Vault Accounts

Vault Accounts are a standout feature of VerifiedX Switchblade, offering advanced on-chain security for your digital assets.

Overview

Vault Accounts act as secure, on-chain storage with features like:

• Time-Locked Transactions: Delay fund transfers until a specified date and time.
• Trustless Escrow: Conduct secure, conditional transactions without intermediaries.
• Recovery Options: Instantly recover assets in the event of breaches or errors.

Setting Up a Vault Account

1. Create a Password:
   • This password encrypts your vault account data. Without it, you cannot perform transactions.
   • Store the password securely as it is not included in backups.
2. Backup Your Data:
   • Use the “Copy All” button or “Save as File” to create a backup of your vault data.
   • Keep this backup in a secure, offline location.
3. Fund Your Vault:
   • Deposit a minimum of 5 VFX to initialize the account.
   • Transactions to activate the vault will burn 4 VFX.
4. Activate Your Vault:
   • Activation can be done immediately after funding or at a later time.
   • Once activated, your vault is ready to send and receive funds.

Time-Locked Transactions

• Set a Lock Period:
  • Specify a time (minimum 24 hours) before funds are released to the recipient.
  • Transactions can be canceled during this period.

Recovery Process

1. Trigger Recovery:
   • Use the one-click recovery feature in case of compromise.
   • All funds and assets are transferred to your recovery address.
2. Recovery Address:
   • This address is generated during setup and is only known to you.