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Have you ever thought about having a ‘shareable’ crypto wallet account where more than one person in your family/business/group could have access to?
As we know, 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.
With Klever, these situations are also possible through Klever Kustody.
But don’t worry: if you have kids or a big team, they won’t be able to withdraw coins whenever they like. Klever Kustody provides the possibility of having a wallet account where transactions only happen if administrators’ accounts authorize them (making them even safer).
However, let’s revisit the highlights of Klever Kustody, how it works and the perks of having this kind of account within the Klever Ecosystem.
The need to have a shared account comes from different necessities.
Some people wish to have a family account, where everyone gets to deposit funds and keep track of the family’s investments, where withdrawals are only possible when authorized by some members.
Others might have the need to share cash flow information, as in the case of businesses, where all the financial transactions must be shared and authorized by more than one person.
Regardless of the specific necessity, Klever Kustody provides the possibility of having a shared account in the safest way possible.
This safety power comes from the elevated level of security where the system uses military grade encryption technology to mitigate possibilities of a hack.
Klever Kustody is also good for devs
Imagine not having to worry about blockchain integration and interoperability and going straight to the developing needs for your project?
Considering that developers can spend as much as 100,000+ hours of development in creating and implementing their own codes of development, projects like Klever Kustody can potentially save more time for them.
By using a powerful API, Klever provides a solution with which developers can build and manage their own blockchain and crypto applications without having to dive deep into wallet development and integration costs.
How does Klever Kustody work?
As pretty much everything inside the Klever Ecosystem, Klever Kustody is also super easy and practical to use.
Follow these simple steps where you can visualize the creation and basic management of a Klever Kustody account.
Creating Klever Kustody account
1. Go to https://custody.klever.io/
2. Connect your KleverID account (if you don’t have one, just click on ‘Create Account’)
3. If you already have a wallet you wish to insert on Klever Kustody, go to ‘Recover Wallet’. If you wish to create one specifically for Klever Kustody, choose ‘Create Wallet’.
4. While creating a new wallet, choose the name so you can best identify your account. Then select one type of coin (which blockchain it will operate) that will be used in this account.
5. Configure your wallet’s password. You can choose to have Advanced Setups for your password according to the level of security that you wish to have in your wallet.
The next screen shows options for wallet backups. Currently, we are only offering “Create and store my own key“.
6. Done! The wallet is created and a recovery token will be provided in case you need it in the future.
Basic management of Klever Kustody
One of the main characteristics of this feature is that you can share roles inside the same wallet account with other people.
That being said, check how you can attribute different roles and set up basic configurations for transactions.
1. In the wallet’s dashboard, go to ‘Invite User’.
2. Fill in the email of the person you wish to invite to this account. If the person is not registered with Klever Kustody, their signup will be pending until they register in Klever Kustody.
Then, choose the role that person is going to have in this account: ‘Administrator’, ‘Spender’ or ‘Viewer’.
- Administrators are the most important users of 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;
- Spender will be the ones whose single capability is to send and receive transactions;
- Viewers, as the name implies, can only visualize transactions and information of the wallet.
Confirm the role attribution with your password.
7. In the option Wallet’s policy, you can choose Spending Limits and the number of Admin approvals needed for transactions.
- Admin Approval
You can set how many users should be required to approve a transaction. 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.
- Spending Limits
You can also set how much can be spent in the wallet. You could either configure this amount considering time (per Hour or per Day) or per transaction.
- 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.
More about Klever Kustody
All this information and more to use Klever Kustody is available at: https://klever.gitbook.io/klever-kustody/
You can also check an overview in video of Klever Kustody below:
And, finally, start using Klever Kustody now: https://custody.klever.io/