About Block.io
Block.io provide wallet hosting, in addition to customized support for your crypto business. Don’t spend months trying to figure out where to begin, start with Block.io and be up in a day. Block.io provides zero fee transactions for users, developers, and merchants. However, we do not deal in money. Block.io wallet is a crypto wallet launched in South Korea in 2016. It was funded by Samsung SDS. It only supports Bitcoin, Dogecoin and Litecoin.
Network Fee
Block.io On average, our users must pay Network Fees equal to 1 DOGE for a Dogecoin transaction, 0.00002 BTC for a Bitcoin transaction, and 0.001 LTC for a Litecoin transaction.
0% Fees
Unlike other wallet services, Block.io does not charge you any fees, at all. Network Fees, however, are part of the Dogecoin, Bitcoin, Litecoin network design. Without Network Fees, our beloved digital currencies cannot function properly. The keep your Network Fees as low as possible for your transactions, while ensuring your transactions get network validation as quickly as possible.
Security
Block addresses require at upto 5 signatures for every withdrawal: one of , and upto 4 of yours. Simply put: we do not have access to your coins. This section tells you how they approach our systems’ and users’ safety, and provides guidelines for you to follow.
Distributed Trust:Customize your security
Block Wallet Distributed Trust (dTrust) framework helps you establish custom signature configurations for your addresses. This feature exponentially enhances your system’s security compared to the single-signature addresses in general use today.
dTrust lets you add up to 4 keys next to the key we keep, and allows you to set your own signature requirement. You can then keep your keys on different machines, USB-sticks, print them to paper, assign to friends and family, run an escrow service, etc. In a high-security automated environment, you’d send your keys across the globe and store your secrets on different continents. Moreover, you can use your dTrust addresses without using Block.io.
Basic multi-signature:Keep your coins safe
Block.io withdraw from our basic (default) addresses, 2 keys are needed. Multiple signatures have a number of security benefits over single-signature (regular) addresses. One key is held by you, to make sure you always sign off on every transaction.
The second key is held by Block.io, which enables us to provide extra security to you through API access restrictions and two-factor authentication.
How we secure your data
Strong Encryption Standards
Block Wallet encrypt all user secrets linked to your wallets through a 256-bit AES cipher and 25,000 PBKDF2 hash rounds. This makes cracking a single Secret PIN extremely resource intensive: requiring over 1 million days on state of the art computers today!
Zero Knowledge of your Secrets
Block are unaware of your Secret PIN, and cannot recover these even if we tried. Your Secret PIN is never sent over the network.
We minimize use of Secrets
Block Wallet use Multi-signature wallets built on top of Hierarchical Deterministic wallets (HD wallets), as outlined by the BIP0032 standard, to generate new addresses for your account without ever needing access to old or new addresses’ private keys.
Security Best Practices
The website and API libraries use the up-to-date security standards such as BIP0062, and RFC6979.
Tips for securely storing your Block.io
- Do your own research. Before sending any coins or private data to a wallet, make sure you have researched the wallet provider to make sure everything is above board. Keep an eye out for scam wallets, such as those using URLs only slightly different to the URLs of legitimate wallet providers, and check out some independent reviews for all the pros and cons.
- Back it up. Make use of your wallet’s back-up and restore facility so that if something ever goes wrong with your wallet, you’ll be able to recover your funds.
- Set a strong password. Now is not the time to be lazy when creating a password; take your time to create a strong and uncrackable code.
- Make use of all available security features. Make the most of all the security features your wallet offers, such as two-factor authentication or multi-signature transactions. It’ll offer increased protection for your funds and greater peace of mind for you.
- Update your antivirus software. Take care to regularly update the antivirus protection and anti-malware software on any device you will be using to access your wallet.
- Keep your private keys private. Last but not least, don’t underestimate the importance of your private keys. Store them somewhere safe and don’t share them with anyone else.
