Nilang Vyas, CTO of Jaxx & Decentral here. I’d like to take this opportunity to describe and explain the major points of Jaxx security model and how this model provides a strong balance between securing users assets, and providing the best user experience that allows for easy pairing across any device without the need for servers and user accounts.
- Jaxx is a hot wallet suitable for small amounts (similar to your regular wallet in your pocket) that connects to the internet in order to push transactions and show balances.
- As a hot wallet we believe we have found an appropriate balance between ease-of- use, portability, and security.
- Jaxx IS NOT cold storage. For large amounts we recommend hardware wallets.
- Jaxx master backup seed is created, encrypted, stored client-side and never sent to any servers.
- Jaxx allows for easy pairing across all devices (thus seed can not be encrypted by a secondary pin or password when pairing as it wouldn’t be portable / pairable without account / servers)
- We expect Users to maintain control of their devices, and we strongly encourage the use of on- device security (ie pin, fingerprint, retina, etc.) in order to secure your ENTIRE device.
- Jaxx offers a the option of a 4 digit PIN to further secure your wallet. If activated this PIN will be required when sending, changing PIN, and when displaying the master seed.
- Should someone get access to your device your lines of defence are a) on-board device features b) encrypted master seed c) Jaxx PIN
We are very comfortable with this security model for hotwallets. The fact is there will always be tradeoffs between user experience, portability and security and we believe we’ve struck a great balance. Since 2013 over 750,000 Jaxx and (our former company) Kryptokit wallets have been created. Never have funds been lost on any of our productions versions due to an issue on our end. We stand by that amazing record.
Please please please, if you do not feel comfortable with our security model do not use our products. We’re are creating for the masses a multi-platform, multi-coin interface for the blockchain ecosystem where users are in full control of their digital lives.
In the future users will be able to secure their Jaxx wallet with both Trezor, Ledger and our own hardware wallets. Until that time, please use Jaxx as a hot wallet for small amounts, and use hardware wallets for larger amounts.
Happy to answer any questions when I’m back in the office after the weekend.
Cheers and have a great weekend!
Nilang Vyas, Chief Technology Officer
Jaxx & Decentral