Non-Custodial Wallet

What Is a Non-Custodial Wallet?

A non-custodial wallet is your key to full control over your digital assets. Unlike custodial wallets managed by exchanges or third parties, non-custodial wallets empower you to manage your assets directly. With no intermediaries calling the shots, maintaining ownership of your private keys means you’re in charge of your digital future.

How Ulys Uses Multi-Party Computation (MPC) for a Safer, Simpler Wallet

At Ulys, we’ve embraced cutting-edge Multi-Party Computation (MPC) cryptography to push non-custodial wallets into the future. MPC keeps your wallet both secure and user-friendly, removing the need for seed phrases and introducing smarter recovery options.

Here’s how it works:

• Your wallet key is split into two parts. One part stays on your phone, and the other is securely stored with our trusted platform partners.

• These two parts work together when signing transactions, ensuring enhanced security. No single entity—including Ulys or its partners—ever holds your full key.

With Ulys, there’s no 12 or 24-word recovery phrase to stress over. Instead, recover your wallet seamlessly using cloud backups or biometrics.

Key Features of Ulys’ Non-Custodial Wallet

1. Seedless Simplicity: No seed phrase, no problem. Your wallet recovery process is streamlined and secure, giving you peace of mind if your phone is lost or replaced.

2. Always in Control: Your private key remains yours and yours alone, ensuring that your digital assets stay in your hands.

3. Smarter Security: By splitting the private key, MPC technology minimizes risks while maintaining seamless functionality for everyday use.

4. Easy Recovery: Lost your phone? Don’t worry. With automated cloud backups or biometrics, restoring your wallet is easy and stress-free.

How Non-Custodial Wallets Work

Non-custodial wallets interact directly with the blockchain. They give you the tools to sign transactions, track balances, and manage your funds without relying on third parties. Here’s what you need to know:

• Private Key = Your Access: Think of it as the key to your digital vault. It stays on your device (or, with Ulys, is split securely using MPC).

• Public Key = Your Address: This is shared with others to receive digital assets. It’s like a mailing address for your crypto.

• Transactions you initiate are signed with your private key and sent to the blockchain, where they’re validated and added to the ledger.

Non-Custodial Wallets vs. Custodial Wallets

Here’s a quick comparison to help you decide which wallet type suits your needs:

Things to Consider

While non-custodial wallets put you in the driver’s seat, they also come with added responsibility:

1. Be Your Own Backup: If you misplace your backup, recovery may not be possible. With Ulys, we’ve simplified this process through cloud integration and biometrics, but responsibility still rests with you.

2. Transaction Accuracy is Key: Double-check every transaction. Blockchain transfers can’t be reversed, so ensuring accuracy is critical.

3. Device Specific: Currently, Ulys wallets operate on one device at a time. However, migrating your wallet to a new phone is straightforward with recovery options.

Frequently Asked Questions

Is the Ulys Wallet Really Seedless?

Yes! No more scribbling recovery phrases or worrying about losing them. Ulys has eliminated seed phrases by combining MPC technology with secure cloud or biometric recovery options.

What Happens if I Lose My Phone?

Not a problem. Your private key is backed up securely. Use cloud recovery or biometrics to restore your wallet on a new device.

Can I Use the Wallet on Multiple Devices?

For now, the wallet is tied to a single device at a time. However, you can migrate it to a new device using our recovery process.

Does the Wallet Support All Digital Assets?

Our app supports a wide range of popular digital assets. Check the app for the latest list and ensure compatibility with the coins you plan to hold.

Say Goodbye to Seed Phrases with Ulys

We believe managing your digital assets should be simple, secure, and free of unnecessary complexity. Ulys combines the freedom of a non-custodial wallet with advanced security features and seamless everyday usability. Interested in taking full control of your digital assets? Discover how Ulys makes it effortless.

Disclaimer: Nothing in this entry is intended to be professional advice, including without limitation, financial, investment, legal or tax advice. Ulys is not responsible for your use of or reliance on any information in this entry, as it is provided solely for educational purposes. Purchasing digital assets carries a high level of risk, including price volatility, regulatory changes, and cyber attacks. On-chain transactions are irreversible once confirmed, and errors may result in permanent loss. Please do your own research and make decisions based on your unique circumstances. Ulys does not itself provide financial services or engage in regulated activities such as money transmission, custodial services, securities brokerage, or lending. Any licensed financial services (e.g., payment processing, crypto-to-fiat transactions, or lending) are facilitated entirely by third-party providers, who are responsible for obtaining and maintaining the necessary licenses under applicable U.S. federal and state laws.

Risk Disclosure: Digital asset transactions come with risks, including the potential loss of funds. Always research before making any financial decisions. Ulys does not provide financial, investment, or legal advice.