Using your Secured Account
- What You Should Know
What You Should Know
After properly setting up your account, you can’t move funds from the account directly but need to propose a transfer that needs to be approved by
- your reference account and
- the Peermit.com co-signer
Only after those approvals have been added to the proposal will the transfer be executed and the funds actually be moved.
Note that this guide assume that you use your regular wallet that has at least the reference account installed and that you have full control over this account (i.e. that the account is not a multi-signature secured account).
Let us go through the process of proposing transfers briefly.
If you want to transfer funds from the secured account to an other arbitrary account, you will notice the following error message:
The wallet will let you propose a transfer instead which takes the following form:
You may notice that creating a transfer proposal is similar to a regular transfer but it asked for a propose from-account. This account will be used to create the proposal. It could be any account that you have sufficient rights for (i.e. is not a multi-signature secured account). You can use the reference account or any other account you have available in your wallet.
After confirming the transaction, the proposal will be created on the blockchain!
After the proposal has been confirmed by the network, you can find the
proposal by opening the overview page of your secured account (e.g.
johndoe-secured). You will be presented with a list of proposals for
and corresponding buttons to add your approval.
As you can imagine, anyone with an account can propose a transfer from your account! Hence it is important for you to identify the correct proposal and not approve malicious proposals!
We now need to approve the proposal by the reference account which can be done by clicking on Approve.
To add your approval, you need to provide
- one account that pays the small transaction fee and
- the reference account as approving account
Second Factor Verification
Having added this approval, we also need another approval, e.g. from Peermit. This approval will only be given by Peermit after verification of the second factor scheme.
By checking the email address that you provided during setup of your secured account, you will find an email that has been sent to you by Peermit. It contains a verification link that brings you to the following webpage and contains a secret verification token:
After providing this token and clicking verify, Peermit.com will see your identity as verified and approve the corresponding proposal. You can find the approval on the overview page of your secured account:
If all required approvals (2 of 3) have been added, the transfer will be executed on the blockchain and the funds will move:
Congratulations for succeeding your first Peermit-secured transfer by approving an on-chain proposal!