Network and Vault Transactions

  • Updated

In this section of the user guide, we will walk you through all aspects of transactions within the io.network and io.vault product. As a principal member there are five key activities to take into consideration;

  1. Creating a vault;
  2. Signing a transaction;
  3. Approving or rejecting a transaction;
  4. Resharing a vault;
  5. Vault API Integration.

4.1 Creating a new vault

To create a new vault, follow the below process;

Process Ref. Process Step
1 Open the web dashboard, select the "Vaults" dropdown, and select "create a new vault"
2

Choose a unique name for the vault

  • Please note - Once created the name cannot be changed
3

Specify the vault threshold

  • This is the number of secret shares required to sign a transaction or complete a reshare request
4

Select the users who will be a member of the vault signing party, and the respective signing power for each user's device:

  • Signing power will determine how many secret shares a user controls with their specified device

Please note - The user list will only show individuals who have onboarded to io.network and setup their vault account

5 Click "Create Vault" to submit the vault creation request
6 Each user specified as a member of the vault signing party must approve the request on their device and participate in the vault creation process
7 After successful completion, the vault will be viewable on the io.vault Dashboard along with its default deposit addresses for Bitcoin, Ethereum and io.network
Please note - A request must be approved and completed within the 10 minutes time-out limit.
Please note - All signing party users who need to approve the request must be online and signed in with their registered device simultaneously to sign the request.
Please note - When a new vault is created only bitcoin and ethereum are included by default. However, io.vault also supports all ERC-20 assets and will detect the deposit of any new ERC-20 token to a vault and display it on the dashboard. For a comprehensive list of supported tokens, please visit https://etherscan.io/tokens. 

 

4.2 Signing any request / transaction

When signing any request or transaction, please ensure the following details are taken into consideration;

Please Note
A request must be approved and completed within the 10 minutes time-out limit.
To sign any request (new vault, vault reshare or transaction), the required vault threshold of approvals must be met. If more than one user is required to meet the threshold, all members who approve the request must be online and signed in with their registered device simultaneously to sign the request.
If a transaction has reached the required threshold of approvals, the signing process will begin automatically. 
Each device must stay online and unlocked for the entire duration of the signing process, or the process will fail (generally less than 30 seconds)

 

4.3 Approving or rejecting a transaction

Upon submission of a transaction request all members of the vault signing party will receive the request on their assigned device to review. After reviewing the request details, any user may either decide to approve or reject the transaction.

Please Note - a signing party user may have more than one device registered against his name, therefore ensure you understand the correct device to send a transaction too.

Please Note - Any user with login credentials in the organization can create a transaction request for any vault within the organization, so it is important to review the information carefully each time before approving a request.

To approve a transaction:

Process Ref.  Process Step
1 Open the app on your registered mobile device
2 Select the pending transaction you want to review
3 Review transaction details
4 Using the sliding bar, slide across the screen to approved the transaction
5 Successfully authenticate via FaceID
Please Note - The vault threshold must be reached by any combination of users with devices that have sufficient signing power to approve the transaction

 

To reject a transaction:

Process Ref.  Process Step
1 Open the app on your registered device
2 Select the pending transaction you want to review
3 Review transaction details
4 Select "reject request"
Please Note - If other members of the signing party are still able to reach the vault threshold, they may still complete the transaction.
Please Note - Rejecting a transaction request simply notifies the other members of the signing party that you have rejected the transaction and prevents your device from participating in the signing process.

 

4.4 Resharing a vault

A reshare request can be processed by following;

Process Ref.  Process Step
1 Open the web dashboard, select the relevant vault
2 Click on the "vault settings" section
3

Specify the changes you are going to make:

  • Adding a new user to a signing party;
  • Removing a user from a signing party;
  • Changing a user's signing power;
  • Changing the vault threshold.
4 Click reshare request
5 Continue via vault transaction approval or rejection process
6 Once approved, amendment will be updated within the vault setting
Please Note - Members of the existing signing party must meet the existing vault threshold to approve a reshare request
Please Note - If the vault threshold can be met it is not required for those who are not going to be part of the new signing party to participate in the reshare process
Please Note - Completing a reshare request requires all members of the resulting signing party to approve and participate in the reshare signing process

 

4.5 Vault API Integration

The vault API enables programmatic access and usage of the io.network product. 

To create a new API integration, you will need to follow the API documentation located here. You will find all relevant API development coding required in this location.

Please Note - API integration will require a tech / backend developer to build within your business

 

 

 

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