Transaction Policies
What is Transaction Policy? Could I execute the transaction without the transaction policy?
Do I need Vaultody's approval to make a transaction?
Transaction policy is a security feature that enables account owners to add an extra layer of protection to their accounts. It allows account owners to set up a specific approval chain for transactions requiring multiple layers of approval before they can be executed. For example, an account owner may choose to set up a transaction policy that requires two separate approvals before a transaction can be executed. This means that when a transaction is initiated, it will not be executed until it has been approved by two separate individuals or parties, as specified in the approval chain. This extra layer of protection is beneficial for businesses or individuals who deal with high-value transactions or sensitive data, as it helps to prevent unauthorized access or fraudulent activities. Requiring multiple layers of approval ensures that authorized individuals thoroughly review and approve any transaction before it is executed.
Yes! By default, our transaction policy requires transactions to be approved by the account owner through our secure mobile app. This ensures an additional layer of security and provides the account owner with control over their transactions. However, it is important to note that the transaction policy is a customizable feature that offers flexibility to account owners. They have the option to define specific conditions, approvals, or additional checks as per their preferences and security requirements. If the account owner chooses not to mandate any specific conditions or approvals, or if they have not implemented a transaction policy at all, transactions can be executed without being subject to additional checks or constraints. In such cases, transactions can proceed without the need for approval via the mobile app, simplifying the process for account owners who prefer a more streamlined transaction experience. It is important for account owners to carefully consider their security needs and customize the transaction policy accordingly to strike the right balance between convenience and security.
No, you do not need Vaultody's approval to make a transaction. As the account owner, you have the authority to initiate and execute transactions without requiring approval from Vaultody. The transaction process is designed to be under your control, allowing you to manage your digital assets independently. While Vaultody provides a secure infrastructure for your wallet and offers additional features and services, the approval of transactions rests solely with you as the account owner.