Where are my funds stored?
Exodus is desktop software to manage your digital assets like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), NEO (NEO), Tron (TRX), Qtum (QTUM), Dash (DASH) etc. The full list of assets supported inside Exodus can be found here: https://support.exodus.io/article/96-exodus-wallet-roadmap
If you are new to the blockchain (or crypto) world, you might be wondering where your digital funds are stored - Are my assets stored on Exodus servers? Are my assets stored on my desktop? This article will help explain where exactly your funds are stored.
The blockchain is a new technology which helps you store and transfer wealth digitally on an immutable ledger. No banks, companies, or government agencies can control your funds as long as only you hold your private keys or 12-word seed phrase.
Whenever you receive funds into your wallet the transfer is confirmed by the blockchain using various different mechanisms like Proof-of-Work, Proof-of-Stake, Delegated Proof-of-Work, Delegated Proof-of-Stake and other methods. These funds are always stored on the blockchain and not on any computer, mobile, electronic device, server, or wallet - this is the reason no one else can control your funds as long as you keep your private keys or 12-word seed phrase safely stored with you in an offline mode.
Wallets like Exodus are only a way to view and transact your funds stored on the blockchain. This is the reason backing up your 12-word seed phrase is a very important part of using digital assets. Any time Exodus is not able to connect to the blockchain, shows wrong balances, stops working, etc. you can always use another wallet to access your funds. If there is ever a situation where your balance displayed inside Exodus is different from what is shown on the blockchain - the blockchain is always correct.
Even if Exodus the Company closes down, your funds are 100% safe - just use your 12-word seed phrase on a multi-asset wallet like Jaxx and access all your funds.
Now that you know where your funds are stored at, you might want to read this getting started with Exodus guide if you are looking to start using Exodus.
Questions? Drop us a note at firstname.lastname@example.org for human assistance. We are eager to help.