Salvation: Crypto-wallet for greater security

Despite the ups and downs in value, many believe they are cryptocurrencies the means of payment of the future. One of the bigger problems they face is storing digital coins, since not all methods are completely safe.

That is why an increasing number of cryptocurrency users are opting for digital wallets in which their currencies are safe and within easy reach. Those who own Bitcoin get rich as the value of this cryptocurrency grows. However, The question is how many of those who lost their wealth after forgetting the passwords for their digital wallete.

There are many at first they were careless, since Bitcoin was not worth much, they did not care where and how they store passwords. Among them is Stefan Thomas, a programmer from Germany, who these days is trying to remember the password that keeps cryptocurrencies worth about $ 220 million. With the help of a lost password, he could unlock the hard drive, also known as IronKey, which keeps the private keys for the digital wallet on which it is located. 7,002 In bits. Thomas lost a piece of paper on which the password was written a few years ago. There are a total of ten attempts before the wallet is locked forever.

This is not the only case, since they are many locked their Bitcoin treasures behind forgotten passwords. It is estimated that it is of the existing 18.5 million Bitcoins, about 20% are locked, and the current value of that amount is about 140 billion dollars. Wallet Recovery Services, a company that helps recover lost keys to digital wallets, receives about 70 password recovery requests a day, three times more than in January 2021. The process of revealing lost passwords is very complex, so there are often no results.

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Perhaps because of all of the above, some of the following digital wallet models should offer more secure ways to store passwords. Keevo Model 1 is one of the new wallets, a step towards the dream security of precious coins. It seems to be on the way to solve the password problem as well, and through four-factor authentication. This does not mean that lost passwords will be returned to those who did not immediately take cryptocurrencies seriously, but it could be a measure that would prevent such situations from happening again (although today it is unlikely that someone will irresponsibly treat currencies worth).

Keevo architecture frees users from universal security keys, since they are created for each transaction – the so-called Carbon Key sistem. This also eliminates the series of numbers that are created within the wallet (seed phrase) and letters that can be lost or forgotten. The Carbon Key system is simpler and incomparably safer, as well solves those problems that arise if the owner of the wallet dies, without leaving a password to the heirs. The wallet owner can name a successor, who then receives their own encrypted password, and leaves a fingerprint under Your Keevo Carbon Key. The heir receives the Carbon Key only after the death of the one he inherits is determined.

Source: Futurism


Source: PC Press by pcpress.rs.

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