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Bitcoin Global News (BGN)

November 29, 2018 -- ADVFN Crypto NewsWire -- Security concerns continue to be the primary issue for cryptocurrency use and adoption by both individual consumers, financial organizations and government entities. This problem is stems from the general unknown quality of this new technology. People are comfortable with what they have known. Cryptocurrencies represent an entirely new way of transacting and maintaining wealth and value.

The main distinction in wallets is “hot” or “cold” - connected to the Internet or not. This is like carrying physical, fiat cash vs. spending that same fiat cash with a debit card connected to your checking account. However, developers have created a myriad of new processes for hybrid storage. To explain the benefits or increase security from certain aspects of storage types takes a fairly substantial baseline knowledge in the industry. However, people trust their smartphones.

IBM’s Sees Phones As Top Choice

Completely unrelated to any interested in increasing sales. A Samsung blog post described smart phones as the best way to store cryptocurrencies. There are of course many ways to use a smartphone as a wallet, but they offer certain aspects that a computer cannot. As they connect to wireless networks, they offer the benefit of usability that a standard hardware wallet, such as the popular USB style Ledger Nano S or Trezor.

Samsung’s phones have integrated Trusted Execution Environments (TEES). These create partitions on a device’s memory that is completely separate from its main processor and storage system. An app must be programmed to access specific information stored in TEE called a “trustlet,” and are routed through a dedicated API.

“With a properly written wallet that uses trustlets to manage the keys, security is seriously tight. If those private keys are in the TEE and only accessible via a trustlet, there’s no possible way the malware can extract the keys directly.”

Just Released - “FINNEY” by Sirin Labs

SIRIN Labs started their business with a complete focus on blockchain-focused electronics. They will launch their first smartphone today called FINNEY after a long development phase powered by a $157 million in an ICO in December 2017. They company is based out of Switzerland and uses both Android and SIRIN’s open-source operating system (OS), SIRIN OS. The phone offers a cold-storage crypto wallet and provide secure encrypted communications, and will cost $1,000. It also has an integrated token exchange service called Token Conversion Service (TCS) that eliminates the need for visiting most external exchanges.

By: BGN Editorial Staff