What is the protection account of MYCOLDWALLET?
1. It is the core function of MYCOLDWALLET, including protection contract used by Smart-Contract.
2. According to contents of the contract, if there is no withdrawal in a protection account during the activation period of an users' signature, the user's signature gets inactivated. At the same time, MYCOLDWALLET service signature is activated automatically and qualified for resuming the user's signature by Smart-Contract. It is called protection contract.
3. You will use Contract-Address, given when you create your protection account, as a withdrawal address.
Why does the protection account get locked and how does it work?
1. It is an activation period set by a user when creating a protection account. When the period is done, the protection account gets locked.
2. It resumes automatically on the date of last withdrawal. For example, If you make a protection account for 100 days on the 1st, Jan. and there are no withdrawal and deposit, your account gets locked on 10th, Apr. However, If there is a deposit on 9th, Apr. the remaining period is renewed automatically. Then the date of getting locked is on 19th Jul. So you can minimize any inconvenience as long as you set the period on your own preference
3. The reason why we need an activation period is MCW service does never know what is happening users' lives. Hence, we are responsible for fulfilling your request when your activation period is expired according to contract.
What is each role of signatures, user’s signature and service signature, using in protection account?
A.User’s signature includes its information(public key), created by the user’s mobile.
1. It has authority for withdrawal through their protection account.
2. It has authority for changing activation period of account.
B. MCW service signature includes its information(public key) for MCW service.
1. It can change user’s signature for their protection account.
2. It approves reusing user’s signature.
Why does MYCOLDWALLET not support recovering private-key such as Mnemonic(Recovery)?
Mnemonic(recovery) is vulnerable to robbery and loss. And most robbery and loss for assets results from inexperience in this recovery word. Since MYCOLDWALLET is capable of storing assets even if private key is lost, we do not provide recovery word of private-key caused by leak.
Does MY Does MYCOLDWALLET save users’ private key?
MYCOLDWALLET service does never require or store user’s private key ever for security of user’s protection account. User’s private key only keeps in user's application
Is it available to access this application even if MCW service is suspended?
Of course, it is accessible. Our MCW application has independent structure. And protection account exists into ethereum network and it is available to withdrawal through user’s signature
Do users have to note when depositing ETH and token to exchanges?
1. MCW is an account based on Smart-Contract. Record for coin withdrawal is sorted into internal transaction. Most old exchanges do not reflect withdrawal through internal transaction. However, a number of new exchanges are available to withdraw through internal transaction.
2. Please check out if an exchange is possible to deposit before withdrawing.
Is there no difference between general transactions and one through exchanges when withdrawing?
In case of transaction for ERC token, it is not necessary to sort into general account and account based on Smart-Token.
Does MCW(protection account) not lose ETH and token?
1. It has no danger in leaking, caused by external factors as we do not provide information for private-key to store.
2. You can get back your private key because all your assets are on protection account.
3. The only way to withdraw in protection account is reception account that user set.
4. Although activation period is expired, users keep using their protection account by registering a new signature.
When an account is not possible to restore because a pr e because a private key is lost and this app is deleted, what does the user have to do?
1. You can request for resuming it th rough your email that you certified before.
2. However, your account can be resumed when only the activation period that you set beforehand is expired.
3. No one can use the protection account that lost user’s signature, until activation period is over.
Do only the users have the right to withdraw from the protection account?
1. Of course. Authority for using a protection account is only permitted to user who has user’s signature(private key).
2. Order unregistered signature is rejected to activate by Smart-Contract.
3. User’s signature gets incativate when the account gets locked.
Is it possible to resume accounts because the protection accounts have not been used for a long time?
You can resume your account by recreating the user's signature after confirming your signature.