We initiated this major upgrade to Parallax Thunder to make Parallax faster, safer, and more reliable for remote workers around the world.
As we release our Thunder upgrade, we're excited to unveil a novel approach to digital wallet security.
Here's a detailed deep dive at how we're enhancing security, privacy, and user control at Parallax.
Previously, Parallax managed assets in partner-controlled custodial wallets. However, we faced transaction unreliability and compliance challenges that limited our expansion.
Now, every USD balance on Parallax is kept safe in the form of USDC stablecoins held in self-custodial wallets enhancing security and control. Let’s define these terms.
To enhance security without overwhelming users unfamiliar with things like “seed phrases”, we've developed a system that blends intuitive user experience with cryptographic security, inspired by password managers like 1Password.
How it works: Our security is built on a 3-shard system, requiring 2 for wallet access. Think of it like a lock that requires two keys to open.
During setup, you'll create a PIN and download the Security File. It's vital to keep these secure, as even Parallax cannot access them.
Upon upgrading to Thunder:
To clarify how these items will be used or what happens if they are lost:
Should you forget your PIN or feel it's compromised:
There is no way to recover a Security File if it is lost. Please keep this safe.
To further secure transactions:
Your Parallax wallet is a self-custody wallet and it would be possible to export the Parallax and import to another product.
However, at this time, know that you will lose access to transactions and services on Parallax as it relates to this wallet.
We're committed to providing a secure, user-controlled platform. This upgrade to self-custodial wallets and enhanced transaction security measures underscores our dedication to your financial autonomy and safety.