We understand the more security implemented for protecting clients the more difficult it becomes for clients to do simple tasks. We understand that security is priority for clients and we are always fighting that delicate balance between more security and how easy it is to send and receive assets.
There are three basic principles to security. Knowing that you are indeed the owner of a wallet, protecting clients from identity theft and protecting clients from brute force password attacks. These basic principles are the most common forms of cryptocurrency attacks.
In order to combat these attacks when you start an account with Galaxycoin you will set up our Keystore file using encryption. Your Keystore file is like physical gold in your hands.
COLD STORAGE ADDRESSES
Galaxycoin will allow up to two addresses per user. The second address is intended to be a cold storage address and we highly recommend you use it this way. If you intend to purchase a large amount of assets and hold them long term you can send these assets to your cold storage address. As long as you never send anything from your cold storage address it is virtually impossible for funds to be stolen. After generating your cold storage address, simply store your cold storage paperwallet and KeyStore file in a bank safety deposit box or safe and send large amounts of funds to cold storage whenever you want. Think of it as your savings account.
All Galaxycoin operations are engineered using cold storage vaults and server encryption. Your account keys are not available to anyone. There are no databases storing your identity or keys for hackers to get a hold of. There are no online exchanges to log into and there is no critical account information available on any of our servers. We are not subject to DDOS attacks like exchanges and your funds are never locked up because of down time.
If for some reason you do suspect your wallet has been hacked, contact us immediately so we can help secure whatever assets are remaining in your account. We can not recover assets that have been sent but we can start an investigation if we suspect fraud.