What is Unstoppable Lite Wallet?

Modified on: Fri, 31 May, 2024 at 9:17 PM

TABLE OF CONTENTS


Unstoppable Lite Wallet is a user-friendly wallet that gives you full ownership of your investments. Powered by Fireblocks multi-party computation (MPC) technology, Unstoppable Lite Wallet is a self-custody wallet that uses 2-of-2 distributed signature management to protect your funds. Unstoppable Lite Wallet is a digital solution currently available on any device through the Unstoppable Domains website or on mobile iOS devices using the Unstoppable Domains app from the App Store. It is an essential tool used to interact with the blockchain and is a place to store your web3 assets. It works on multiple chains, including Polygon, Ethereum, Base, Solana and Bitcoin.


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What does self-custody mean?

Self-custody means you have full responsibility of the private key of your wallet. The holder of the key controls access and management of the contents in your wallet. With Unstoppable Lite Wallet, your password is your key, and it must always be protected and never lost. Losing access to your password will result in irreversible loss of your assets. It is highly recommended that you opt into the Unstoppable Lite Wallet Recovery Kit to ensure that you can always set a new password if you forget it. To see how to request a recovery kit, click here.


What is the difference between self-custody vs a non-custodial wallet?

It depends on your point of reference. A non-custodial wallet means a third-party service, such as Unstoppable Domains or Fireblocks, does not have permission to have your private key. When wallet services label their product as “non-custodial”, it means the providing service does not hold the key to the wallet. As a self-custody wallet, the user is responsible for the key to the wallet.


What is MPC?

MPC, or Multi-Party Computation, is a cryptographic protocol that allows multiple parties to jointly compute a function over their individual data while keeping that data private. Each party holds a piece of information, which is kept hidden from the other parties. These pieces are used in a collaborative process to compute the desired outcome. It involves multiple rounds of communication and computation to ensure a correct result and to maintain privacy. No single party ever has access to the entire dataset, ensuring that each participant's private information is kept confidential. Learn more


Why are my investments safer with MPC technology?

Unstoppable Lite Wallet is powered by Fireblocks’ Non-Custodial Wallet (NCW) which uses a 2-of-2 signature scheme. One part of the signature scheme lives on your device (your private key) and the second part of the signature scheme is kept secure with Fireblocks (their private key).  In order to complete a transaction, such as transferring funds, both pieces of data are needed to allow the transaction to happen. MPC ensures that Fireblocks will never know your private data and vice versa. Since no single party will ever have the whole dataset, there isn’t a single point of failure for an attacker to gain access to a full key. Your Unstoppable Lite Wallet password gives you access to your private key, which is why it is important to always protect it and never lose it. Learn more


Important Note: Unstoppable Domains does not have access to any Unstoppable Lite Wallet keys, and cannot access your wallet.


Backup and Recovery

Traditional self-custody wallets come with the risk of irreversible lockout if the user loses their keys. Unstoppable Lite Wallet provides a unique solution to this problem, called a recovery kit. Your recovery kit enables you to set a new password should you forget it. A recovery kit can optionally be created when setting up your Unstoppable Lite Wallet and can also be requested at any time once you are signed in to your wallet.


After a recovery kit is used to set a new password, a new kit will be emailed to you should you forget your password again. The previous kit cannot be reused. Each time a new recovery kit is created, the previous is invalidated as a security precaution. The recovery kit has no expiration.


To see how to request a recovery kit, click here.


Important Note: If you do not have a recovery kit and you forget your password, there will be no way for Unstoppable Domains to recover access. Unstoppable Domains does not store your password.


Supported Tokens

The current supported coins are BTC, SOL, MATIC on Polygon, ETH on Ethereum and ETH on Base. Unstoppable Domain names are also supported. ERC-20s and non-native tokens are currently not supported. Do not send them to your wallet or you will not be able to transfer them out during this early access period. More support will come soon.

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