Vault & Wallets

In the Fireblocks ecosystem, a “Vault” represents a fundamental concept for securing digital assets. Unlike traditional wallets, a Vault is a highly secure storage structure designed to protect digital assets in a robust and attack-resistant manner. Think of it as a virtual vault, impenetrable and tamper-proof, where digital assets are securely stored.

One of the main features of Fireblocks Vaults is their multi-signature approach. Rather than having a single entity manage funds, Vaults use a multi-signature approach that requires multiple authorized signatures to authorize a transaction. This adds an extra layer of security by reducing the risks of compromising a single private key.

Each Vault is associated with a specific set of wallets, which serve as entry and exit points for funds stored in the Vault. Wallets are essentially user interfaces that allow users to interact with their digital assets. They can be managed by individuals, businesses, or financial institutions, and can be configured to meet specific security and functionality needs.

When Authentify It wants to store digital assets in a Fireblocks Vault, it first creates a secure wallet associated with it. This wallet can be configured according to user preferences, with features such as multi-user management, transaction validation and withdrawal restrictions. Once the wallet is configured, digital assets are transferred from the wallet to the Vault, where they are securely stored.

Wallets are closely linked to Vaults in the Fireblocks system, acting as secure access points for digital assets stored in the Vault. Each wallet is associated with a specific Vault, and only transactions authorized by the Vault's security rules can be carried out from the wallet. This ensures that digital assets are always protected by the Vault’s robust security measures.

One of the key advantages of this approach is the flexibility it offers Authentify It. By pairing individual wallets with specific Vaults, Authentify It can create tailored security configurations to meet their unique needs. For example, Authentify It can configure one wallet with strict permissions for outgoing transactions, while another wallet can be configured with more flexible permissions for internal transactions.

Fireblocks wallets also offer a range of advanced features to maximize security and usability. This includes features like real-time transaction monitoring, suspicious activity notifications, and custom compliance reporting.