NYX is a decentralized solution to validate identity, restore and authorize access to crypto assets, inheritance and similar problems.
Losing credentials (passphrase/private keys) is a serious problem in cryptocurrency world. Estimates on lost BTC already go to 23% and considering that 17% users on world wide web forget their passwords to sensitive data with more non-technical audience entering blockchain world the problem is going to grow. Storing restore data in cloud services is a risky way to ensure access recovery, both at the level of network interaction, and at the level of provision security of servers from hacker attacks. Hardware (cold) wallets break regularly or can be lost, and let’s not even start on keeping the passphrase written down physically.
Storing data for restoration in cloud services is a risky way to ensure access recovery, both at the level of network interaction, and at the level of provision security of servers from hacker attacks. Moreover, almost all major cloud services contain a waiver of liability in the license agreement in the event of data loss or its transfer to third parties.
Our solution provides decentralized storage of data for access to the account, implemented on the basis of the Blockchain and the logics of smart contracts. Blockchain does not have the shortcomings inherent in physical storage devices and cloud services, and cannot be irreversibly damaged or hacked, because it is open by definition.
We have created a concept that provides a perpetual guaranteed opportunity to restore funds using decentralized authentications to access crypto assets.
The core of the solution is a smart contract that is created specifically for each user and on which funds are placed. And we provide the possibility to restore the funds. We call it the NYX account.