NYX

NYX is a decentralized solution to restore access to crypto assets (tokens and cryptocurrency) based on Ethereum Blockchain and other cryptocurrencies with smart contracts support.

By forgetting the password or losing private keys, users lose access to their accounts. Except for centralized solutions that are insecure by definition, there is no solution on the market to withdraw money from an account to which access has been lost.

The same problem exists for physical (cold) wallets like Ledger, Trezor and others, as there is always a possibility that the device will be damaged or stolen.

Storing data for restoration in cloud services is a risky way to ensure access recovery, both at the level of network interaction, and at the level of provision security of servers from hacker attacks. Moreover, almost all major cloud services contain a waiver of liability in the license agreement in the event of data loss or its transfer to third parties.

Our solution provides decentralized storage of data for access to the account, implemented on the basis of the Blockchain and the logics of smart contracts. Blockchain does not have the shortcomings inherent in physical storage devices and cloud services, and cannot be irreversibly damaged or hacked, because it is open by definition.

We have created a concept that provides a perpetual guaranteed opportunity to restore funds using decentralized authentications to access crypto assets.

The core of the solution is a smart contract that is created specifically for each user and on which funds are placed. And we provide the possibility to restore the funds. We call it the NYX account.