What happens to my funds if something happens to Unido?

25 November 2022

Crypto is in a particular moment right now, we are in a bear market, downturn, winter, or whatever you want to call it. In times like these, there are projects that are not able to continue, and they disappear forever. It’s the reality of how technology and markets work.

Of course, when your favorite restaurant disappears, or a streaming service you were using fails, the impact is not as big. It may be inconvenient, but since both of those examples are from entities that do not have any relation to you, then there is no personal harm.

A graver situation could be the loss of a private cloud storage service. If suddenly the cloud storage you were using goes under and you were not able to retrieve the information, then the damage is personal, as you could lose work, family photographs, or other important things.

The loss of a crypto service is a level above even losing personal information. If a crypto company goes under, the money of those involved could be gone. This is doubly true in the case of a crypto wallet, as it holds all the assets an individual owns. So, given that Unido EP is a crypto wallet, what happens if the company developing goes under?

What’s PAC?

Established in 2012, PAC Blockchain is an end-to-end professional services company for software and application development, project management, and technical consultation with a specific focus on blockchain technology.

PAC Blockchain & Digital Advisory (and related agency businesses) create software and applications that help enterprises realize their online and mobile services potential. As the active developers of Unido EP, PAC is the main entity spearheading its development.

All the different services being developed for Unido EP are at this stage under the charge of PAC. Of course, Unido is actively pursuing becoming a DAO. These efforts are progressing at a good pace, and in the near future governance of Unido will be in the hands of the community.

What happens to Unido EP if PAC goes under?

The team at Unido is almost done building a last resort plan. If anything were to happen to the parent company, users would be able to retrieve their private key. Once they have their private keys, they'll be able to use them to move their funds to a different wallet.

The feature is meant to be a tool of last resort. As the retrieval of the private keys would mean these are outside the Unido EP platform. For this reason, it would only be usable once and that would result in the original wallet being locked.

The tool would allow access to the user's assets in the event something happens to PAC. The Unido team understands that we are in a volatile market, and many are being extra careful with their crypto coins and tokens. That is important and we at Unido are firm believers in self-custody and decentralization. The tool is meant to reassure our users that in the worst-case scenario, there’s still a way to take control and move funds to a different wallet.

About Unido EP

Unido EP is an out of the box complete crypto custody solution. Our platform allows individuals and businesses of all sizes the ability to easily customize controls over their crypto assets. By using our interface, anyone can create a crypto wallet, share control to several users, and set a minimum set of approvals for each transaction.  

Unido EP comes with a web-based dashboard and a decentralized application (dApp). Our platform is poised to create a new standard on crypto asset security delivered to the hands of every type of crypto user. Join us now in our journey to transform crypto asset management.   

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