✨ Fizen Super App basics

Fizen Super App is composed of the following components:

As you can see, within the Fizen Super App, there is a cryptocurrency wallet feature that is used for payments for various products provided directly within the mobile app. This includes purchases like gift cards, flight tickets, hotels, e-SIM, and more. Additionally, you can use it to pay for products and services worldwide with cryptocurrency or transfer money to friends, gaming apps, financial apps, and so on.

Now, let's explore how your cryptocurrency is stored and why Fizen is secure.

How does cryptocurrency work?

On the internet, there is a wealth of information about Blockchain and cryptocurrencies that you can refer to. In this article, I will provide a very basic and easy-to-understand summary for you.

First, let's talk about the concept of money. Money, in essence, can be just a piece of paper exchanged back and forth, and it's trusted by everyone to have value. This means that when you hold a $100 bill and give it to someone, that person believes they can also hold that $100 bill and exchange it for goods or services.

Advancing a bit further, people no longer use paper, but instead, they use digital numbers on computers. Your bank account is a single number, stored in a database within the bank's computer. When you transfer money or make a payment to someone, the bank simply adds or subtracts those numbers in the database.

With the model described, you have to trust the bank. However, the bank's database can be hacked, or the bank can create new money and lend it to you with a few additions in the database. Essentially, you have no way to know what's happening behind that system.

Bitcoin was created in 2008 after the global financial system's failure and the world economic crisis, with the goal of creating a transparent, secure, uncontrolled, and non-manipulable currency.

It may sound very idealistic and complex, but the approach is quite simple. Instead of storing your financial information and transactions in a centralized database at a bank, we store this information in a distributed network of interconnected computers worldwide. When you transfer money to someone, these computers are all updated simultaneously. They cross-verify and automatically detect fraud. So, we are not reliant on the computers of any single organization; rather, it's a network of computers spread all over the world.

A network of computers that stores data in a distributed manner like this is called a blockchain network. When you participate, you will be given a special key (private key). This key is unique and not like any other key. When you need to transfer money, you use this key to create a transaction to send the money.

At the moment, there are approximately 400 million people using cryptocurrency. They believe that the numbers on that cryptocurrency database system have value, and, as a result, it is valuable. It's as simple as that.

Here's an illustrative comparison that's fun and easy to understand. Traditional money, printed by governments in increasing amounts, loses value over time. Cryptocurrency, on the other hand, with a growing number of people using and trusting it, coupled with its limited supply, increases in value over time.

How does Fizen's wallet app work?

Fizen does not hold your cryptocurrency at all. The Fizen Super App is merely an interface to display the amount of cryptocurrency you have and to facilitate your transactions on the blockchain. This provides maximum security and control for you. The Fizen Super App will store the private key only on your phone. To enhance security in case your phone is stolen or hacked, Fizen encrypts this key with a password of your choice. This means that only you can use the password to decrypt the key and use it to execute transactions.

A cryptocurrency wallet that uses a key encryption method and stores the key on only one device, as Fizen does, is called a non-custodial wallet. This method provides the utmost security for you.

However, if you lose your phone or forget the decryption password for the key, it means you won't have the key to perform transactions. Since the key is unique, no one can help you recover it. To mitigate this risk, you should store the key (which is a long character string) in another secure place. It's even better to split this key into 2 or 3 parts and store them in different locations. If you lose your phone, you can download the Fizen Super App on a new phone and enter the key to continue using it. You can also use this key on other non-custodial wallets.

Because only you know this key, in the event of loss, Fizen cannot assist you in recovering it. None of Fizen's personnel can access this key or your cryptocurrency assets stored on the Fizen Super App.

How do other wallets work?

There are other wallets that don't operate using the method described above. These wallets do NOT store your private key on your device but instead store the keys of everyone on their company's servers. They do this so that they can act on your behalf for transactions, and in case you forget your login password, they can send you an email to reset it. Most cryptocurrency exchanges use this kind of wallet. This method is convenient but not secure. In the past, many cryptocurrency exchanges have been hacked, resulting in the theft of customers' funds.

Blockchain and cryptocurrency technology itself is very secure. It's the way we use it that can be insecure and lead to hacking and loss of funds. If someone complains to you that Blockchain and cryptocurrency technology is not secure, explain to them the true nature of the issue.

Depending on your usage preferences, you can choose which method to use. However, we recommend using Fizen Super App to securely and safely store your cryptocurrency. Follow the backup key storage instructions for recovery when needed.

Below are detailed features available in the Fizen Super App.

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