Swap - Cold Storage Trading Platform
October 26 2018 - 1:55PM
InvestorsHub NewsWire
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
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