Can Exodus staff monitor my account or control my transactions?
Do I control my own Exodus wallet?
Exodus believes in the individual's right to privacy and full control of their funds. We've incorporated these principles into our technical design choices for the Exodus wallet.
Unlike your bank account or stock portfolio, this is what is referred to as custodial access with counterparty risk, Exodus (the company) doesn't actually hold any of your assets on your behalf. This is called non-custodial access with no counterparty risk.
You control your assets through a set of private keys generated from when you first opened your Exodus wallet.
Exodus is an account-less wallet which means there is no account to sign-up for to receive and use an Exodus wallet. You are essentially your own bank and have complete control.
What are Private Keys and why do they matter to me?
Exodus is an HD wallet which means there is an encrypted master key, Your 12-word recovery phrase, and individual sets of private keys for each of your individual assets addresses in the wallet.
- The 12-word phrase is the key which will open your entire wallet including all of the assets inside. If Exodus was a house with many rooms, consider this your master key to the whole house and the key to controlling all your assets together.
- The individual private keys are different from the 12-word recovery phrase because they match only one address for each asset. Sometimes referenced as a public/ private keypair.
Your Exodus wallet is a software application running locally, on your computer. It creates and manages your private keys offline, as detailed here: http://support.exodus.io/article/46-where-are-my-private-keys-stored
Since we also do not control your funds, it is very important to always keep your private keys secure by never giving them to an untrustworthy site or third party. We will never ask for your private keys.
How is my transaction and balance information displayed in my wallet?
Exodus uses publicly available information from each of the asset's blockchains to build the current and past information in your wallet. Exodus provides some of the infrastructures for collecting and maintaining this data. Again, we have no means of tying your individual transactions, including exchanges, to personally identifying information.
Your transaction history (called metadata) information is backed up to servers we maintain in an encrypted format and there is no method for Exodus (the company) to link any data to any individual or wallet. This backup is used if you ever need to restore your wallet.
How does Exodus differ from traditional exchanges with wallets?
We differ from hosted exchanges like Coinbase or Binance, because they are in full control of your private keys and require an account, which they control, hosted on their servers.
They act like traditional bank accounts where your funds are held by the account provider. The benefit is that you could lose every password or email account you have, but there is always a chance to get access to your account back. On the flip side, if the account provider turns out to be untrustworthy, your funds could be as good as gone. Some exchanges delay for months in getting their customers' funds back to them. Some never return them at all.
Since you own and hold your private keys with Exodus, you are in control
The strength of crypto-currencies lies in allowing people to have a choice in how much responsibility they bear in their financial lives. We only offer the tools of ownership. If you have any further questions, feel free to reach out to us. We'd love to hear from you.