What is the Socios.com Wallet?
The Web3-enabled Socios.com Wallet is a non-custodial digital wallet that gives you control over your digital assets. The Socios.com Wallet allows users to access their digital assets using Passkey technology, enhancing security and private key management. The wallet, accessible through the Socios.com platform, allows you to participate in the various features offered on Socios.com, and to access to a range of sports-focused dApps (decentralized applications) from Chiliz Chain’s ‘SportFi’ ecosystem, including football, gaming, prediction markets, challenge-based games, and more.
Is the Socios.com Wallet Safe?
The Socios.com Wallet is built on security protocols designed to protect your digital assets and the private key associated with your wallet. Your private key is sharded (divided in several shares), and each share is encrypted and stored within a signing network consisting of databases across multiple AWS regions and availability zones. Through this process, the private key associated with your wallet is never revealed, and access to your digital assets, including transaction signature, is fully controlled by you via the Passkey you set up and store on your device.
What are Passkeys?
Passkeys are a modern, cryptographic, secure authentication method. Instead of relying on a password that can be forgotten or stolen, Passkeys are constituted by a pair of cryptographic keys: a public key, known to the service or application you are signing up for; and a private key, stored securely on your device. Therefore, Passkeys allow you to authenticate yourself by using your phone's secure module - which can be done through features such as face ID, fingerprint, or PIN/lock code. We encourage the use of back-up options, so you can access your wallet should you lose your device.
What is a Recovery Kit and why do I need it?
In case you lose access to your Passkey, the Recovery Kit ensures you don’t permanently lose access to your assets. The Socios.com Wallet Recovery Kit consists of a Recovery Code and a Recovery Kit ID. Saving your Recovery Kit details safely and securely is a must, as this is the only way to ensure that you can still retrieve your Socios.com Wallet and digital assets if your device gets lost and you cannot access your Passkey.
What are private keys?
A private key is a secure, alphanumeric code associated with your Wallet. In the case of the Socios.com Wallet, your private key is sharded (divided in several shares), encrypted and stored within a signing network consisting of databases across multiple AWS regions and availability zones. Therefore, your private key is never revealed to you or any other party through the Socios.com Wallet lifecycle.
What is a dApp?
A dApp, or decentralized application, is an app that allows you to connect to a blockchain network. This offers benefits such as increased transparency and user control. With your Socios.com Wallet, you can access a range of SportFi dApps.
Chiliz Chain welcomes innovative developers to contribute to the growth of the SportFi ecosystem; this means there are third-party created dApps on Chiliz Chain - including football, gaming, prediction and challenge-based games, DeFi platforms, and more. Please note that there is the potential for third-party dApps within the broader blockchain ecosystem to carry certain risks, including potential security vulnerabilities, as well as the absence of traditional user protection measures, and that you are responsible for how you interact with the ecosystem.
I was unable to upgrade. What should I do?
Following your acceptance of the Web3 Wallet Terms, the upgrade to the Web3 Wallet should only take a few minutes. However, should you encounter any problems, our helpful Customer Support team will be able to assist you.
I have not accepted the upgrade, what about my assets?
Should you opt to not make the upgrade to the new Wallet, your digital assets will be kept securely until you request to withdraw them. In order to do so, please contact our Customer Services team who will assist you in withdrawing to a compatible third-party wallet or platform.