How does OKX Wallet implement 7×24 security guarding?

Product innovation is done well because safety is done well, and safety is the cornerstone of continuous innovation in all technologies.

As one of the best wallets in terms of innovation and security, OKX Web3 Wallet has pioneered multiple exclusive features while maintaining a record of zero security incidents and guarding the safety of user assets 7 × 24.“What we think about every day is how to make the wallet more secure,” said OKX Web3 Wallet Product Manager Neil.

Within OKX, product safety is the “bottom line” that we adhere to, and this “bottom line” is also reflected in the development of all OKX product lines. The team works prudently, achieving zero records of security incidents in the DeFi business, constantly innovating, upgrading the CeFi business to traditional financial audit standards, and making every effort to ensure product safety.

On July 27, Twitter user Jack Davis praised OKX for continuing to disclose reserve certificates and supporting users to verify at any time, which made him feel more at ease. OKX CEO Star immediately forwarded this tweet and commented,“There are a lot of scammers in the cryptocurrency space. They talk about visions like gentlemen in public, but in private they steal baby bottles. Talk is cheap and technology doesn’t lie.”

Web3 is a trust game. Product safety is the iron law of survival. If you dont have this awareness, you are destined to be beaten severely.

How does OKX, which strives to become a role model for builders in the industry, implement security layout? For many users, this is still an uncharted territory. Next,We will use the OKX Web3 wallet to maintain a zero security incident record as the main line, and use its security functions as fragments to restore the full picture of its security foundation and get a glimpse of its strategic layout.

Break down the security pain points of Web3 wallet and how OKX Web3 wallet overcomes them one by one

While more and more users are rejoicing in the ownership changes brought by Web3 wallets, they are also panicking due to asset losses caused by lost or stolen private keys, airdrop fraud, problematic contracts, phishing links, etc.

The current Web3 wallet security issues are characterized by diversity, complexity, and correlation. It is impossible to go into every security issue here. It mainly focuses on sorting out the current major security issues.Web3 wallets can be mainly divided into two categories: the security of the wallet itself and the security of use on the chain.

The security issues of the wallet itself are mainly divided into two categories: for the user level, the main problems are the loss or theft of private keys; for the wallet layer, there are more problems such as misappropriation of user private keys and theft. .

On-chain security issues are mainly classified into one category: user security issues caused by contract vulnerabilities, malicious fraud signatures, authorization and other third parties.

Faced with the above security issues, how did OKX Web3 wallet defeat them one by one?

Regarding the issue of whether the wallet is self-defeating and self-theft,OKX Web3 wallet adopts a very honest approach - open source. Currently, it only includes multi-chain signature SDK fully open source,MPC private keyless wallet core algorithm is open source, AA wallet is open source, and BRC 20-S is open source.The biggest benefit of open source is that programmers all over the world can check the code, review vulnerabilities and whether there are any backdoors, etc., and everyone will complete the security certification for them. The users private key has never been taken privately, which reduces the users trust value. Full.

Regarding the problem of user private key loss, OKX Web3 Wallet has launched iCloud/Google Drive cloud, manual, hardware and other mnemonic/private key backup methods to ensure that the users private key will not be lost, and has grown to support private keys on the market. The most comprehensive wallet with backup methods. Regarding the problem of user private keys being stolen, OKX Web3 wallet has supported the most comprehensive mainstream hardware wallet functions such as Ledger, Keystone, and Onekey to ensure that user private keys will not be stolen. The private keys of hardware wallets are always only stored in the hardware wallet device. , controlled by users themselves to ensure asset security. That is to say, OKX Web3 wallet allows users to safely manage assets through hardware wallets, and at the same time, they can freely participate in on-chain token transactions, NFT markets, and various dApp project interactions.

Although these two functions are good, they cannot fundamentally solve the problem of user private keys being lost or stolen. What should I do? Then make a wallet that does not require a private key. OKX began to leverage its specialties in technological innovation and products, and took the lead in developing the MPC private keyless wallet and the AA smart contract wallet that can recover private keys through social interaction.

On April 4, 2023, OKX Web3 Wallet officially launched the MPC private keyless wallet. This private keyless wallet is developed based on MPC technology and supports 37 public chains. It is the first 2/3 multi-chain private keyless wallet on the market and is the first of its kind. With the emergency exit function, users can export their private keys and withdraw their assets in emergency scenarios through two private key shards that are completely managed by themselves.Realizing a truly decentralized self-hosted wallet without private keys. Through the OKX MPC private keyless wallet, users no longer need to manage complex private keys or mnemonic phrases, and the threshold for use is greatly reduced. In just two weeks since its launch, the number of created users has exceeded 100,000.

On August 2, OKX Web3 officially launched the AA smart contract wallet and will soon support the social recovery function, which means that even if the user loses the private key, the assets in the wallet are still safe, and the user can also regain it through the social recovery function Account Access. also,AA smart contract wallet solves the problem of private key loss while raising the convenience, functionality, and experience of the wallet to new industry standards, taking one step closer to the era of large-scale adoption of Web3 wallets.Currently, OKX AA smart contract wallet has also open sourced smart contract code, covering 7 popular public chains including Ethereum, Arbitrum, Polygon, Optimism, BNB Chain, and Avalanche, aiming to improve the security and transparency of its Web3 wallet.

So far, OKX Web3 wallet has completed the transformation from prevention to cure in terms of its own security issues. After dismantling the first type of security issues, let’s talk about the second type of on-chain security issues.

