Dear Portkey community members,
Portkey is thrilled to present the latest update, featuring enhanced security and an elevated overall Web3 experience in every aspect.
The standout feature in this update is the implementation of transfer limits. It allows users to customise a maximum amount that can be transferred for each token, preventing accidental overages during transactions. Additionally, Portkey boosts the security of user interactions with DApps by introducing individual DApp allowances, which users can always reset when used up. In the unfortunate event of theft or hacking, these features restrict the amount of tokens that can be moved, giving account owners more time to recover their assets and minimise potential losses.
Besides, a new detection mechanism is employed to raise users’ awareness of their account security. It will notify users with too few guardians, encouraging them to add more for enhanced protection. What’s more, the payment delegation mechanism is upgraded to introduce the concept of secondary delegatees, expanding the possibilities and further enhancing the overall Web3 experience for our users.
Transfer Limits
Securing your account and assets in the Web3 environment is of utmost importance and often presents a significant challenge. This challenge can be particularly daunting for users making the transition from the more familiar Web2 landscape, since Web3 involves frequent operations and introduces a self-custodial experience that may be novel to many.
In response to these security risks, Portkey introduces transfer limits, a feature that empowers users with greater control over their account activities. With this feature, you can effectively prevent accidental token transfers beyond your intentions. These limits will come into play each time you initiate a transfer to other addresses or when you sell your tokens for fiat currencies.
You can set an individual cap for each token you hold, and there are two types of limits supported: daily limit and limit per transaction. To access them, just go to “My” > “Wallet Security” > “Payment Security”, where you can see the list of tokens you currently hold. Click on any token you want to customise the settings and enter the edit page.
You can then set limits by entering reasonable values for each field. To complete the settings, click “Send Request” to obtain approval from guardians. Once your request receives enough approvals, the configured limits will be activated, ensuring you are safeguarded against overspending. In the event that you attempt a transfer surpassing the set limit, the transaction can’t proceed unless you modify the settings beforehand.
It’s important to note that once these settings are applied, any modifications or disabling of the limits can only be done manually and would require approvals from your guardians. Such a design ensures that unauthorised parties cannot tamper with your settings. Even when your device is stolen, the thief won’t have the ability to move a significant amount of assets out of your account in a single transfer or within a single day. This acts as a protective buffer, minimising potential damages and providing you with ample time to take the necessary steps to recover your account.
DApp Allowances
Another important part of your Web3 navigation is composed of various DApps that enrich your experience. Meanwhile, users should be extra cautious about their interaction with each DApp, minimising the risk of granting unrestricted access to their assets. That’s why Portkey adds a new feature that allows users to set allowances for DApps.
The request for allowance can only be initiated by the individual DApp itself while you are interacting with it. On its request page, you can customise a reasonable figure as the allowance for this DApp and ask for your guardians’ approval to enable it, just like the setting of transfer limits. Once it takes effect, the allowance will determine the amount of tokens this DApp is allowed to access from your account. When it’s used up, the DApp can notify you again and ask you to reset it.
It’s important to highlight that even when a DApp has requested an allowance from you, you will continue to receive notifications regarding your interactions with it, such as when you send tokens to it or via it. This allowance does not grant DApps the authority to utilise your assets without your consent. On the contrary, it introduces an additional layer of security for your account, protecting your assets from potential exploitation by malicious projects.
The introduction of these exceptional features further improves the overall user experience of Portkey primarily by boosting security. With additional layers of protection in place, users can confidently engage in transactions and DApp interactions without any concerns. Embrace a better Portkey experience today!
Users without Portkey can download the latest version via the links below:
Users with the installed Portkey app can choose to update via the pop-up window upon opening the app.
Users with the installed Portkey extension can wait a while for the automatic update.
If you encounter trouble updating it, please email the team at support@portkey.finance or get in touch via:
Discord: https://discord.gg/EUBq3rHQhr
Telegram: https://t.me/Portkey_Official_Group
Portkey values your opinions and wishes to hear from you so that we can continually improve our product. Hence, we would appreciate it if you could take just 2 mins for this questionnaire after you try the product: https://forms.gle/CqzdzCcKGE4fo3oe6.
Hope you enjoy Portkey and have the best Web3 experience with us!
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