Bitcoin Vault (BTCV) security structure is now open for testing
Bitcoin Vault (BTCV) has announced the release of the Gold Wallet testnet with a revolutionary three-private-key security structure. It was launched on the 30th of September 2020 and is open to the public.
Along with the fast pace of technological progression, cryptocurrency developers constantly implement new solutions to existing products. But how can we be sure that new features are reliable and bug-free? How do developers add and test new ideas without violating a fragile ecosystem? The Bitcoin Vault (BTCV) Team are confronted with these questions before the implementation of the game-changing three-private-key security structure. Obviously, they know the answer. Testnet.
What is testnet?
Testnet is a software created by developers to conduct experiments and implement new solutions without interfering with the actual product’s infrastructure. Basically, it is an alternative separate blockchain creating an environment that mirrors the main blockchain. Therefore, testnet software has its own parallel network, genesis block and coin. As a result of that, testnet coins are distinct products with no actual financial value and cannot be transferred to regular wallets.
What is all this for?
As mentioned above, the main idea behind a testnet is to give developers a safe ecosystem for implementing new features, testing different solutions, and developing existing products. All this is done without real crypto assets or risk for the final product. In case of any bug, developers are capable of detecting and eliminating it without endangering the main network. Additionally, since the testnet may be public, it gives developers the possibility to gather feedback from the community about the new feature. This is why the BTCV Team decided to launch the testnet as well.
Bitcoin Vault — next level of security
Bitcoin Vault (BTCV) is a coin based on Bitcoin infrastructure guided by the idea of its visionary founder, Eyal Avramovich, to create the ultimate form of electronic store of value. To achieve this, BTCV proposes a special anti-theft system. It uses a three-private-key security structure, providing a high level of protection and enhancing its position as electronic gold.
Three-private-key security structure
The three-private-key security structure is a game-changer in the world of cryptocurrencies. The first key is the Standard Private Key, which is used to make regular transfers between wallets. Thanks to two additional private keys — Cancel Transaction Key and Fast Transaction Key — users have the possibility to cancel unauthorized transactions within 144 blocks (around 24 h) and perform a fast transaction to a new safe wallet. This revolutionary solution almost completely eliminates the threat posed by hackers.
Bitcoin Vault Testnet
To implement this solution and achieve a wonderful vision of safety, Bitcoin Vault launched its public testnet on September 30th, 2020 to check the reliability of the three-private-key security structure. As explained earlier, the development team will conduct functionality tests in an environment reflecting the BTCV main network to detect and eliminate any potential errors in the performance of new features before implementing it to the regular blockchain.
An important fact is that the testnet is public. This means that the community can contribute to the development of Bitcoin Vault. Every BTCV enthusiast will be able to participate in testnet and conduct their own tests on Gold Wallet and the three-private-key security structure by performing various activities like creating and canceling transactions using testnet BTCV coins. Community members can check the functionality of the project at the very early stages and at the same time support BTCV developers by sharing opinions about the product.
Do you want to contribute to Bitcoin Vault development? Join the testnet, share your feedback, and fill in a quick survey to let the BTCV Team know about your feelings.
For more information about testnet and Bitcoin Vault, please visit our website:
and follow BTCV social media:
Telegram: https://t.me/Bitcoin_Vault
Twitter: https://twitter.com/vaultbitcoin
Facebook: https://www.facebook.com/bitcoinvaultofficial
