Blockd.co: An Introduction – Blockd

Blockd.co: An Introduction – Blockd

No matter how carefully we protect our blockchain accounts, things happen. Your wallet or mnemonic could be phished, your website or Geth could be hacked, your hardware wallet could even be stolen by an acquaintance. In each of these cases, once your key is taken, your funds are gone.

Until now.

Blockd secures your blockchain account even after it’s been hacked. If we see suspicious transactions originating from your account, we immediately broadcast a “blocker” transaction that you previously approved, replacing the malicious transaction and sending your funds to safety.

How it works for you:

1. You sign transactions sending your protected wallet’s full balance to a safety wallet you control, then submit those transactions to Blockd. These transactions are not yet broadcast to the blockchain!
2. Blockd monitors the blockchain for pending transactions originating from your protected wallet.
3. If a pending transaction is seen, Blockd checks to see if it meets your criteria on allowed transactions. If it doesn’t, Blockd broadcasts your blocker transaction, sending your full account balance to safety.

How it works for them:

1. Hack/phish/steal a wallet.
2. Steal the funds from that wallet.
3. Wait, why were the funds sent somewhere else?

And, as is necessary in this industry, Blockd is completely trustless. We never have access to your private key (all signing is done through client-side Javascript) and we can never send transactions you do not approve and sign. Even if we get hacked, the worst that can happen is your funds could be sent to your safety wallet unnecessarily.

Blockd is launching with a free limited public beta. The first 1000 people to sign up on Blockd.co will be able to put blockers on their accounts today. We’ve limited the sign-ups in this beta to ensure our users are provided the best service possible while Blockd is being improved.

During beta we will be adding and improving features based on user feedback. Currently, Blockd is only operating on the Ethereum blockchain, but after we launch we will be expanding to more. Some will be easier than others based on the differences in their chains, but many blockchains can be protected by Blockd. We then plan to provide more advanced monitoring and blocker transaction systems in order to accommodate smart contracts and dapps.

We’re very much looking forward to your feedback on the system and how to improve it. We’ve got a lot planned so stay tuned and get Blockd!

P.S. If you would like to view Blockd’s in-depth technical documentation, check out this article.

Published at Sat, 19 Oct 2019 22:06:46 +0000

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