected network of trusted friends or family, known as Guardians. You can add 3, 5 or 7 of your closest contacts to your social recovery crew. The more you add the safer you are as there are more people placed to help you should you need to recover your wallet and crypto.

Each of these individuals will be approving the recovery of your wallet and will receive a notification to do so, which they will then need to action for the recovery to go ahead.

To recover your wallet, you will need the below numbers of Guardians to respond:
3 Guardians: 2 out of 3
5 Guardians: 3 out of 5
7 Guardians; 4 out of 7

Is social recovery secure?

Social recovery enhances account security by sharing the recovery responsibility among a group of trusted contacts, known as Guardians. This means that a potential attacker would need to gain control over more than half of these guardians to access your account, making unauthorised access significantly more difficult. In addition, this method circumvents the dangers associated with a single point of failure.

Who should I choose for my social recovery network

You should choose people you trust, such as close friends or family. It's best to choose individuals who understand the importance of the role.

What if they try to recover my wallet without me knowing?

Don’t worry - we won’t let them do that :) Your recovery contacts can only approve a recovery request, not initiate one. In addition, we will contact you via email and through the app to ensure you are aware that a recovery process has been started, giving you the opportunity to cancel the recovery.

What is a cloud backup?

Cloud backups upload an encrypted backup of the user's keyshare to iCloud on iOS and Google Drive on Android.

You can check the backup status by going to wallet settings > backup and there you will see a green tick if the wallet can identify the file in cloud storage.

How is the cloud backup secured?

The cloud backup is encrypted with a password that you will be asked to create when you set up cloud backup. In the event that you want to recover your wallet from a cloud backup, you will need to enter your cloud backup password. Please note that this password is different to your iCloud or Google Drive password. Given you may only need this password every few years, we recommend using a password manager such as 1Password or Bitwarden to secure your password and make sure you have it accessible should you need it in the future.

Is storing a backup keyshare in the cloud secure?

Yes! The backup keyshare is encrypted. Even if your cloud storage was compromised, the encryption still keeps your backup secure from attackers. In the highly unlikely event that both your cloud storage and the encryption was compromised, an attacker would only have access to your keyshare. As two keyshares are required to make transactions, the second keyshare being stored securely with Easy Crypto, the attacker could still not access your wallet. Read more about keyshares and how multi-party computation (MPC) keeps the wallet secure in the Security section.

In which folder is the backup stored?

The backup is stored as a hidden file. You can check the status of your cloud backup by visiting: Wallet settings ⚙️ > Backup > View Cloud Backup

If there is a green tick next to your cloud provider (iCloud or Google Drive), it means your wallet backup is active.

Need more help?

If you need more help understanding this process, please do not hesitate to get in touch via the messenger in the bottom right of your screen or send an email to [email protected]

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