With all the hacks happening on the market recently, some of our users raised the question of security within the Chainge app. First of all, the Fusion DCRM tech behind the Chainge app IS naturally immune to hacks. You can go down the security rabbit hole and read all about it and who worked on it here and here; as well as checking out the Chainge Certik security audits freely available online.
So now that we covered some general aspects, we’ll just go ahead and answer the most frequently asked questions while explaining why our app’s security walls are unbreakable. Then it’s up to you to choose which mode matches your needs.
First of all, why do we have both beginner mode and expert mode?
Beginner mode is set out to offer the easiest on-boarding/signing in method possible. Without the hassle of managing your seed phrase.
Expert mode is for those who want complete decentralisation and the possibility of importing their seed phrase into other wallets.
If you are in beginner mode, your encrypted seed phrase will be uploaded to the “Secret Cloud Box” using IPFS which is safely protected by the Chainge company. And more importantly, each user’s seed phrase is encrypted by different credentials of the users’ device, which means the “Secret Cloud Box” is merely a place to store it, while security is de facto always in the users’ hands.
Beginner mode is basically the simplest way for you to manage your wallet. No seed phrases. No hassle. You’ll be controlling everything through your passcode.
Is my seed phrase safe on the “Secret Cloud Box”?
Yes. The important thing to remember here is that even if it is stored there, your seed phrase is and always will be ENCRYPTED. There is no way for any of the members of the Chainge team or anyone else to access or decrypt your seed phrase. You are the only one who can do that by switching to expert mode.
What happens if the Chainge servers go down and I am in beginner mode?
This won’t happen of course BUT in the extreme hypothetical case that it does then it doesn’t matter, because the “secret cloud box” is on IPFS as well.
What happens if Chainge goes bankrupt or the managing team disappears?
These, once more are not scenarios we would ever consider, but for argument’s sake, in case of a doomsday apocalyptic scenario happening, the app will no longer be available. So, users who genuinely have this concern, should pick expert mode.
What happens if I change/lose my phone number and I am in beginner mode?
1. Well, you can always get back your phone number from your phone service provider.
2. Also, we will allow users to change their phone numbers in a future version of the app. But until then, if u are in beginner mode make sure u can recover your ph number because it is directly linked to your wallet.
Switching to expert mode implies that your encrypted seed phrase will no longer be stored on the secret cloud box. The app will either generate a new wallet or wait for users to import their own seed phrases. Your seed phrase will be automatically erased from the box, decrypted and shown to you. In this mode, seed phrases will only be stored locally in your cell phone.
Thus, the user takes full responsibility in regards to managing, securing and backing up the seed phrase. However, we have found a great way to help you do all that with no headaches and no worries.
How can my seed phrase be secured?
The Chainge app is currently providing the most convenient and secure way to manage key phrases. Users can encrypt their seed-phrase with their own password by generating a QR code. The QR code can then be imported into Chainge by using the Chainge magic button to scan and decrypt the code using their password once more. (this password is DIFFERENT from the usual passcode you use to sign into the app. You have to set it and remember it when you encrypt your seed-phrase)
As long as you make sure your password is complex enough and always remember it, don’t leak it to anyone else, you can be 100% sure that your assets are always safe.
The responsibility of remembering the passcode that decrypts your QR code is yours and yours only. Chainge cannot recover it for you. So, if you lose or forget it, then your seed-phrase is gone and so are your assets.
The thing worth noting here is that absolutely no one else can decrypt your QR code. And this is the main reason why your QR code containing the encrypted seed phrase can be safely stored on cell phones and any other public cloud service. Because even if someone else manages to somehow gain access to it, there is absolutely no way for them to decrypt it.
What happens if Chainge servers go down and I am in expert mode? How can I access my funds?
This won’t happen of course BUT in the extreme hypothetical case that it does then users can access their funds through other wallets by importing their seed phrases into those wallets. Eg: Trustwallet, Tokenpocket, Metamask
Does the DEX need a server to run? Does this mean it’s centralized?
NO, the DEX is 100% decentralized and actually runs on the blockchain. It NEVER stops. If you want, you could even interact with it without using the Chainge app. But of course, this would be difficult for most people as it requires some pretty advanced tech skills.
What happens if I change/lose my phone number and I am in expert mode?
As long as you have your seed phrases, you can import it into other wallets at anytime and access your funds. However, your liquidity pools will not be imported. So if you have those, we suggest u make sure u can recover your ph number.
What happens if I login the app and I see my balance displayed as 0? Should I freak out?
No, you should definitely not freak out. Unless you send them out, you can be 100% certain that the assets are there safely in your wallet at all times.
However, there are a couple of reasons why 0 might be displayed for very short periods of time such as server maintenance of display glitches. This is not something unique, these problems are to be found in any other app.
But as long as you have your seed phrase, you can import it into other wallets at any time and see your balance there. (you could also check your balance on the explorers of each chain). So, in the unlikely case of the app displaying 0, no worries, your assets are still there and they are safe.
Where are servers located? What kind of server services are we using? Do the servers have any backup in case of emergency?
Our servers are running on cloud services: Amazon, Alicloud, Google Cloud
And they ALWAYS have backup. In addition we are deploying a load balance system in order to make sure our service never goes down.
Hopefully these answers put your mind at ease regarding any security concern you might have. It’s of course now up to you to decide which mode suits your needs better: beginner or expert.
But regardless of which one you decide on, you can rest assured that we have gone out of our way to ensure users with the best of the best security solutions. Being able to secure your seed phrase by encrypting it in a QR code is for example something no one has ever done before and truly does make users’ lives easier as well as adding a new security layer so that you can rest assured your assets are truly safe.
If you have any other questions, just shoot, we’re always here to answer.