The cryptocurrency and stock worlds are generally rather dangerous places because they attract both: people who like trading and fraud. That is why the creators of wallets using new technologies strive to make better and safer products with which every user can be confident in the future. New variants for storing crypto funds appear on the market every day, and in this article, we will tell you about a few of them.
There are several types of crypto wallets on the market, such as a cold wallet, which does not differ in speed of work but is considered more reliable. There also is a hot wallet that makes payments in any direction in no time, but protection is not its strongest side.
AuthenTrend, a Taiwanese company that manufactures banking security devices, plans to launch its first cold cryptocurrency wallet called AT.Wallet that will work with biometric data and fingerprint support. On their website, AuthenTrend said that it will not need pin codes because access will be granted with a fingerprint of a user that matches the wallet.
This CES Innovation Awards 2020 crypto vault, measuring 85ES x 54.0 x 2.2 mm, is a thin plastic wallet with an electronic ink screen. It also has multi-language support and a fingerprint-based security system. Using a fingerprint you can unlock your wallet to show another trader a QR code to replenish your account or see the current balance. According to the manufacturers, the wallet even comes with Bluetooth and USB and you can connect it to a computer and synchronize with Android, iOS devices.
Multiple wallets also support fingerprints assigned by coincidence, and cryptocurrencies such as Bitcoin, Bitcoin Cash, and Ethereum are supported on them. It also plans to support Litecoin and XRP with software updates and even more cryptocurrencies.
Unfortunately, at the moment the company’s website does not have information about when this new generation storage will be available and how much it will cost.
The second one is Blockd – the very first blockchain hack intervention service. Their slogan is “If you get hacked, they get blocked”. According to the site, Blockd takes many different actions to secure the funds of traders. For example, when viewing outgoing transactions from user addresses to unreliable addresses, it quickly replaces harmful transactions with those that send funds to a safe place. Although Blockd cannot stop the translation itself, it can help you save money. This whole process is based on the Replace-By-Fee protocol. Blockd creator Robert M. Forster talks about it in more detail on his blog.
Forster proved that it really works, in a slightly unusual way: he published his Ethereum private key from 1 ETH on Reddit and asked people to try to make the transaction. His publication really contained all the relevant links, so that a person could go into the wallet and make it. There was a private key, address, and this security wallet that would receive the funds when someone else tried to transfer them.
He said that during such an attempt to make a transaction, it is actually replaced by another transaction with a higher payment, which was previously signed by the owner and as a result, the security wallet receives it. According to Forster, he is currently working with ERC20, Ethereum, and some other blockchains and strives to achieve the same goal to some extent on all blockchains.
But even if the hacker knows that the wallet is protected with Blockd, he still tries to break it, knowing that a significant part of it can be wasted. Also, if they know the blocker transaction with the highest price, the current version of the service will not be able to protect crypto coins.
After a while, Robert made changes to the publication adding that he would transfer Ether from the account and the crypto was not stolen anyway.
New technologies are always good, but those that are safer are even better. We will look forward to new updates from the official websites of the creators of these projects and will keep you informed.