The Importance of Advanced Crypto Security and Infinito Wallet
April 25, 2018
Cryptocurrencies attribute their success and popularity in part to their existence outside of traditional banking systems and structures. Because they are stored on a distributed ledger, as opposed to a bank vault or bed mattress, they can be received, traded and stored with greater ease, transparency and security. Security is not equal, however, across all storage platforms and transaction activities. Infinito Wallet provides users with multiple means to ensure that their funds are safe and secure.
Password Protection
Infinito Wallet, the first universal wallet that supports all ETH and NEO tokens as well as a long list of leading transactional currencies, considers security to be of the utmost importance. Because the wallet app remains on one’s phone, it is important to ensure that one’s funds remain safe even if that phone were to be lost, stolen or destroyed. The first line of defense, therefore, is the password system that users must input to login to their app before they can send or manage funds. The user-created password will be familiar, and thus easy to recall while remaining impossible for a stranger to tap into the account if they somehow get their hands on one’s phone.
Fingerprint Identification
In a perfect world, users would remember their passwords without ever needing to write them down or share them with another person. That, however is not realistic, and Infinito Wallet understands there are circumstances where another person may gain the password to one’s wallet without the owner’s permission to transfer funds. Infinito Wallet, therefore requires fingerprint identification to unlock the wallet app. The advanced technology ensures that even if a password has been compromised, the wallet owner is the only one able to make important decisions about the destination and storing of funds. Fingerprint identification ensures that wallets remain safe beyond the initial layer of password protection.
Private Key Encryption
Every cryptocurrency wallet has a single, unique private key assigned to it. The string of numbers and letters is the address one gives to receive or send funds on the blockchain. For Infinito Wallet, every currency that can be stored has a specific private key. Given the interest and value of cryptocurrencies, keeping this key safe is of the utmost importance. The key is critical for setting up new wallets and sending or receiving funds. Users are encouraged to keep their key written down somewhere safe and not share it via email or other unsecured means. Infinito Wallet goes one step further and guards the private key with in-app encryption mechanism using the password provided by user. Make no mistake, Infinito Wallet does not store password of users. When creating new wallet, Infinito Wallet asks user to provide the password so it can use it at that moment to encrypt all private keys of wall address before storing them in user’s local phone.
This protects users against advanced fishing, hacking and pirating efforts that nefarious actors may use to try and gain access to the key. While the key is vulnerable where it may be kept in handwritten form, it is virtually unobtainable from the app thanks to these encryption efforts.
How Infinito Wallet’s Robust Security Protects Your Assets
Infinito Wallet understands the importance of keeping your assets safe. The inherent security and privacy that the blockchain provides assets are meaningless if they are stored in a wallet that does not guard them. Therefore, Infinito Wallet relies on password protection, fingerprint identification and strong private key encryption to reassure users that all funds stored in the app are safe from hacking or ill-intentioned actors. This security thus allows you to unlock the full potential of cryptocurrency sending, storing and receiving and by extension, the power of blockchain as a whole.
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ABOUT INFINITO WALLET
Positioning as a leading universal wallet for crypto users, Infinito Wallet serves as a gateway for users to maximize usage and potentials of their cryptocurrencies. By selectively expanding our partner network, Infinito Wallet aims to build an ecosystem of practical blockchain services including exchanges, ID/KYC solutions, and other blockchain-related business services. At the same time, we help support communities of developers and businesses with an open blockchain infrastructure of technologies and compliant-ready services, so that they can seamlessly build, launch, and operate innovative products and services efficiently.
Infinito Wallet’s core development team of blockchain R&D experts has intensive professional experience. Currently, our organization consists of more than 300 members including developers, designers, business and marketing specialists. We are promoting research on infrastructure for cryptocurrencies and developers utilizing blockchain.
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Originally published at www.infinitowallet.io.
