Frequently Asked Questions

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Does EFOLIO have or want access to my wallet or private keys?

Quite simply, NO. EFOLIO is not a "wallet" and we never access, use, request or want to see your private keys. Ever.

In the case of our Shapeshift hardware wallet integation, we use APIs to ask the device to perform actions (like signing a transaction), but we never have access to your keys on the wallet itself. Hardware wallets don't provide that service, by design.


How does the TREZOR/Shapeshift integration work?

Read the official documentation on the TREZOR website.


I'm feeling nervous about allowing EFOLIO to access my hardware device. How can I trust the EFOLIO website?

This is understandable and we can relate. Crypto feels safe on a hardware wallet and the moment you plug it into your computer and allow a website to access its data, there is this sudden feeling that it is exposed and vulnerable.

Let us allay that fear: Hardware wallets were designed to be plugged into computers for safe and secure access to external services. That's the unique space they occupy in the wallet spectrum. While cold storage wallets are completely isolated and software wallets are at risk of exposure, hardware wallets, by their very nature, allow access with the external world while maintaining the safety of your keys.

The APIs provided by hardware vendors are designed to encourage third parties to create novel and useful interactions with the wallet. In particular, EFOLIO uses the Connect javascript provided by Trezor, which is open source.


Could giving EFOLIO access to my hardware wallet allow EFOLIO to perform actions I don't want?

No. Hardware wallet user interaction is designed to give you, the user, agency over what the hardware wallet does. Before it takes any action, you have to physically press buttons on the screen. As such, there is no way software can highjack that process.

The best way to understand how this works is to watch some demos on our YouTube channel of how the EFOLIO hardware wallet integration works.


How can I trust the escrow address that is provided by Shapeshift?

We use the Shapeshift API to generate the escrow address as documented here. You can verify the escrow address from Shapeshift by clicking the 'Track My Order' link that is generated before you send any coins to Shapeshift. We recommend shifting smaller amounts to begin with to get comfortable with the system before shifting larger amounts.


Why is the ShapeShift escrow address different for ERC20 tokens?

ERC20 tokens are secured by the Ethereum blockchain, meaning that they don't have their own blockchain, like most other cryptocurrencies. Each ERC20 token is an Ethereum smart contract with its own Ethereum address that keeps track of the ledger for that token. So, to transfer funds of a token, you are actually sending transactions to the Ethereum blockchain. In the case of Shapeshift, you basically telling that token's smart contract to transfer the funds to the ShapeShift escrow address which is why you see two addresses displayed.


What exactly is an ERC20 Token?

First, let's explain the name. ERC stands for Ethereum Request for Comments. This is a protocol for proposing improvements to the Ethereum network. '20’ is the unique proposal ID number.

ERC20 defines a set of rules which need to be met in order for a token to be accepted and called as 'ERC20 Token'. The standard rules apply to all ERC20 Tokens since these rules are required to interact with each other on the Ethereum network. These tokens are blockchain assets that have value and can be sent and received, like any other cryptocurrency. The difference between these tokens and a standalone currency like Bitcoin is that ERC20 tokens are secured by the Ethereum network, hosted by Ethereum addresses and sent by Ethereum transactions.

How do I set the default currency used by EFOLIO?

The site "remembers" the choice you made when setting the currency on the current prices page.


Where do you get your data for coin prices?

All our price data and exchange rates comes from https://www.coincap.io.