Working together to keep digital assets safe

Security best practices for using the Jaxx wallet

February 26, 2018 — As Canada’s leading blockchain company, Decentral takes security very seriously. Since 2015, the Decentral team has been working diligently and continuously to ensure that the system we have in place for our Jaxx cryptocurrency wallet offers our users portability, privacy, security, and — above all — preventing user losses.

Jaxx, a leading multi-asset and multi-platform digital wallet, puts users in control of their cryptocurrency assets by giving them true ownership of their private keys and keeping them up-to-date on security best practices. With an industry-leading team, including Chief Security Officer, Dr. Shu Wang, hired from IBM in 2017, Decentral is proud of the Jaxx wallet’s secure design.

With Jaxx, since keys are stored on our users’ devices, we are recommending best practices that Jaxx wallet users should consider to help keep their digital assets safe:

  1. Secure your device. Use your mobile or desktop device’s security features to safeguard access to it. Please note that this needs to be done manually on an Android mobile device. It goes without saying that if someone accesses your unlocked smartphone, they can steal information like email and photos.
  2. Upgrade your device’s operating system (OS) regularly.
  3. Ensure you have the latest version of Jaxx running to benefit from the latest security updates.
  4. If you’re dealing with life-changing amounts of digital assets, consider a paper wallet stored in a bank vault or other physically secured environment. The Jaxx wallet is designed with ease-of-use, avoiding user error, and portability in mind. There are other options and we encourage users to explore whether another approach is prudent, given their risk tolerance, technical abilities, and computing environment.

The Jaxx Customer Support team is available 24 hours a day to assist users with security best practice questions.

There have been incorrect claims made about Jaxx’s security. What is improperly described by some as a “weakness,” actually serves to protect Jaxx users from some of the most common forms of cryptocurrency losses. The way that security on Jaxx has been designed and implemented avoids lost or forgotten passwords — the single most costly factor resulting in the loss of cryptocurrency. The carefully engineered Jaxx system ensures that if and when that happens, users have a safety net.

Jaxx’s development team has created a system that encrypts mnemonics using a password but has chosen not to roll out this system because of the chance of customer losses due to forgetting passwords or issues with decryption. It is the company’s view that the best method for avoiding loss is to rely on device-level encryption as opposed to a Javascript-based application-level encryption method, even if that method might be perceived by some people as ‘higher security.’

Decentral’s President, Addison Cameron-Huff, says the company’s approach to security and user experience is strategic: “The Jaxx wallet is easy to use, with a carefully designed approach to ensuring ease-of-use, security, functionality, and portability.”

There is a robust system in place to best serve Jaxx users. Jaxx’s customer support team responds within hours, if not minutes, to all customer inquiries. It quickly investigates any alleged hacking or theft. “So far, these have yielded nothing but false alarms as it pertains to a Jaxx security breach,” says Cameron-Huff. “But we are, and will remain, vigilant.”

Beyond monitoring, Jaxx Chief Security Officer, Dr. Shu Wang, carefully reviews all security reports and proposes mitigation or remediation. Said Dr. Wang, “We are always investigating new ways to improve our systems, balancing the needs of our users. We are dedicated to providing a quality product that is both user-friendly and secure.”

For more information, please contact Anne Gaviola, Decentral’s Content & Communications Lead: 1-888-650-3796, [email protected].