How does one ensure that they control their coins? Simple, you just need to control your keys. Blockbasis is all about allowing users to hold their keys using a passphrase. This tabs into the crypto catchphrase Not Your Keys, Not Your Coins, simply put, you need to have access to your keys if you wish to control your coins.
With all the hacks on cryptocurrency platforms and exchanges, it is no surprise that more and more users want to hold their own keys to be less vulnerable to wide-scale attacks. The question remains, should a user control their private key or public key for their wallets?
There are many differences between the use case for the private key and the public key. In regards to controlling coins, the priority a user should have is to control the private key. Some cryptocurrency platforms wrap multiple private keys from multiple wallets in a passphrase, otherwise known as a backup, recovery, seed or passphrase.
This is exactly what Blockbasis is all about. When you register as a user on Blockbasis, we generate a number of cryptocurrency wallets for your account, and generate a passphrase for you to store safely. This makes Blockbasis one of the leading decentralised cryptocurrency platforms that works hard to provide the same simple user experience as other centralised cryptocurrency platforms, yet with the massive security benefits from being decentralised.