Frequently Asked Questions

What is Vly?

Vly is the value layer of all social networks. Vly wallet is its first product with the following features:

• Pay people using their social media handle, not wallet address.

• Receive crypto without creating a wallet.

• Decentralized and non-custodial. Passkey enables hardware level security.

• Leverage existing social relations and social behavior for value distribution.

• Support all chains and all tokens in one place via a unified payment gateway.

• Web-based SDK compatible with any existing APP/platform.

How do I start using Vly wallet?

• Visit our Vly app

• Click the social media icon (such as X.com) to authenticate with your social account.

• Link you device Passkey with the Vly wallet.

• Start sending/receiving funds.

How is the Vly wallet different from other crypto wallets?

Vly Wallet simplifies payments by allowing you to send crypto using just a social handle (like a Twitter username). There's no need for the recipient to create a wallet or share a complex address. It eliminates friction, making transactions faster, easier, and more convenient for everyone involved.

How does Vly work?

Vly uses several key technologies underneath for the streamlined payment experience.

• DIDA: Vly generates wallet addresses based on social handles or other identifiers, so you don't need to remember complex wallet addresses.

• Threshold Signature: Vly uses secure, on-chain signature generation without requiring users to store private keys or mnemonics.

• Passkey: Vly uses Passkey for secure login and account recovery, allowing you to restore your wallet on new devices by syncing your Passkey.

What are the differences between Vly Wallet and other wallet techs like MPC, AA, etc?

• MPC Wallets: MPC uses social logins but doesn’t link wallet addresses to social handles. Vly directly derives wallet addresses from social handles, making sending funds simpler.

• Pregeneration Wallets: MPC-based wallets are often centralized, with concerns about custodians accessing funds. Vly is non-custodial, ensuring full user control.

• AA Wallets: Vly works like an AA wallet but offers more flexibility, supporting multiple blockchains with threshold signature technology, while most AA wallets are limited to EVM chains.

How secure is the Vly wallet?

The Vly wallet offers enhanced security compared to conventional wallets for several key reasons:

1. No Private Key or Mnemonics to Leak: Vly uses threshold signature technology for transaction signing, meaning the private key is never fully constructed or stored in one place. This eliminates the risk of key or mnemonic leaks, a common vulnerability in traditional wallets.

2. Passkey Security: Vly incorporates Passkey technology, which is protected by the security chip on mobile devices, offering military-grade protection. This hardware-based security ensures that even if the software is compromised, the Passkey remains secure.

3. Fully On-Chain Architecture: Built entirely on the Internet Computer (ICP), Vly’s front-end and smart contract logic are all hosted on-chain. This architecture makes it tamper-proof and highly resistant to hacks, as it is immune to the vulnerabilities often associated with off-chain components.

4. Audited for Security: Vly has been audited by SlowMist, ensuring that its security model and implementation have been thoroughly reviewed and confirmed to be safe and secure.

This combination of threshold signature and Passkey technology, on-chain architecture, and third-party security audits makes Vly a highly secure solution for managing crypto transactions.