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When you issue the customer service feedback and imToken, MEW and other decentralized digital wallet, often hear the phrase: " Sorry, we are not traditional banks ."
Many people wonder, what is the meaning of this sentence in the end? Why do these customer always emphasize that they are not traditional banks? In the center of the purse to communicate with customer service or trading platform is unlikely to hear these words. This thinking in our lives from the traditional form of banking system stereotype talking about.
In modern life, people can not do without various online payment instruments, such as bank APP, Alipay and micro-letters. We encountered various problems such as transfer or payment can be timely to contact customer service and solve them. So users in contact with these decentralized digital wallet will take it for granted that the range of services available both customer service is the same. These services include: management accounts, withdraw or freeze unusual transactions or funds to undertake asset losses caused by unknown reasons and so on.
It is this mindset, resulting in the majority of people have this idea: someone to help me manage accounts, ensure the safety of my assets. Even if I inadvertently made a mistake, they can help me to recover damages.
And this idea is completely wrong. Create a wallet to the center, which is equivalent to build your own bank, except for you, no one can control your assets, it also means that you will have your assets safe to assume full responsibility. In imToken communicate with the user account team for more than three years, only a handful of users really aware of it.
Since the basic features of the block chain technology, making the decentralized wallet in product design and features traditional bank APP different. For example, in decentralized wallet, no phone number or email using the login function, which allows many users confused: I changed the phone, how to continue to use the previous wallet it? At the same time also exposed a problem: the growth of industry in the brutal, user education has not kept pace, resulting in a serious lack of user awareness of the block chain.
Imagine the user complained: I turn transfer the wrong address, why can not you help me to come back? Your system is not a problem? When you explain to the user and said: This is not a feature of the system, but the block chain "irreversibility" of. It sounds will make people feel perfunctory, but indeed the case, because no one can change the transfer records in the chain has occurred.
Despite "limited" customer support so many users unhappy heart, but to the center of the wallet really allows users to do the "inviolability of private property." On the just concluded summit near universal block chain, the central bank Monetary Institute, director of digital Yao premise to "self-finance" concept, one of the most important characteristics of a "self-finance" is the user independent control of digital identities and assets.
Centralized purse or trading platforms, such as currency security, fire coin, Gate.io and other centralized exchange, they hold the purse user private keys, wallet full control of the user's assets, so that they can provide to the user is similar to a traditional bank type asset custody services. And as to the center of the purse such imToken and MEW, is the control of the purse entirely to the users themselves, which require the user to raise safety awareness, good management practices wallet. Because once purse was stolen and property damage to others, then these service providers to the center of the wallet is not the same as a traditional bank to help you recover your losses.
To the center of the purse customer service was able to say: "We are not traditional banks", that is, not only because they face nothing to do with traditional banks, but it is not the same as with traditional banks from the bones , because:
There is no account
When using this type of decentralized imToken digital wallet, and did not let you enter any personal information in order to create a wallet. So there is no need to go to the user profile or account management. At the same time your password is stored locally on the phone, no wallet uploaded to the service provider's server, so the customer wallet will not help you to modify wallet settings, reset the password, even "change" wallet balance. It is also because no personal information wallet address corresponding to the user suffered a fraud causing property damage, although it is possible to turn the query into tokens which address blocks through a browser, but can not clear the identity fraudsters.
Another angle, only you can control the purse, except no one can interfere with you to transfer or freeze your assets. You do not need to authorize any other person or institution to initiate a transaction, it will not be affected by the banking system maintenance and service disruptions, and changes in the global stock market or the policy environment also did not affect you manage to go through the center of the purse your digital assets.
Here is not stored assets
What block chain? He said simply, is a publicly rely on you to maintain books, your wallet data are recorded on the books. These decentralized to the wallet service providers, through technical means to purse data displayed in front of you. In the process, your assets are not "transferred" to the wallet, still also recorded in the books on the block.
And digital assets will not be stored on a server or similar bank safe-deposit box, for example, you bought a purse hardware, digital money does not mean you will have "stored" in it, but in a more secure way to manage your assets. Decentralized wallet just use different techniques to help you manage and logical assets. This means that, to the center of the wallet and did not store your assets.
Hackers do not usually focus on attacking the center of the purse to go, because the high cost of attack, hackers or possible target will be at the center of the digital service platform. Even if the encounter malicious attacks by hackers access difficulties caused purse, wallet users will protect your private key, the private key can be imported into other centers of the purse to continue to manage the assets.
Block chain to comply with the rules
Different from the traditional banking system, the block chain is a publicly distributed books, anyone can read books above data. As long as people know your wallet address, you can check the records of each transfer wallet. And because the "irreversible" feature block chain, no one can cancel or withdraw the transfer has taken place, but impossible to forge or erase transfer records have been recorded on the block. So if you enter the wrong address when the payment or transfer is a fraud, then the loss will cause irreparable. Part of the center of the digital service platform will buy special insurance to respond to user property damage caused due to platform issues. But they can not recover stolen assets, only to make up for the loss of the user by way of payment.
It is also because of their characteristics block chain, regardless of where we can initiate the transfer, without any restrictions and the amount of third parties. Transaction arrival rate depends on the congestion of the entire network, generally a few minutes to arrival. Transfer in terms of efficiency or cost than traditional banks also have a distinct advantage of cross-border wire transfer.
Only you can manage your assets
In the traditional banking system, in addition to your own, you can also control your bank account, and the bank account of the greater of the rights. You in the bank's assets can be frozen, transfer functions may be limited in all aspects of your credit score in the bank can seriously affect your life. The worst case, like the 2008 financial crisis, the US investment bank Lehman Brothers bankruptcy on behalf of the customer's assets can not be protected.
Spider-Man movie classic lines saying:
「With great power comes great responsibility.」
In the center of the digital assets go wallet, only you have the right to control your wallet assets, once your wallet or private custody due to poor operating result in the disclosure, the loss of assets and therefore can only be borne by yourself.
" Sorry, we are not a traditional bank ," when we meet again next to the center of the purse customer service response sentence, read and read this article you can understand the meaning of what they want to express it.
参考原文: 《What Crypto Wallets Means When They say “We Are Not A Bank”》
Original author: @Katya Michaels
Compile: Ethan @ imToken
For the convenience of readers, it has been adapted without affecting the original language on the part of the article with pictures from the network.
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