The Cosmos ecosystem was designed to function as the "internet of blockchains" and to facilitate the construction of a network of interconnected and interoperable networks. The Cosmos Hub shares information about security with other blockchains and lends its capital to smaller chains in exchange for block validation. Adding Interchain Security to Cosmos provides benefits that extend far beyond enhancing the security of the network. It facilitates the integration of different user groups and reduces the conflict of interest between them. Interchain Security enables Practical “Hub Minimalism”, a philosophical approach that guides the Cosmos Hub, without compromising the efficiency of the platform.
In the Inter blockchain ecosystem, Keplr wallet is a browser extension. Keplr is the first IBC-enabled wallet within the Cosmos ecosystem, and is the leading wallet within it. You will have a wallet for the Cosmos interchain ecosystem once you have downloaded and connected your wallet to your browser extension. Your Keplr wallet can be accessed in several ways. You can choose from a variety of options, such as mnemonic phrases, Google login through Web3 Auth, or a hardware wallet for additional security. Your private keys are fully encrypted and securely stored.
In order to verify your identity, we use a one-time password (OTP). A one-time password (OTP) is a sequence of alphanumeric or numeric characters that is automatically generated for a particular transaction or login session. There is greater security in an OTP than in a static password, particularly a user-generated password, which can be weak and/or reused across several accounts. OTPs are used in conjunction with the security codes of our users in order to provide an additional level of security.
Furthermore, through our partners, we ask our users to complete the KYC (Know Your Customer) procedure when topping up their wallets and attempting to convert fiat money to cryptocurrency in their Keplr wallets. Today, customer identification is a critical step in the fight against financial crime and money laundering as it is the first step towards a better performance at the other stages of the process. Financial institutions have tremendous stakes linked to the global anti-money laundering and counter-terrorism financing landscape. The Financial Action Task Force (FATF) and other international standards are now being incorporated into national legislation, encompassing strong directives like AML 4 and 5 and preventive measures like "KYC" for identifying clients. A KYC process usually includes the verification of ID cards, face recognition, document verification and biometric identification.