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.
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.
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.
So, I can never access the Private Key associated with my Socios.com Wallet?
As the Socios.com Wallet is a non-custodial wallet, you ultimately remain in full control of your digital assets, and to do so, you may, at any time, access the Private Key associated with your Wallet through the Emergency Exit feature. This feature allows you to take full control of your digital assets by exporting the Private Key associated with your Wallet. Exporting your Private Key gives you the ability to manage your digital assets independently using other platforms, interfaces or wallet providers.
Can I still use my Socios.com account if I export my Private Key?
No, exporting your Private Key using the Emergency Exit feature means that Socios.com will close your account, and we will no longer manage or provide support for your Wallet. Once the key is exported, your Socios.com account and associated features within the Socios.com Wallet will be deactivated. This is because we can no longer ensure your Socios.com Wallet is secure once the Private Key has been exported and exposed.
What responsibilities come with exporting my Private Key?
Once you request to export your Private Key, the multiple shards of your Private Key are decrypted and assembled together to reconstitute your Private Key, therefore exposing it for the first time. You are the only person who the Private Key will be disclosed to, and from this moment, Socios.com is no longer responsible for the digital assets stored in your Wallet. You become fully responsible for the security, storage, and management of your Private Key, which is now the only way to recover the digital assets stored in your Wallet. If the Private Key is lost or compromised, there is no way for Socios.com to assist in recovering your assets
Should I withdraw my digital assets to another wallet prior to exporting my Private Key?
As Socios.com Wallet uses a Smart Contract layer, we advise you to withdraw your assets to another wallet before exporting your Private Key to ensure you can access your assets at any time. As of today, Smart Contract Wallets are not natively supported on most platforms, such as MetaMask, and accessing them requires advanced technical knowledge. Withdrawing your assets beforehand ensures you retain full access and control of your digital assets.
Wait a minute - what is a Smart Contract layer and what is its purpose?
A Smart Contract layer is an advanced feature that changes how digital wallets work. Instead of directly linking digital assets to a Private Key, the assets are managed by a Smart Contract. You remain in full control of your digital assets, but this Smart Contract layer allows us to make your experience on Socios.com smoother and more innovative. For example, it enables gasless voting, so you can participate in polls and interact with your favorite teams without needing to worry about blockchain transaction fees.
Ok, got it - but why can’t I access my wallet on other interfaces like MetaMask?
As of today, most non-custodial wallets such as MetaMask allow you to manage the digital assets stored in your wallet through your Private Key. However, due to the Smart Contract layer implemented in the Socios.com Wallet, the logic of ownership and authentication is defined within a Smart Contract rather than via your Private Key. Interfaces such as MetaMask do not have the ability to read through such Smart Contracts, unless you run a script that would allow MetaMask to interact with this Smart Contract, but this is technically complex and requires development knowledge. For this reason, we recommend withdrawing your assets to another wallet before exporting your Socios.com wallet’s Private Key, ensuring you retain full access to your assets at any time.
I was unable to upgrade. What should I do?
Following your acceptance of the Socios.com Wallet Terms, the upgrade to the new 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.