Vault Creation and Transaction

  • Updated

In this section of the user guide we will walk you through all aspects of creating a vault and transaction within io.vault.

3.1 Creating a new vault 

Process Ref.

Process step

1

Open the web dashboard, select the “Vaults” dropdown and select “create a new vault”.

2

Specify a unique name for the vault
Please Note - Once created the name cannot be changed

3

Specify the vault threshold
* The number of secret shares required to sign a transaction or complete a reshare request.
Please Note - Threshold can be updated after creation

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.

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
* A reshare request must be approved and completed within the 10 minutes

7

After successful completion, the vault will be viewable on the dashboard along with its default deposit addresses for Bitcoin and Ethereum.

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

 

3.2 Resharing a vault

A reshare request can be made for an existing vault by selecting the relevant vault on the web dashboard and visiting the “vault settings” section. The scenarios when a reshare request can be used are:

  1. Adding a new user to a signing party
  2. Removing a user from a signing party
  3. Changing a users signing power
  4. Changing the vault threshold

Please Note - Members of the existing signing party must meet the existing vault threshold to approve a reshare request.

As long as 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.

However, completing a reshare request requires all members of the resulting signing party to approve and participate in the reshare signing process. All signing party members must have their device logged in, online and with the io.vault mobile application open simultaneously for the process to be successful.

 

3.3 Adding/Removing an asset in a vault

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. Assets can also be manually added or removed from the vault dashboard with the following process:

Process Ref.

Process step

1

Open the web dashboard, select the “Vaults” dropdown 

2

 Search for the desired vault by scrolling through or using the search bar

3

 Click on the desired vault

4

Select “Manage Assets” on the desired vault page

5

 Locate the desired asset you require by either scrolling through or using the search bar

6

Simply select the “add” button to add the asset to the vault, the relevant deposit address will be displayed on the new asset card on the vault page

7

To remove an asset, simply select the “X” next to the asset. (note: This simply hides the asset card from being displayed by default; Bitcoin and Ethereum cannot be removed from display for a vault).

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.

 

3.4 Depositing into a Vault

The only requirement to deposit into an existing vault is to obtain the appropriate deposit address for the desired asset. The deposit address can be found by selecting the intended vault in the web dashboard and the complete address can be copied directly from the corresponding asset card.

Please note - only the initial and trailing 5 characters are displayed for easier identification but the copy button will copy the entire address to your device clipboard.

 

3.5 Withdrawing from a vault

A transaction request is created on the dashboard by:

Process Ref.

Process step

1

 Select the “new transaction” button

2

Select which vault they are creating the request from

3

Select network, asset, asset amount and the wallet address to send to

4

Sign and approve transaction on mobile device.

Please note - A transaction request expires if it is not completed and signed & approved within 10 minutes by default.

Tip: Copy the address you would like to send to before starting the steps to withdraw as it will allow you to easily paste the address into the field.

 

3.6 Signing a transaction request

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).


3.7 Approving / Rejecting a transaction request

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 approve 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.

 

3.8 Vault API Integration

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