Describes the internal wallet Implementation
When handling internal wallets, it is of utmost importance to ensure that your system has not been compromised. Safeguarding your seed phrases, passwords, and pins is crucial to prevent potential loss of funds and unauthorized access to your accounts. Always exercise caution and follow these best practices:
- 1.Secure Environment: Make sure you are using a trusted and secure machine or device, free from any malware or potential vulnerabilities. Regularly update your operating system and antivirus software to maintain a secure environment.
- 2.Strong Authentication: Utilize strong and unique passwords and pin combinations
- 3.Be Cautious of Phishing: Beware of phishing attempts where malicious actors try to trick you into revealing sensitive information. Always verify the legitimacy of the websites and emails you interact with, and never share your credentials or seed phrases with anyone.
- 4.Regularly Monitor Accounts: Regularly review your account activity and transactions for any suspicious or unauthorized activities.
WE WILL NEVER CONTACT AND ASK YOU FOR YOUR SEED, PASSWORD or PIN
Please note that X-Tokenize and its contributors cannot be held liable for any loss of funds, unauthorized access, or any other damages resulting from the handling of internal wallets or failure to follow the recommended security measures outlined above. It is your responsibility to exercise caution, implement robust security practices, and take appropriate measures to protect your funds and accounts.
Within X-Tokenize, certain features such as bulk minting NFTs and executing distributions require the use of internal wallets due to the specific nature of these operations. When utilizing internal wallets, it is crucial to prioritize security measures to safeguard your funds and sensitive information. X-Tokenize provides options for internal wallets, which can either be imported using their seed phrase or generated directly within the tool.
To enhance the security of internal wallets, X-Tokenize implements robust encryption techniques. Regardless of whether an internal wallet is imported or created on the spot, it is strongly recommended to encrypt them. Encryption adds an additional layer of protection to your wallet, ensuring that even if unauthorized access occurs, the encrypted information remains confidential and unreadable.
The encryption process in X-Tokenize leverages the PBKDF2 (Password-Based Key Derivation Function 2) algorithm. This algorithm derives encryption keys from a combination of your chosen password and a personal identification number (PIN). PBKDF2 employs multiple iterations to generate a strong and unique encryption key, making it computationally expensive and significantly increasing the difficulty of unauthorized decryption attempts.
Once the encryption keys are derived using PBKDF2, X-Tokenize employs AES256 (Advanced Encryption Standard 256-bit) encryption, a widely recognized and highly secure encryption algorithm. AES256 encrypts the internal wallet, ensuring that even if the encrypted data is somehow compromised, it would require an immense amount of computational power and time to decrypt it without the correct encryption keys.
By encrypting internal wallets within X-Tokenize, users can maintain the confidentiality and integrity of their funds and sensitive information. It serves as a proactive measure against potential threats, mitigating the risk of unauthorized access and loss of funds. Whether you choose to import an existing wallet or create a new one, encrypting internal wallets is strongly recommended to ensure the highest level of security within X-Tokenize.