Hello. Everyone.
This is Jae young Han, in charge of mycoldwallet
project.
Our team has made mycoldwallet test version,
And i wanna review it on this video.
Please be noted it is still developing.
I’d like to give you some explanation on
Mycoldwallet service to help your understanding.
Mycoldwallet uses Smart-contract to create
Protected account.
Users can save their coins and tokens there and trade freely like other crypto-wallets.
Users will control their protected account
with private keys
and the protected account has contract which determines dormant account.
Users can set a period from 1 month to 2 years
in this contract.
The contract allows to change the protected account to dormant account when there is no withdrawal for the period.
User only has all control over the protected
account.
However, if the users can’t move their assets
in the protected account regardless of their will in the circumstances of private key loss,
failure of private key recovery, accident or death of the user, this account is prepared
for these worst cases.
The protected account will only change to
dormant account according to Asset protection contract only
when the users can’t use their
account for a long time.
Mycoldwallet service will return the coins to the users or their family.
Now, let me start the review.
You will see User Agreement first when you
click Mycoldwallet app.
Currently, because Mycoldwallet test version is only based on Test-net.
If you send any real Ether or tokens to Mycoldwallet app, you won’t be able to recover them.
It is because Main-net and Test-net are different.
The test-net is only for decentralized applications development.
All the coins and tokens traded on the Test-net
have no actual value.
If you don’t realize the difference between
the main-net and the test-net,
Please don’t use Mycoldwallet test version.
I recommend you to wait until our official
version comes out.
However, if you understand the difference
well, you are welcome to use it
And will have a good chance to experience about the contents of the protection account functions.
The user agreement includes all above mentioned
conditions.
Please read it carefully and click agree to
proceed.
I will click agree and continue.
You will see a new message that there could
be a delay according to test network conditions.
It is quite common that transactions are processed
at once or have some delay on Test network.
Because of this reason, your protection account creation or asset transference from your protected account could have some delay.
Anyway, you can assume it as just basic message like other apps.
I will click OK and continue.
Mycoldwallet is programmed to return the assets to the user when they lose control over their accounts.
So it requires to put user information who
is going to get the returned assets.
Collected data will only be used to return
your asset.
We will collect user personal profile together
with information in your ID.
We need to be qualified to use your camera
and image file for this.
I will continue.
Please confirm the access once again.
Now I will set a password for the app usage.
Password combined with capital,small, special
letters and numbers can increase the security level and I also recommend you to use the same tact.
Please enter the same password one more time.
Second, you can put your personal information.
Coins and tokens on the Rinkeby test-network
doesn’t have any value so there won’t be any actual process for asset recovery.
So, it doesn’t matter for you to put fake
information instead of a real one.
I will put my name, gender, nationality, date
of birth and fake cell phone number.
Please input national code and fake email
address as well.
When you click ‘next’, you get to a page
to take a photo.
As like the example, you can take a facial
picture with your ID so that they can be shown together.
In the test version, email verification process
is omitted so you can simply click ‘verify’ and move on to the next step.
Now you have a normal account created once
you click ‘verify’.
On this newly created ‘MCW’ account, you
now see a message that is ‘need protection’
this account will be connected to contracted
account and the balance shows 0 Ether.
The MCW test server is programmed to send
1 Ether and two different tokens to MCW account.
Now, Etherium is received and I will try to
connect this account with the protected account.
Please click ‘Manage protection’ and then
2th click is ‘New Creation’
You can name the account in a proper usage
and purpose of it.
The waiting period of protection contract
is set in second in the test version.
In an official version, you will be able to
set it on year, month and days.
But on this test-net version, it is set on
seconds only to show you how the waiting period counts.
I will put 600 seconds.
600 seconds is 10 minutes.So, if there is
no withdrawal from this account for 10 minutes,
this account will change to a dormant account
and the asset will move to a management account.
When the normal account is successfully connected
and a protected account is created.
A protected account named ‘AREA51’ is
created and the all of Ethereum on the normal account will move here.
kThe date and time on the left top indicates
the time when it changes to a dormant account.
The time is 10:39 now.
So it will change to a dormant account at
10:49.
Now the Ethereum is moved to a protected account.
It has left an amount of gas-fee for making
transaction.
When you look at the ‘AREA51’ protected
account, there are three tabs
as ‘deposit’, ‘withdrawal’,and ‘transaction history’.
It also shows it is connected with ‘MCW’
normal account.
I will try to deposit to the protected account.
I activated protected account and will use
a wallet named ‘coin-coin’ which is specialized on Test-net.
The wallet on the right side is the test-net
wallet and I will send ethereum from this.
You can check the recipient address is the
same with the protected account ‘AREA51’.
I will send 2 ethereum from here.
The transference is done and the ‘AREA51’
account will be renewed soon.
The renewal is done.
I will try to deposit to normal account.
Put 1 ethereum and check the recipient address
is the same with ‘MCW’ normal account.
