The trinity of safety
Bitcoin Vault’s three-part wallet ecosystem is a perfect gateway to ultimate crypto security.
Bitcoin Vault (BTCV), a cryptocurrency known for its ability to cancel transactions, is rolling out a new ecosystem of personal wallets. It has been designed to provide users with an ultra-secure, yet convenient way to store crypto assets and make transactions.
A suite of secure options
Bitcoin Vault’s ecosystem consists of three elements that together form a powerful tool to store and manage BTCV:
- Gold Wallet: a mobile app that allows users to hold cryptocurrency and make various types of transactions. It can also be used as an authenticator for the Electrum Vault,
- Electrum Vault: a desktop application based on the open-source Electrum Wallet software, that has all the conveniences of the Gold Wallet but can be accessed only from a computer running Windows, MacOS or Linux.
- 3 Keys Generator: the sole purpose of which is to generate unique keys that are necessary to perform transactions on both apps.
Gold Wallet on the go
The Gold Wallet app for mobile devices was launched in the beginning of 2020 but has undergone a complete redesign since its launch. BTCV enthusiasts can use it to store their assets, same as before, but also create new types of wallets and perform additional transactions. Now, apart from the Standard wallet that offers only one type of transaction, there’s a possibility to create two other wallets.
The innovation of the new Gold Wallet lies in its ability to allow users to Cancel transactions after they are made. The proprietary code of the Gold Wallet, custom written for Bitcoin Vault, lets users decide for a transaction — made by hacker or through user error — to be cancelled within approximately 24 hours.
The foundation of the system lies in the fact that the ecosystem uses three distinct private keys that users are encouraged to keep separately. If hackers get hold of just the Standard Private Key used to log onto the wallet, they have no other option but perform a so-called Secure transaction that is confirmed after 144 blocks, which takes approximately 24 hours. This gives users ample time to discover the breach and cancel the transaction.
Funds can also be transferred quickly with Secure Fast transactions that need around 10 minutes to go through.
The second new wallet is a 3-Key Vault wallet with all the previous transactions and an additional Cancel transaction. As the name states, it’s designed to cancel any erroneous or suspicious Secure transfers before they are confirmed on the blockchain. It is important to know, however, that Secure Fast transactions cannot be cancelled!
Electrum Vault at home and beyond
Electrum Vault is a desktop app created for personal computers (although it will work on mobile devices running Windows 7/8/10). It can also be used to create Standard, 2-Key Vault and 3-Key Vault wallets, as well as perform Secure, Secure Fast and Cancel transactions. This wallet, a custom version based on the open-source Electrum Wallet, is a great choice for people who don’t like managing their assets through a mobile device or want to use both apps for better security. Electrum wallet is one of the most respected wallets available and has been a benchmark since the early days of cryptocurrency. The changes to the code implemented for BTCV allow it to adapt to Bitcoin Vault’s individual features.
The safety generation
3 Keys Generator is a tool (accessible online but working with offline computational power) that allows users to generate personal and private keys. They are required to create and restore wallets, but also to confirm transactions. This tool uses only local resources, which means that all the keys are accessible only from the user’s device. They are not stored anywhere else and can’t be accessed online.
Two apps to rule them all
But there’s more! Both apps can work together for an extra layer of security. Users can pair Gold Wallet with Electrum Vault and use the former as an authenticator necessary to confirm transactions. So, anyone willing to make a transaction would have to gain access not only to the user’s computer and personal keys, but also a mobile device.
This makes the BTCV ecosystem almost completely theft-proof.
Users’ assets are now safer than ever.
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