Setting up Your Secured Account
- What You Should Know
- Quick Setup
What You Should Know
Setting up a multi-signature secured account via Peermit.com requires
- a valid email address
- a second account (reference account) on the same blockchain (e.g. BitShares)
Reference Account/Secured Account
A regular setup for using Peermit to secured your funds constitutes two accounts:
- The Secured Account is your safety deposit box. Spending funds from this account will require your and Peermit’s approval. The latter can be obtained by verifying the second authentication factor, e.g. by clicking a link in a mail that we send to your registration address.
- With the Reference Account, you define the second authority required to approve any proposal for transactions spending from your secured account.
In order for Peermit to know how to reach you as a client and for the verification via a second factor authentication, we need to provide us with your specific account settings (e.g. mail address).
The active permissions of your secured account will be updated to consist of your reference account, the existing public key and Peermit’s authority named
Your active permissions will require at least two of these accounts to approve a proposal before it can be executed by the blockchain.
The owner key of your account will not be changed or modified to allow you to opt-out of Peermit’s service at any time. This key will give ultimate control over your account and allows to by-pass any security aspects offered by Peermit. It serves as a backup key. We highly recommend that you keep your owner key stored securely and thus advice our clients to create an empty wallet with a new account specifically to setup and manage the secured account (see below).
Now let’s go through how to setup a new secured account using the web wallet.
Create a new wallet
We first create a new wallet that will contain the keys to our secured account. After opening the settings, we enter the wallet management console
and click on new wallet.
We provide a secure passphrase and unique name for the new wallet that will later contain our secured account.
When using the new account later, we will not need to use the new wallet but you can use your regular wallet as you will see in the usage guide.
Backup your brainkey
The next thing to do is to create a backup of your new wallet. We highly recommend to follow the steps below as they will provide you with ultimate control over the account we will create in the next step.
The brain key can be used to claim ownership authority for your account and bypass Peermit’s second factor authentication.
To backup the brainkey, you need to enter the wallet management console and click on backup brainkey:
The wallet will ask for your passphrase and show the plain text brain key. It consists of 12 English words. Write them down on a sheet of paper and store it securely!
The subsequent step will help you verify your backup.
Register your secured account
We now create a new account in our wallet by clicking
in the top navigation bar and providing a unique account name.
After creating a new account, you will be brought to the account’s ownerview page.
Fund your account
In order to complete the setup, we now need to fund the account with a few BTS (less than 1 BTS) so that we can finish the setup of account permissions. Since these permissions are stored on the blockchain, we need to produce a certain kind of transaction that requires a very small fee.
We reommend that you fund your account with a few dollars worth of BTS first to complete the setup and gain confidence in the procedure for spending funds from the account as described in the usage guide.
Now that we have a new funded account in a distinct wallet, and have made a backup of the corresponding keys, we can enable second factor authentication per email.
For this, we open the permissions tab of your new account.
and go to the 2FA tab.
Here, we will
- define a mail address as a second factor
- provide a reference account as a co-signer for transactions from your secured account
- and enable second factor authentication for your account.
First, we need to add a valid email address to your settings
and register your account with Peermit.
The reference account can then be provided in a distinct account selection form. Make sure to click Add to active your reference account.
By clicking the flip switch, you add second factor authentication to your account.
IMPORTANT, non of the steps in this tab are permanent unless you actually publish the changes to your account (i.e. activation of 2FA). In order to do so, please click the button below
and confirm the on-chain transaction. As you can see, this transaction requires a small fee to be paid.
Once this transaction has been confirmed by the network, you have successfully secured your account.
Congratulations and thank you for using Peermit.
Since we have created a backup of the brainkey, you may want to delete the secure wallet which contains the secured account’s owner key. You can recover the wallet again at any time by providing the brain key during creation of a new wallet, at any time.
You can now continue with the Usage Guide which will use your regular (default) wallet to interact with your secured account.