Morph Wallet is a cloud based, cross-platform multi wallet. It’s unique cloud vault system automatically backs up your heavily encrypted keys every few minutes meaning that even if you do lose your device you can still get access to your wallets. This also adds the benefit of being able to use your account on any of your devices.
Vaults are encrypted using AES256 encryption and then our entire data center is further encrypted at rest, meaning it is almost impossible for a any attacker to gain access to your vault. Even if a super computer had complete offline access to our datacenter it would still take them 26 years to crack into a single wallet! furthermore, additional security gates are to each vault to reject any users that are not verified and trusted to access the vault.
Your vault is kept off-line and cannot communicate with the outside world.
Are My Keys Safe?
Short answer: Yes. The long answer is that there are a tremendous amount of security gates that are in place to ensure that only you can access your funds. we truely believe that these gate together are a lot more effective at protecting your funds than any other. Although our 2Factor AUTH system will only allow trusted users attempt logging into your account we still ask that you create your account with a password that has a high entropy and do not share it with anyone.
Is This Safer Than An Exchange?
Definitely. The first reason is that exchanges don’t actually provide you with a wallet, they have a single pool wallet (or multiple smaller ones) filled with all their users funds, this enables them to make quick sell/buy orders with your funds. However, this is dangerous because it adds a single point of failure, if an attacker gains access to their pool wallet then they can steal millions of dollars and this has happened before.
Morph Wallet does not do this. Every user has their own allocated wallet which is locked away in their own personal vault and each vault is encrypted with the users own unique password making it impossible for an attacker to cause much damage even if they had access to the off-line database.
Is This Safer Than Other Wallets?
The typical method for current wallets is to store the keys locally on the device, transactions are signed by the device and broadcasted. This is still very safe, however the majority of funds are actually not lost due to malicious attacks, but actually because the users has damaged/lost their device and their funds along with it. The typical way of locally storing private keys has not very much protection against this kind of problem (unless you are trusted to write down your private key elsewhere). As mentioned before morph solves this by automatically backing up all vaults every few minutes meaning you can be sure that you funds are safe and sound.
As a side not it is definitely not uncommon for mobile devices to become compromised with malware that is capable of accessing the devices local storage, log keyboard input and screen shot sensitive data. This kind of attack is completely useless to a user using Morph wallet since all sensitive data is locked away in the secure cloud vault.
In conclusion Morph takes a different approach in order to ensure that your keys are safe and sound. While some users may not be happy with the keys not living on the device other users might be happy with the convenience of not having to constantly back up and remember all of their private keys.