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Frequently asked questions
How are private keys managed?
Phinx wallets generate random mnemonics and encrypt them using AES-256 and are stored securely on user's device. Mnemonics never leave the user's device.
Who can be added as Guardians?
Any Phinx user can be added as trusted guardian. Make sure you add a good number of guardians so your recovery chances are high.
Are shards revealed to Phinx team?
Phinx team only has access to one piece of shard, which again is protected in Hardware Security Module with strong access controls. The guardian shards that travel through Phinx servers are encrypted with guardian's public key and only they can decrypt it and store it in their devices.
How does recovery work
Users can either save their mnemonic seed phrases or add their family members and friends as trusted guardians. Guardians can help recover in case a user loses access to phone used to access wallet.
What Information does Guardians get?
Guardians are shared shard of mnemonics generated using shamir's secret sharing. All guardians get the same shard, thus there's no risk of guardians teaming up to recover your wallet. These shards are then combined with a shard that is held by Phinx FIPS-140-2 HSM and shared with them to recreate wallet within the app.
What can I do with Phinx?
You can trade crypto currencies, hodl assets, trade NFTs, track prices, and interact with the world of DeFi by staking, liquidity mining and lending offerings.