Happy New Year 🥳 To All Our Kayros Nation!
As we all get ready to step into this new upcoming year, we are keen on taking a moment to express our sincere gratitude for your support and for believing in our Kayros vision. Indeed, we have over 50K+ on the waiting list, and this has been a constant source of inspiration and motivation for all of our team members. Since our core belief is transparency, we want to seize this opportunity to share with you our progress and the strategic adjustments we decided upon.
The Bankruptcy Of FTX (FTT) Inspired Us To Do More For Our Community’s Safety
2022 has brought yet another crypto winter, and this one was very eventful. The bankruptcy of the cryptocurrency exchange FTX (FTT) has led to a chain reaction in the market, causing a state of panic amongst crypto users and global distrust in the ecosystem. This opened the conversation once more about custodial and non-custodial wallets and highlighted the fact that Decentralised Finance (DeFi) is no longer a luxury but rather an urgent need.
For those of you who don’t know the difference between custodial and non-custodial wallets, here is a quick reminder:
Custodial wallets have their private keys (needed to access crypto-wallets) held by a third party. Whether it’s a cryptocurrency exchange such as FTX (FTT) or another service provider, they have full control over whatever assets someone has in their wallet and are responsible for securing them. Custodial wallets are often meant for users who lack the technical knowledge to manage their own private keys and just want a friendly user interface to store and manage their cryptocurrency and other digital assets.
In a Non-custodial wallet case, the user is the one who holds his own private keys and is fully in control of all the assets stored in it. This also makes him responsible for securely storing and managing those private keys he now owns. This type of wallet is frequently preferred by users who value the security and control that come with managing their own private keys. Usually it may require some technical knowledge to set up and use the wallet securely at first but Kayros Wallet will use biometric technology to simplify the management of your private keys.
With all this in mind, and because we value our community’s security and potential, we have taken the following decisions:
We Are Switching Our Wallets From A Custodial Model To A Non-Custodial One.
Though this isn’t an easy fit, we are very proud of this strategy shift, and we will continue to put the interests of our community at the centre of our decision-making. Here is what this will mean for our Kayros Nation:
- When opening a Kayros Wallet, you will be the sole owner of your private keys, and only you will be able to access, see, and manage your crypto and digital assets. Although as mentioned earlier, Kayros Wallet will use biometric technology to simplify the management of your private keys.
- We are currently working on educational content to help our community gain the knowledge to manage such things as Non-Custodial Wallets.
- Our exchange will be a Decentralised Exchange (DEX) rather than a Centralized Exchange (CEX) since centralized exchanges are more prone to cyberattacks that put users' private keys, assets, and personal information at risk.
- By going for a Decentralised Exchange, we will be able to provide our users with more privacy, more security, and more control.
Good News: Our 10K Reward Is still on!
Since our launch has been postponed until the end of Q1 2023 because of the new adjustments, we decided to keep our refer and earn program on until March 31st to allow more people to join the ride! So don’t forget to check on your position and make sure you stay in the top 100!
We Wish You A Very Happy New Year
We thrive with you and look forward to an exciting and successful year ahead together. Thank you again for joining the Kayros Nation.