Ether.li Wallet is the worlds first multi-signature Ethereum web wallet. This is the first Ethereum wallet that allows you to access your funds from anywhere on the web while taking advantage of multi-signature security layered with two-factor authentication for outgoing transactions. In addition our wallet supports a trustless model where only the user has full control of their funds.
How does the wallet work?
When you create a wallet, Ether.li Wallet deploy a multi-signature contract to the blockchain. The official Ethereum reference code is used for this contract. The wallet is created with 3 accounts or keys, 2 of which are required to successfully send funds.
The web client acts as a single account running and signing logic locally. The second account which is required to apply the second signature is run by our service and acts as a co-signer that will confirm transactions given the users authorization. In the case of an emergency, the owner of the wallet still has two of the three keys necessary for recovery of funds.
How does the co-signer work?
Transactions are signed and emitted to the network client-side. Our co-signer watches the network for execution (withdrawal) requests on your contracts, and sends you an SMS requesting a confirmation that the transaction is valid. Once the server receives the confirmation, Etherli applies the second signature to validate the transaction.
What are some of the benefits of multi-signature wallets?
With a multi-signature wallet multiple signatures are necessary before funds can be transferred. Etherli uses a two of three multi-signature scheme which means that at least two signatures are necessary to validate a transfer of funds. Multi-signature wallets are more secure because an attacker must obtain at least 2 keys and gain access to multiple devices in order to obtain access of a users funds. The use of 2FA and server-side security of the co-signer key dramatically lowers risks posed by malware, phishing, weak passwords, and hacks. Chances of loss through other (non adversarial) situations is lowered – for example, you can still recover funds if you lose data for a single key, or forget the password to one of the keys.
How mature is the wallet today?
Etherli is currently a proof of concept more improvements will arrive in the coming months The decision to release this product was based on demand and out of a personal need for better security. However, they caution that this wallet has not undergone a security audit and we cannot be responsible for any loss, misuse, or negligence that result in a loss of funds. Although we believe this is the most secure wallet model in the Ethereum ecosystem today, we caution against storing large amounts of Ether with our services.
Tips for securely storing your Ether.li Wallet
- 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.
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