Fireblocks wallets can be hot, warm, or cold. What separates these types of wallets is where the third MPC key share is held, and how transaction approvals are conducted.
- With a hot wallet, the third MPC key share is held by an API user on an API co-signer, and transaction approvals can be automated.
- With a warm wallet, the third MPC key share is held on your internet-connected mobile device, and approvals occur on the Fireblocks mobile app.
- With a cold wallet, the third MPC key share is held on your air-gapped (offline) mobile device. Approvals for transactions require bi-directional QR code scanning.
A Fireblocks workspace can be hot & warm, or cold wallet-only, but not both.
The Fireblocks workspace is a unique feature of the Fireblocks platform with a broad range of capabilities that allows you to manage your various accounts, digital assets, transactions, and more.
Each workspace is a unique BIP32-HD wallet structure with unique security and transaction policies.
Fireblocks has extensive role-based access control capabilities for various user roles. These access roles grant them permissions related to:
- Parts of the platform they can access
- Types of actions they can perform
- MPC key shares that they hold and can use to sign transactions
These roles can range from admin-level users like 'Owner' of the workspace, to a read-only 'Viewer’. An API user can be assigned any user role (except 'Owner').
The Admin Quorum is the minimum number of workspace admins required to approve sensitive workspace changes, such as adding or removing users, adding whitelisted addresses, or approving network connections. This is set via an Admin Quorum threshold.
If an admin attempts to perform malicious actions, such as attempting to steal funds via a personal wallet, the multiple approvals required by the admin quorum prevent and mitigate damage. This would work the same for an admin that has their account compromised.
Accounts compile all types of accounts that Fireblocks supports, including; vault accounts, exchange accounts, and fiat accounts.
- AVault account is a unique on-chain wallet, with your private key secured by our MPC-CMP architecture, that enables you to securely store and transfer your digital assets.
- A Exchange account allows you to leverage your exchange's API credentials to securely transfer assets between exchanges and other Fireblocks accounts.
- A Fiat account enables you to transfer fiat to any other account within your Fireblocks workspace or network connections that support that specific fiat provider.
The Fireblocks Vault is your secure MPC-CMP solution for wallet and address management. The Vault allows you to create and manage multiple vault accounts, which contain your asset wallets.
Depending on the asset type, you may or may not be able to have multiple deposit addresses or accounts within a single vault account.
Asset wallets are used to manage internal deposit addresses for different asset types. Each asset wallet contains at least one deposit address for its asset type. Fireblocks supports over 1,200 assets and our asset support is continuously growing.
The Transaction Authorization Policy (TAP) is a set of rules that set the limits and boundaries of the transactions in your Fireblocks workspace.
With the TAP, you control who can move funds, how much can be transferred in a single transaction or a certain time period, and how transactions are authorized.
TAP rules can be applied to virtually any parameter within a transaction, including smart contract-specific transactions such as deploying, upgrading, and performing ongoing operations.
All transactions are routed through the Create a new transaction API call. Users can only issue transactions based on their access roles and the workspace’s TAP settings. This includes both console and API users.
When issuing a transaction through this endpoint, the
OPERATION parameter specifies what type of transaction this may be. It could be a generic transfer, a token mint or burn, a contract call, a typed message, or a raw message.
Whitelisted addresses are deposit addresses that exist outside of your Fireblocks Vault. You can perform transactions from your workspace by whitelisting an address for any supported blockchain.
Whitelisted addresses (also called "wallets") can be categorized as:
- Internal wallet - a deposit address existing inside your organization.
- External wallet - a deposit address existing outside your organization.
- Contract wallet - a deposit address of an on-chain smart contract.
The Fireblocks Network is a settlement workflow allowing you to quickly transfer with your network counterparties without the need to manually whitelist their addresses.
Streamline settlement using the Fireblocks Network by automatically authenticating addresses with your network counterparties while automatically rotating secure addresses for supported assets. It also maps transactions to counterparties for accurate reporting.
Deploy, manage, mint, and burn custom tokenized assets on-chain. Enforce governance and rules for who is able to perform sensitive operations such as minting new tokens.
Fireblocks lets you securely connect to and operate seamlessly within the Web3 and DeFi ecosystem.
- Connect easily to Web3 dApps using our WalletConnect integration or browser extension.
- Interact directly and programmatically with smart contracts using our smart contract API.
Securely develop, deploy, and operate your on-chain smart contracts using Fireblocks' industry-leading security layers.
Provide granular role-based access control for managing which developer is allowed to deploy smart contracts, perform upgrades, or call sensitive smart contracts operations, such as pausing or updating contract data.
The Fireblocks Gas Station service automates gas replenishment for token transaction fees on EVM-based networks such as Ethereum, BNB Chain, and others. This eliminates monitoring and manually transferring funds to these vault accounts to cover future transaction fees.
Transaction screening allows you to automate real-time monitoring of your crypto transactions in order to ensure compliance with Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) regulations, prevent interactions with sanctioned entities and identify customer behavior.
Updated about 1 month ago