COINiD Group Launches App For New Bitcoin Storage Solution

Linköping, 07-Nov-2018 — COINiD Group announces the launch of their new Bitcoin storage solution that prioritizes user security, has full SegWit support, allows transaction batching and offers offline storage without the need to purchase specialized hardware.

With COINiD you can choose to store both hot and cold accounts in the same app. Users can set up a hot wallet to store coins for easy access, while the app also offers impenetrable security in an integrated cold wallet where you can store funds offline with the access to a separate iOS or Android device. Everything is packaged in a simple and intuitive interface.

The app has cross-platform support and can be accessed by anyone with an iOS or Android device.

“I believe our solution offers a lower barrier to entry into the world of highly secure Bitcoin storage compared to products like Ledger and Trezor, simply because we do not require users to purchase additional hardware. Anyone with an old spare phone can put their coins in offline storage using COINiD today.” — Rikard Wissing, Co-Founder and Lead Developer.

What is COINiD?

COINiD is a bundle of apps, the COINiD Wallet for Bitcoin and the COINiD Vault.

The wallet keeps track of the user’s transaction history and balance and allows the user to receive Bitcoins and create unsigned Bitcoin transactions that are to be signed with the COINiD Vault.

COINiD Vault can be installed on the same device as the COINiD Wallet for easy access, but can also be stored on a separate offline device so that the wallet can serve as a cold wallet.

The COINiD Wallet communicates with the offline COINiD Vault either via QR codes or BLE (Bluetooth Low Energy). Therefore, private keys are never exposed to an online environment, which enables the user to be in full control.

The app also provides the ability to validate the generated addresses in the COINiD Vault. This is an extra security step to confirm that the device holding the wallet has not been infiltrated.

The full SegWit support, transaction batching and smart fee estimation minimize transaction fees for the user. The wallet also supports generating and sending to Bech32 addresses.

Fee cost — Batched vs. Unbatched

Highlighted Features

  • Transaction Batching: Allows the user to group transactions into one, which saves space on the blockchain and lowers your transaction fees with up to 90%.
  • SegWit: Support for Segregated Witness which means smaller transaction sizes and lower fees.
  • Hierarchical Deterministic: Use a single set of keys for multiple coins and addresses. When an address is used, a new one is generated.
  • Open source: Full transparency towards the user.
COINiD Wallet and Vault

About COINiD Group

COINiD Group is a newly formed startup based in Linköping, Sweden. The company was founded in 2018 by a small team of Bitcoin enthusiasts and announced its flagship wallet solution the same year.