- Biometrics. Access to your wallet is protected with biometric data using your face and your fingerprint, ensuring that no one but you can access the wallet and the cryptocurrency stored on it.
- Transaction Verification. For every transaction, users are asked to take a picture of themselves so that we can verify the rightful owner of the account is the one authorizing the transactions. This picture is compared to the picture used in enrollment to verify that you are the person who owns your account. While no system is completely foolproof, this makes the security of the tZERO Crypto far stronger than other cryptocurrency wallets.
- Responsible Data Storage. To make sure we comply with state and federal laws, all new users will submit personal identifying information for analysis and approval. The personal identifying information collected by tZERO is not saved, so it cannot be stolen from tZERO. tZERO only keeps your name, picture, state and email address.
- Direct Delivery and Ownership. tZERO does not hold your cryptocurrency. When you purchase a Bitcoin from tZERO, it is sent from the point of purchase directly to your private wallet. Unlike many sites and exchanges, this means that no one can hack tZERO to steal your Bitcoin because we never have access to it.
- Disaster Recovery. Even if you lose your phone, tZERO has a unique, patentable way to recover your funds that no other service offers. While we hope this doesn't happen, you can have peace of mind that even in an unfortunate event such as this, your money is still safe.
- Email Address: This is your account username. You will need this to restore your account if you lose your phone. We will only use your email address to send you important updates about your account.
- Name, Address, Birthday: tZERO Crypto is required to collect this information to comply with US anti-money laundering laws and the Bank Secrecy Act. By providing this information, tZERO Crypto can help ensure that its users are not engaged or engaging in criminal activity. This helps safeguard the funds of all tZERO Crypto users. tZERO Crypto does not keep this information after it has performed its duty under the law
- Face: tZERO Crypto uses this photo to make sure that transactions sent through the tZERO Crypto app are being performed by the user. This protects you from theft – even if another person has your phone, they will not be able to spend your funds. We chose to keep this information because it is one of the least private and most unique things about you.
- Government-Issued ID: ID information is collected to protect our users from identity theft, comply with government regulations, and keep our user's funds safe. tZERO Crypto does not keep this information.
- Download the tZERO Crypto App on your new device;
- Go to the Enrollment recovery page and indicate that you do NOT have an account recovery phrase;
- You will be asked to provide the following information directly to tZERO Crypto
- Email address
- Photo of front and back of ID compared to live Photo of Face
- Other documentation to help with recovery (i.e., death certificate and documents proving authority to settle the deceased’s estate)
- You will be asked to submit a non-refundable payment of $25 plus estimated blockchain recording fees.
- Adjudication - tZERO Crypto will confirm ownership of the public address using your ID:
- Account Restoration - If tZERO Crypto determines that it can restore access to the assets in your tZERO Crypto wallet, then it will:
- Create a new tZERO Crypto wallet for you and generate the tZERO Crypto key to your lost wallet.
- Request access on your behalf to a protected root key held by an independent third party for the purpose of generating a new key to the lost public address.
- Sweep all assets that remain in your previous tZERO Crypto Wallet under the lost public address, into a new tZERO Crypto Wallet for you.
- Notify you when the process has been completed and provide you with the new keys you will need to access your new tZERO Crypto Wallet.
Only Assets that have not been transferred out of the public address in your previous tZERO Crypto Wallet (whether such a transfer was through theft, accident or otherwise) will be recoverable under this process.
Digital Financial Assets are very volatile and the value of your Assets could change dramatically during the recovery process. tZERO Crypto will not be responsible for price changes that occur during the long and manual adjudication or recovery process.
- tZERO Crypto charges a fee of 1.49% of the total transaction amount for its services.
- For credit/debit card purchases only, tZERO Crypto charges a credit/debit card fee of 4% to cover its costs of accepting credit/debit cards. This fee is not charged on other purchases (such as ACH payments).
- Recording your transaction to the blockchain requires a nominal network fee which the tZERO Crypto app will estimate for you prior to your decision to initiate a transaction. This is paid to the miners who maintain the blockchain and record all transactions and is called the
Network Transaction Fee. It is generally less than a dollar but can be much higher in times of significant congestion on the network.
About tZERO Crypto
The most important difference between tZERO and a service like Coinbase is that, with tZERO, your cryptocurrency is held in your personal wallet from the moment of purchase. This means only you have access to it and it cannot be hacked or stolen as long as you maintain control of your phone and password. Centralized exchanges hold the keys for you. This is convenient but can cause customers to lose their funds when hackers see large amounts of cryptocurrency in a single location or an exchange ceases to do business either temporarily or permanently. It also results in additional, hidden fees for the withdrawal of your cryptocurrency from the exchange. At Coinbase that is an additional 1% of your funds. Other exchange withdrawal costs vary.
Another important difference is tZERO’s Key Recovery System. Even if you lose your phone and password, tZERO will be able to help you restore your account and your funds. With any other decentralized wallet or service, if you lose your device and/or password, those funds are lost forever.