Bitcoin Vault (BTCV): More Safety Anyone?
Cryptocurrencies have opened the door to a number of possibilities to broaden global economics. Their adoption in an array of industries could make trade across the borders even more efficient than it is today. However, with crypto theft on the rise and cryptocurrencies unable to come up with a foolproof protection plan, security remains a primary concern for the community.
The current security solutions
The combined monthly trading volume of crypto exchanges worldwide exceeds trillions of US dollars. These transactions cannot simply be ignored. Which is why cybercriminals regularly target crypto exchanges, with many of their attacks being successful.
In the first half of 2018, at least four attacks resulted in losses of more than USD 750 million, with a total of over USD 1.7 billion being stolen in the whole year. Similarly, in 2019 over USD 4.5 billion worth of digital assets were taken, and in the first five months of 2020 over USD 1.4 billion.
There are various security solutions designed to protect cryptocurrencies, for example, cryptographic keys in the crypto wallets. However, no matter how secure these features may be, they can’t always prevent the loss of funds, as sometimes hackers find a way to outpace them. And they mostly get away with the theft because transactions on the blockchain are irreversible and can’t be undone.
Bitcoin Vault, a cryptocurrency launched back in 2019, claims to have come up with a theft-proof security solution. According to its makers, Bitcoin Vault was developed as the ultimate coin for the crypto enthusiast, hodlers, and traders alike.
Bitcoin Vault. Why is it different?
Since decentralized blockchains are immutable canceling transactions is not possible. So, if someone makes a mistake while transferring the funds or if there was an unauthorized transaction there is no way to revert the funds back into the wallet. But that is where Bitcoin Vault comes in.
First, it is important to understand that Bitcoin Vault is not a fork of Bitcoin. It is a new blockchain-based on the Bitcoin code that uses the same hashing algorithm needed to mine new coins – SHA-256. Since its development, BTCV developers have worked on ways to enhance the safety features of the coin to fill the security void that other cryptocurrencies have not been able to address.
And, after an entire year of research and development, they were able to launch the 3-Key Security Solution.
How the 3-Key Security Solution works
Unlike other solutions on the market, the 3-Key Security Solution delays the regular transaction from being confirmed on the blockchain by 144 blocks, which takes approximately 24 hours. It also provides the wallet owner with the tool and authority to cancel any unauthorized transaction within that time.
Bitcoin Vault features the following keys:
- Standard Transaction Key
The Standard Transaction key is generated along with each wallet. It mainly runs in the background to ensure the smooth operation of all transactions. Apart from functioning like an invisible layer of extra safety, it can also be used to recover the wallet in case of a security breach or technical issue. - Cancel Transaction Key
As the name suggests, this key allows users to cancel transactions. This has been made possible by regulating the number of blocks it takes to confirm the transaction on the blockchain to 144. It allows wallet owners to reverse a transaction within approximately 24 hours of a regular BTCV transfer. - Fast Transaction Key
This key is necessary to perform Fast transactions. It can be used to execute a transfer in about 10 minutes, after one block is generated, allowing BTCV users to make quick transactions with trusted parties.
This anti-theft feature has made it possible for BTCV users to cancel and reverse transactions without changing the nature of the blockchain. The 3-Key Security Solution is the answer to your security issues in the world of crypto!
OhNoCrypto
via https://www.ohnocrypto.com
Guest Author, @KhareemSudlow