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If a user's private key is stolen or lost, they will no longer have access to the assets they store on that wallet, except for the real estate tokens.
It is important to take the necessary security measures to protect your private key, including keeping them in a safe place, using a hardware wallet, and protecting your computer or device with a strong password and up-to-date security software. Additionally, it is also important to back up your private key in case you lose it or your device is lost or stolen.
In the case access to a wallet is lost, we are still able to restore ownership of the property tokens held on that wallet using the
burn and mintfunction.
Note, that this action requires system admin rights and is reserved only for specific cases. When used, the end user is required to first pass additional KYC verification.
To ensure the security of your real estate tokens when using a self-custody wallet like MetaMask or WalletConnect-compatible wallet, it is important to take several measures to protect your wallet and your private keys. These measures may include:
- 1.Keeping your private keys safe: Always make sure to keep your private keys in a safe place, and avoid sharing them with anyone.
- 2.Securing your computer or device: Make sure that your computer or device is protected by a strong password and has up-to-date security software installed.
- 3.Avoiding phishing attacks: Be aware of phishing attempts and never click on suspicious links or enter your private keys on a website unless you are certain that it is legitimate.
- 4.Using a hardware wallet: Consider using a hardware wallet, like Trezor or Ledger, to store your private keys offline and ensure they are protected against hacking.
- 5.Be aware of malware: Be aware of malware and other malicious software that can steal your private keys, use a reputable anti-virus software to protect your device.