Bitcoin Global News (BGN)
August 01, 2018 -- ADVFN Crypto NewsWire -- The main
distinction in wallets is “hot” or “cold.” Hot means that it is
connected to the Internet, and the coins can easily be transacted.
This would be most similar to carrying physical, fiat cash. Cold
storage removes coins from contact with the Internet. This would be
like spending the fiat cash from your checking account with a debit
card, rather than carrying the physical cash.
MyEtherWallet Hardware
Wallet App
MEWconnect creates a novel way of
cryptocurrency storage that maintains the convenience of a hot
wallet with some of the added security from a cold wallet. The app
utilizes physical memory storage on a user’s phone to establish a
cold wallet. It is still in development, but can be tested with a
beta version. The company is offering rewards up to $2,00 for
finding bugs in the code.
Launch of the finalized app for
both iOS and Android is planned for sometime this month. Further
integration of payment features could make it possible to keep
cryptocurrencies in the establish cold storage, while still
actively making transactions. This type of useable cold storage
addresses the major security issues with cryptocurrencies while
maintaining their primary benefit of decentralized
transactions.
SealBlock Hardware Hot
Wallet
A SealBlock hardware wallet can be connected to the
internet while maintaining the security of a cold wallet. The
product is a essentially like the commonly used Ledger Nano S or
Trezor, but with much more computing power and storage capacity. It
is tailored for token funds, exchanges, miners, institutional
traders, or anyone requiring sophisticated wallet
solutions.
The devices uses Intel SGX hardware
enclave technology to protect the critical data of
cryptocurrencies. The chip creates an encryption boundary at the
hardware level, isolated from the operating system. Intel designed
SGX to be useful for implementing secure remote computation, cloud
storage, secure web browsing, and digital rights management
(DRM).
SealBlock’s product was first
demonstrated on June 23, at Silicon Valley Blockchain Security
Technology Forum hosted by BlockTrain. The company is still in its
first round of funding, with interest from firms like Whales
Capital and ASB Venture. The product was created
through the VeriClouds incubator, a leader
in hardware encryption and cyber security.
By: BGN Editorial Staff
News:
Cryptocurrency Cold
Storage
Cryptocurrency Hot
Storage