TKS Backup FAQ

TKS_Backup

Q: What does “TKS Backup” mean?

A: The company displaying this badge is using Third Key Solutions (TKS) services for key management. Third Key Solutions is holding one key from a multi-signature set of keys, allowing us to co-sign transactions. This also means that the company displaying this badge has carefully considered key security and planned for recovery from a variety of risks, both internal and external. Third-party signing services are an industry “best practice” and a requirement to achieve Level III certification under the Crypto-Currency Security Standard.

 

Q: Does Third Key Solutions have access to the funds?

A: No, we only have one key and that is not enough to create a valid transaction. We can only co-sign transactions which are also signed by one or more of the other signing keys, which we do not control.

 

Q: Does Third Key Solutions have access to the company’s customer data?

A: No, we do not receive or hold customer data from any company.

 

Q: How does Third Key Solutions protect my funds?

A: By holding a key, we can help mitigate the risks of key loss (equipment loss, hardware failure, equipment theft) and natural disaster (fire, flood, etc.). The use of a multi-signature system also helps to mitigate against the risk of theft by internal and external actors. TKS can also participate in a recovery if a company goes out of business.

 

Q: Does Third Key Solutions insure or guarantee funds?

A: No, we are part of our client’s back-up plan. We never have custody of client funds, therefore we cannot insure or guarantee them. However, the use of our services can significantly reduce risks as part of a well-balanced and independently audited security and recovery plan.

 

Q: Has Third Key Solutions audited the company’s security?

A: No, we do not provide audit services. Since we are a key holder, we cannot also independently audit the security of our clients. We do however recommend that all our clients conduct both internal and independent third-party external audits and publish the results.

 

Q: What is the role of Third Key Solutions in the design and development of the multi-signature solution?

A: Third Key Solutions works with clients to recommend, design, implement, and test robust multi-signature solutions and recovery plans.

 

Q: When does Third Key Solutions sign a transaction?

A: Transactions are created by the company that has hired TKS to offer backup. We follow the company’s pre-determined recovery plan. Before signing a transaction we verify the transaction details with several pre-authorized employees of the company, ensuring no one person can initiate a transaction or recovery.

 

Q: Where does Third Key Solutions hold the keys?

A: We store keys offline and encrypted, in multiple geographically diverse locations, with strict access protocols and controls. Our storage services meet or exceed the industry’s best practices such as Crypto-Currency Security Standard (CCSS) Level III.

 

Q: Does the company also have a copy of the keys held by TKS?

A: No, the keys we hold are generated offline by Third Key Solutions. Only the corresponding public key is shared with the company, so they can generate multi-signature addresses. In the case of a recovery we sign transactions, we do not export the private keys.

 

Q: Can Third Key Solutions resolve a dispute between any parties involved in these multi-signature transactions?

A: No, we do not offer arbitration, escrow, mediation or dispute resolution services.