Security issues for on-chain use of Web3 wallet,Just like the problem of telecommunications fraud no longer belongs to the category of product security, it is mainly caused by third parties, but OKX Web3 Wallet takes it as a focus and builds a powerful protection system, the most powerful of which is the KYT Sky Eye security system. We protect Web3 wallet users 24/7.

Since the system involves many functions and is constantly being upgraded, here we only select a few of the more important functions to discuss.

One of the functions of this system is risk authorization reminder. The current system already has 3.2 billion+ on-chain address tag libraries, and is constantly being updated. It can carry out effective risk detection and automatic warning when users are involved in malicious addresses and suspicious transactions.According to OKX Web3 Wallet Product Manager Neil, in the future, address labels will be processed in layers. Whitelist addresses will be mainly used for ordinary prompts, greylisted addresses will be mainly used for common risk prompts, and blacklisted addresses will be intercepted directly.

For example, when users encounter Pixiu disks, phishing websites, etc., the KYT Sky Eye security system will automatically identify and issue risky prompts to avoid risky transactions for users.

Then there is the one-click authorization management function.This function is relatively easy to understand, that is, if the user makes a wrong operation and involves risk contract authorization when interacting on the chain, he can use the OKX Web3 wallet to manage risk contract authorization with one click, clean up risks regularly, and avoid pitfalls in advance.

Finally, there is a more important function. According to Neil, it is already under development but has not yet been officially launched - pre-execution. This means that users can pre-execute the data to be uploaded to the chain before signing the transaction. The system will display potential risks and avoid blind signing scams.

Surprisingly,Recently OKX Web3 wallet also supports Flashbot to protect users from MEV attacks.Users can click More in the ETH chain SWAP transaction of the OKX Web3 wallet and turn on MEV protection, which can effectively prevent MEV attacks. OKX Web3 wallet sends transactions to trusted third-party nodes (such as Flashbots private pool) instead of regular transaction pools to ensure that the order of transactions does not change.

Whether it is the security of the wallet itself or the security of use on the chain,OKX Web3 wallets provide all-round protection for users, which is why they can create a record of zero security incidents for Web3 wallets in the industry.

In addition, according to Neil, OKX Web3 Wallet is planning to continue to strengthen the security protection system from the aspects of risk prevention, risk cleanup, and risk cover, mainly focusing on the three core functions of increasing user education, wallet security type upgrade, and security cover, so as to Upgrade to the new industry standard.

The above is the overall picture of the security foundation of OKX Web3 wallet. The team knows that security is not 100%, it can only be achieved by continuous improvement.

Security is the foundation of OKX Web3 wallet innovation, and the strategic height has never changed

Twitter user 0x Unicorn once posted that while having dinner with OKX friends, they learned that 400 people had invested in it for more than a year. No one else in the industry except Binance could afford this hard investment. It is only a matter of time before CEX is revolutionized. OKX has foreseen this and their Web3 wallet is already very advanced.

The investment of talents and funds is just the tip of the iceberg of the strategic height of OKX Web3 Wallet. The high-dimensional vision behind it is even more worthy of consideration. The best way to foresee the future is to create it. A successful company must know who it is, where it comes from, and where it wants to go. As the worlds second largest crypto-asset exchange, OKX has a keener sense of future trends and dares to explore. As the entry-level product that is most heavily and frequently connected to users, OKX Web3 Wallet has repeatedly achieved breakthrough innovations and is the core product of OKX DeFi business. It originated on the eve of BTC hitting a new high of US$69,000 in 2021 and has been deeply involved in the encryption industry for 20 years. In the long bear market of more than two years.

OKX Web3 wallet has now grown into one of the most comprehensive and advanced wallets in the industry with the lowest threshold for use. It supports 70+ public chains, and the three terminals of App, plug-in and web page are unified, covering wallet, DEX, DeFi, NFT market and DApp exploration. 5 major sections. It also supports the Ordinals market, creating MPC wallets, exchanging Gas, iCloud/Google Drive backup mnemonics, customizing networks, connecting to hardware wallets and other functions.

These functions are undoubtedly not based on the security of the wallet.Security is the foundation of all technological innovations. Losing security is like a flower in the mirror or the moon in the water. From the above analysis of the security foundation, it is not difficult to see that OKX Web3 Wallet puts product security as much as the product. The same strategic height as innovation.

Although the current number of Web3 users has grown to hundreds of millions, the number of active users is only in the tens of millions, which is still in an early stage compared to the traditional Internet. As the entrance to user interactions on the chain, Web3 wallets are the key to realizing large-scale Web3 The key scenarios for adoption, under this narrative, put forward higher requirements for the ease of use, stability and security of Web3 wallets. Wallets should seize this opportunity and win with unique product advantages.

If the essence of product innovation is to maintain a leading position and cross the Darwin Sea, then the essence of security is to gain trust. For products involving the security of user assets, trust is only once, once it is destroyed, it will never be restored. .

Just imagine that once industry-leading portals such as OKX Web3 Wallet are defaulted, they can continue to exert force, which will definitely drive a large number of Web3 users to grow and generate great value. Of course, it will also bring great challenges to its technical capabilities.Especially with the introduction of standards such as ERC-4337, in addition to traditional EOA wallets, AA smart contract wallets, MPC wallets, etc. will also usher in rapid development. In the ever-changing encryption industry, only continuous rapid iteration can meet the growing demand. Web3 user needs.