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Bitcoin Global News (BGN)

October 26, 2018 -- ADVFN Crypto NewsWire -- One of the oldest companies in the wallet provider niche of the cryptocurrency space is called simply - Blockchain. Although they haven’t released new products in years, the company has been at work developing a plan to answer several of the most pressing concerns for people who have yet to adopt cryptocurrency use. The biggest is security for individuals holding their own cryptocurrency in a wallet.

The primary distinction in wallets is “hot” or “cold.” Hot implies it is connected to the Internet, and the coins can easily be transacted. This is similar to carrying physical, fiat cash. Cold implies that the coins are not in 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. The card could be stolen from you, but their are still security measures in place to prevent anyone else from using your card. Cold storage is clearly the safest way, but traditionally brings a drastic increases to the time it takes to make any kind of transaction.

Swap By Blockchain

Blockchain is bringing together emerging hardware wallet technology in combination with a cryptocurrency exchange to bring the best of both worlds. They consider their new platform Swap to be a next generation trading product, and claim it will have best-in-class liquidity as well. The platform is powered by a process of machine trading where users’ wallets are able to make transactions securely from cold storage. Exchange prices will be marginally higher, but the system will allow for higher trade limits. Further, they plan to migrate the platform to a decentralized data system.

Lockbox Hardware Wallet

Blockchain partnered with the most widely used hardware wallet maker Ledger to create the hardware wallet that will facilitate the Swap trading platform. It is expected to launch next month, and there will be cross-compatibility with Ledger products according to Ledger president Pascal Gauthier: "When we design technology for us, we design also for our partners. So whatever features we make for the Nano S, we will also make available for our partners, should they have the need."

The wallet connects to the internet by plugging into a computer, a special key set inside the device will only allow it to connect with legitimate websites, and primarily the trading platform Swap. This allows users to initiate transactions without connecting to a computer at all.

By: BGN Editorial Staff