It is sent.
The deposit is done and 1 ethereum will be
move to ‘AREA51’ account soon.
Now you can see 3.98 ethereum is being saved.
I will try to withdraw Ethereum from protected
account of Area 51.
I will send 2 Ether to external account.
When you open withdrawal info pop-up, you
will see the public key of ‘MCW’ account
instead of ‘AREA51’account for withdrawal
transaction.
It is because when there is withdrawal on
your protected account,
the deposit request can be delayed or rejected at certain ICO
or Exchange.
So the last withdrawal is recorded as from
‘MCW’ account to external account.
You can put your password.
Wait a moment here.
I moved the time stamp to side.
It is because when there is a withdrawal from your protected account, this waiting period will change.
The main contents of the protection account is that the waiting period is renewed according to the last time of withdrawal.
This time will be reset to a time of 600 seconds
later.
You will see that the withdrawal is done,
the Ethereum is moved from ‘AREA51’ account
to a normal account and the waiting period
for dormant account time has changed to 10:54.
Withdrawal is only extended the contracted
period.
The balance on an external account will be
renewed soon.
External account has changed to 16 ethereum.
You can check all the transaction list of
the account address on this review on the Etherscan.io
Third, I will try to connect the transferred tokens with protected account.
Click on the ‘plus icon’ on the screen.
Then you will be able to select tokens you
want.
I will click ‘MCW’ normal account and
select tokens to connect.
MCW1 and MCW2 tokens show that it has 10,000
tokens each.
Asset protection contract will be applied
to the tokens registered here as well.
When the protected account changes to dormant account and the coins move,
these tokens will move together to a management account of Mycoldwallet
test server.
I will try to send this token to an external
account.
I will scan the QR code of a recipient address
and send 2,345 tokens.
Check the request content and put password.
Soon, MCW1 token amount in Mycoldwallet will
change.
When you click the Setting tab, you can put your personal information,
and Alternative contact and select a language you want.
Mycoldwallet app follows the language you
have set for your device.
You can modify your personal information on
this section.
When you are not able to be reached directly,
you can put alternative contact here.
Now time is 10:52 and the waiting period for
dormant account is 10:54.
Please be noted that the token withdrawal
doesn’t impact on the waiting time renewal.
Ethereum withdrawal can only renew the waiting
period of Protection contract.
Now it is 53, 54 and 55.
The protection contract has expired and all
the coins and tokens in the protected account
have moved to a coldwallet account(management
account) managed by Mycoldwallet.
The account switch can be delayed a bit because of the time difference.
When you click terminated protected account
You can see the last transaction of the account.
We have checked the overall functions of the
Mycoldwallet.
I hope you could understand how the asset
protection contract works.
Mycoldwallet can only has a right to contract
your account when it switch to a dormant account.
Until then, no one can approach the account
except the user.
This helps us recover your assets when the
users lose their private key or in a difficult situation.
In addition ,as you well know, most of the
asset losses in the market did not happen
because of the soft and hard wallet hacking
but because of the loss, theft, or exposure
of the Mnemonic words or paper wallet which
have the information of your private keys.
There is no case that your software wallet
or hardware wallet themselves are hacked.
However, it is so common that your private
key recovery methods are exposed and stolen.
I’d like to briefly tell you two instances.
One is Quadriga exchange case in Canada in
February this year.
All private keys of the cold wallet account
were being managed by CEO only
and he suddenly died on his trip in India.
No one from his family and employees knew
where he saved the private keys.
As a result, all the assets of the exchange
has been locked on the blockchain.
More than 100,000 customers couldn’t recover
their assets and this company went bankrupt.
The other case is 7,000 Bitcoin loss of Binance
because of a part of hotwallet account private key hacked in May this year.
It shows well these big companies cannot manage
the private keys in perfection.
How can an individual do it will then?
We believe it is hard.
However an individual keep the private key
in paper or file form, as the time goes by,
these are vulnerable to exposure and theft.
You will be curious how Mycoldwallet recover
the account.
How can we recover your account without saving
the private keys or any recovery words?
The answer is that we use your cloud account.
Your wallet application itself will be backed
up on your own cloud like google.
We don’t provide you with any cloud account
or other services.
You can have your wallet backup on your own cloud and simply download again on your new device
in case your app is removed or your
smartphone is broken or lost.
We simply eliminated the possibilities that
private key on Mycoldwallet is exposed or
lost.
We know these possibilities can cause problems.
Instead, when the asset is kept on the protected account programmed with smart-contract,
we can return your assets if certain conditions
meet.
We developed a new concept wallet with this
belief.
That is Mycoldwallet.
Currently, we have completed the verification of the concept and the implementation of the features.
Please have more attention on our official
version launch.
We will keep informing you additional development
through the Youtube.
You will be able to get more updated information
through our homepage, telegram and Twitter.
Thank you for watching.