Security

1. Is Nuo Network non-custodial?

Yes, Nuo Network is non-custodial. All user funds are locked in a smart contract without Nuo Network having any direct or indirect access to those funds. These funds can be accessed only using your account. Please note that there is a risk of losing access to your funds in case you lose access to your account.

2. What is a smart contract based trading account?

Nuo Network’s trading account is a simple and secure smart contract implementation that gives users control over their ETH and ERC20 tokens through use of meta transactions. This contract based trading account keeps user funds for loan and reserve orders on a single address, removes the need for providing ERC20 token approvals and connects with external wallets (Metamask) to place orders using meta transactions.

3. How do you manage private keys?

The trading account generated is solely controlled by an Ethereum wallet created securely on our servers which is AES-256 encrypted by the password, given by user during signup process. The password is hashed with SHA-256. The Ethereum wallet address can be seen in profile section under DEFAULT header and never holds any funds.

4. What happens when I sign an order with my password?

When an order is placed, the encrypted wallet key is sent to the browser where it is decrypted by the password entered by the user and the order is signed in the browser itself which creates a signature (necessary for meta transactions). This signature is sent to our servers and finally to Ethereum blockchain.

5. What happens if I forget my password?

Please note that your hashed password is used to encrypt your private key which owns the contract based trading account. You would lose access to your account and your funds in case you forget your password. We are creating a secure way to recover your password using security questions and it would be available in our next update.

Note: Please DO NOT forget your password. We currently do not have a password recovery mechanism. We recommend connecting your account to an external wallet (Metamask) to login without your Nuo Network password.