The Introduction of Klever Kustody

 


What is Klever Kustody?

Klever Kustody offers an alternative to self-custody. Although having your private key and full control of your coins is desirable, it also comes with a major drawback. 

Self-custody, as the name implies, restricts access to the assets for just one user. It does not offer the option of collective wallets. Klever Kustody permits more than one user to manage a wallet, that is, sharing is now allowed. With that, transactions might not go through if, for instance, any of the administrators do not approve those transactions.

Klever Kustody is actually more than that, it offers a set of features that can improve safety and provide reasonable management and control of crypto assets.

Klever is responsible for hosting your wallets, but you still control your private keys. Take care of them!

Here's a basic overview of Klever Kustody:



Wallet Management
  • Create a wallet
To begin using Klever Kustody, you will need to either create a wallet or join a group of owners of a wallet.  Creating a wallet is fairly simple on Klever Kustody. After you log into the system, you will see the following page:

 


There you can choose a name for your wallet and select the type of coin, that is, the blockchain this wallet will support. 


The next screen shows options for wallet backups. Currently, they are only offering "Create and store my own key".


Before the new wallet is actually added to your collection, you will be presented with the wallet secret, which shall be saved in a secure place. This is precisely the token you will use in case you need to recover this wallet.


  • Change settings
To check the current settings for a particular wallet, you first need to choose it from the ones you have created. You will see the list of wallets on the Kustody home:


"Settings" is one of the tabs available for the wallet:

 


Currently, users can edit the wallet name, which was given when the wallet was created, replace the current password and delete the wallet.

As deleting a wallet is a serious one-way action, its password is required before actually erasing it. You cannot recover a deleted wallet (neither can Klever team). So be careful with this action, since this is permanent.

  • Manage policies
Policies are more specific settings that involve the number of approvals, transaction limits, and freezing time.
    • Admin Approval
You can set how many users should be required to approve a transaction. They added an extra layer of security for wallets with more than one user. Admin users can set how many other admin users need to approve a transaction so that it can go through. A transaction is blocked until it receives the required number of approvals. This minimum approvers policy is exclusively related to transactions. 
    • Spending Limits
You can also set how much can be spent in the wallet. You could either configure this amount considering the time (per Hour or per Day) or per transaction. The limit will always be set on the currency that the user who set then had selected. For example: if you have EUR as your selected Kustody currency and set the Wallet Spending Limits, then the limits will be set in EUR.
    • Freezing Time
For security reasons, you might want to block the wallet for a certain period of time. That can be done with the Freeze feature. An intuitive calendar is provided so that you can choose a period when the wallet should not be available for signing transactions. Once set, the wallet cannot be unfrozen before the end of the period.

 

  • Recover a wallet
In order to recover a wallet you previously made, because you lost your password, for example, you need to click on the Recover button:


This will take you to a page where you may set another password. However, you will need the wallet secret: 


Then you see your new secret: 


  • Invite a user
To invite new users to your wallet so that they can share its responsibilities with you, you click on the Users tab and find the Add User button on your right.


A new modal will show up, where you should set the user's profile, which could be Administrator, Spender, or Viewer. 


Administrators are responsible for the wallet activities. They will always be prompted when new actions are generated. Spenders are able to perform transactions. Viewers can only visualize the wallets' activities.

If you check the Actions tab, you will realize there will be a new registered action, which is already finished (Check the image below). That would represent this invitation you have just performed. It is finished because you don't need to approve your own actions. However, if you are another administrator of this wallet, you would have to approve this activity.

 


  • Accept an invitation
If someone wants you to join a wallet, they will add you following the Add User process. You will instantly receive an email, informing you of your invitation. It should read like this:
Hey, Klever User
You have been invited by AnotherUser to be admin in the "Wallet TEST PROD" kustody wallet.

Click here to see your pending invitations.

On Activity, you will find this new action, where you are able to approve your inclusion in the wallet's administration board.


Clicking on Accept does not finish the flow yet. You still need to set a password to access this new wallet you have been invited to and finally, you receive the wallet secret.


  • Wallet Tokens

When you create a wallet on Klever Kustody, your wallet will come with official tokens already registered on your Assets tab. However, you are not limited to transacting only these official tokens, as you are able to add new tokens to your wallet: you can add any token that is registered within our Klever Tokens database in your wallet, and after that, you are able to use that token in your wallet.


Transactions

You not only can store assets using Klever Kustody, but you are also able to send and receive coins. The process is easy and can negotiate your coins with just a few clicks.

  • Send transaction
Once you open your wallet, the buttons for Sending and Receiving tokens are on your right.    


Your sender address will be automatically filled in. You will just have to write the Receiver's address and choose the coin and the amount to be sent.

 

And then, Provide the sender wallet password, when prompted. 


  • Receive tokens

The Receive button right next to the Send button on the right will lead you to a page where you can see the recipient's address and its correspondent QR code.


The outcome should be something like this: 

 


  • Approve a transaction
If there is more than one admin user for a given wallet, each of them has to approve any new transactions. If those transactions are not approved by all the admin users, they will not go through.  To approve, you need the wallet password.

 


This would be an example of a pending transaction:

 


  • Visualize transactions
All the transactions of a given wallet are shown on the wallet home page. 

 


Date, address, amount, status, transaction ID and actions are available for each transaction. The "View Transaction Detail" link at the bottom right leads to the official explorer of the blockchain used in the transaction.

 


User Profiles
They created profiles that might be quite useful for wallet management. With that strategy, they provide better security management and a more customizable experience for Klever Kustody users.
  • Administrators: those are the most important users on a wallet. They are responsible for approving actions and transactions. For instance, if a policy is changed by a user, it will not be implemented until all the administrators have given their approval.
  • Spenders: they are the ones whose single capability is to send and receive transactions.
  • Viewers: as the name implies, they can only visualize transactions and information from the wallet.

Actions
Actions are used to control the activities of a wallet. Everything related to policies and some settings generates an action. In this way, users can approve or decline certain interactions with the wallet.
Here is a list of common activities that generate actions: 
  • Inviting a new user to a wallet
  • changing policies
  • edit user profile
  • deleting a wallet
  • deleting user

That means all the activities above will only be fulfilled if the admins accept those actions.



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