Instagram post - 12.png

What Is Self-Custody In The World Of Cryptocurrency?

26 May 2023

What Is Self-Custody In The World Of Cryptocurrency?

Self-custody in the world of cryptocurrency refers to individuals having full control and responsibility over their digital assets. It means that users securely manage their private keys, the cryptographic codes that grant access to their funds, without relying on centralized, third-party custodians like exchanges.

Gridlock has a slightly different take on this, using advanced cryptography to shield private keys from even Gridlock users. When wallet addresses are created, the public key (receiving address) is visible in the app and can easily be shared to receive tokens – but the private key is not, it’s fragmented and hidden. Gridlock’s cryptography allows private key fragments to be created using inputs from a distributed network of devices, businesses, and acquaintances, before ever being assembled. As a self-custody crypto wallet, Gridlock empowers users with the following benefits:

Enhanced Security: By storing private key fragments on a distributed network of users' devices, Gridlock eliminates the risk of centralized custodial services being hacked or compromised. Users have full control over their assets, reducing the vulnerability to security breaches.

Control and Ownership: Gridlock users maintain complete ownership of their funds. They can send, receive, and manage their cryptocurrencies without any external approvals or restrictions.

Privacy: Self-custody wallets like Gridlock prioritize user security. Gridlock wallet transactions are approved directly between users, without intermediaries, offering ultimate authentication and control.

Decentralization: Gridlock enables users to interact with blockchain networks directly, fostering a decentralized financial ecosystem and private key fragments are distributed among devices on Gridlock’s distributed network, providing exponentially strong security.

Flexibility and Compatibility: Gridlock supports multiple blockchains, allowing users to manage various cryptocurrencies and NFTs in one wallet. This versatility provides flexibility and convenience for users with diverse crypto portfolios.

Gridlock's self-custody approach grants users heightened security, control, privacy, and compatibility with multiple blockchains. By using Gridlock, individuals can confidently manage their digital assets and participate in the decentralized world of Web3 and cryptocurrencies.

Are you interested in self-custody for your crypto journey? Download Gridlock

- - -

Written by Mason Winsed

a7 (1).jpg

Mason Winsed simplifies blockchain for the people. With a comp-sci background and a passion for crypto safety, he's your go-to for straight-forward crypto wisdom. In his off time, he's coding or gaming. Join Mason for a no-nonsense crypto talk.

Don't miss out on new features and special events