Wallet security and recovery system
Typically in the Bitcoin world when one loses all credentials, there is no longer a way to access one's Bitcoins. In Conio, we wanted to create a system that allows you to recover your Bitcoins, even in cases of emergency, or when you lose all your login credentials.
Unlike in many services, in fact, in Conio your every transaction is real, and you can actually find your Bitcoins if you search for your address on the Blockchain. Despite this, not only can you recover your Bitcoins on your own, and for free, but even if you have lost all your credentials, thus, both your password and even your Bitcoin Recovery Code, you can still recover your Bitcoins, thanks to Conio's 3-Key Multisig Security System.
The security of your Conio Wallet is handled by a multi-sig (multi-signature) system, which is already provided by the Bitcoin protocol, so we have patented and implemented a wallet recovery system (to be used at the customer's request in case one of the private keys authorized for signing is lost).
Specifically, this system is based on 3 private keys that can generate 3 different signatures. To carry out a transaction, 2 out of 3 signatures are required. Therefore, in order for the transaction to be considered valid by the Bitcoin network, at least 2 of the 3 private keys must be used.
The client holds the first key, which is generated on his device and is designed so that no one else has access to it. The second key is kept in Conio's servers, is generated exclusively for your account, and it is through it that you can affix the second signature and thus complete the transaction (the second signature is performed by Conio at the customer's request). Then there is a third key, which is kept offline, and is used only in emergency cases in case you no longer remember your password and have not transcribed the 12 words of your Bitcoin Recovery Code. The third key can also be used in case Conio has technical problems or fails, always allowing customers the opportunity to recover their funds.
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