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Security FAQ

Is my Glow savings account covered by the FDIC? (US only)

Your money is protected by the security protocol of the best auditors and security practices. This is not the same as FDIC insurance. Since Glow is not a regular bank, your balance is not covered by the FDIC. This is the norm in the most popular apps you use every day. When you have money in Venmo, Paypal or Cash App, you trade away FDIC coverage for convenience and new capabilities, like the ones we are able to offer you with Glow.

Do I need to verify my identity to use Glow?

Glow is decentralized, run by smart contracts on the blockchain. There is no KYC.

What security measures do you use?

Although the Glow core development team follows a strict methodology of peer code reviews and testing, all the apps within Glow Yield must undergo a external audits that ensure that our code is safe to interact with.
The first of our dapps, Glow Lotto, has recently passed Oak Security audit. Future applications will follow similar procedures.

Are Glow contracts audited?

Yes. The first of our dapps, Glow Lotto, has recently passed Oak Security audit. Future applications will follow similar procedures.

What are the risks?

Although we work hard to minimize any risks, you should still take into account inherent risks that come with blockchain technology.
As we interact with Anchor Protocol, unlikely failures in their system would impact Glow Yield performance.
Even if by interacting with smart contracts the risk of manipulation by third parties is eliminated, we should always take into account the risk of the contracts being hacked.
We audit all our public dapps to make sure smart contract risk is minimum and highly unlikely.
To learn more about risks, visit Risks page.
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Is my Glow savings account covered by the FDIC? (US only)
Do I need to verify my identity to use Glow?
What security measures do you use?
Are Glow contracts audited?
What are the risks?