The recent collapse of the FTX exchange deprived many of its users of their money, raising the question of the security of crypto assets once again.
Despite warnings about how poorly secured the custodial wallets on centralized exchanges are, users still use them. There are reasons for it.
For users with poor crypto knowledge, leaving the responsibility to centralized exchanges is comfortable. Their custodial wallets are simple to use and don’t require users to learn anything about seed, private keys and their backup. Users consider these exchanges similar to banks that manage their funds and don’t realize the risks of losing their money due to hackers’ attacks or exchanges’ failures.
In the true spirit of crypto and the basic idea of Simplio company, Simplio uses a self-custodial wallet solution where the user is the owner of his cryptographic seed phrase. The user is the only person responsible for backing up the seed phrase and keeping the private keys safe. This is all with the best user experience and interface. Gamers will be led throughout the application to make their account as safe as possible without even noticing it.
Simplio uses standard BIP44 12-word phrases for seed generation, which is backwards compatible with major software and hardware wallet solutions. This is essential for the recovery of the wallet on any other device.
One self-custodial wallet for all actions
A self-custodial software wallet is an ideal solution for gamers for several reasons. Gamers want to switch among games and change game tokens a lot, so hardware wallets used for long-term investments are not practical and the best choice in this case.
Self-custodial software wallets provide easier asset handling and the maximum possible security level right after hardware wallets. The user is the only person with control over his private keys.
If a Simplio server is compromised by a hacker attack or there is another Simplio application failure, the user’s coins are safe because they are on his device. If the device is broken or lost, he can recover the wallet from seed on other devices. Always do backup!
Simplio is a perfect choice for gamers compared to other options
Different games run on various blockchains, and even experienced gamers have trouble managing all the tools they need for playing various Web3 games. They must use multiple solutions to participate in these games. There is no such application as Simplio, where you can manage all the games from one easy-to-use application, including all the tools gamers might ever need.
Let’s summarize it. Gamers need different wallets to run different games and other different wallets on centralized exchanges to buy stable coins. They need more wallets or bridges to connect to decentralized exchanges to exchange stable coins for game tokens, which they can then use during playing games or for buying NFTs on external marketplaces.
Multiple solutions bring multiple security risks with wallet backups, management of tokens or loss of control over the assets. Simplio self-custodial wallet is a solution where gamers can execute all these actions in one place. No MetaMask, no Phantom or other similar solutions are not needed anymore.
Simplio provides an automatic self-custodial wallet creation for any token on any chain when needed. Gamers can join any game on any blockchain, switch among games, buy and sell tokens or NFTs by using debit cards or virtual IBAN accounts, and exchange tokens for any other game tokens.
All this happens inside the application without using any other solution or needing to repeatedly back up the private keys and use other risky solutions.