San Diego based Airbitz today released the first “foolproof” bitcoin wallet password recovery process called “Password Recovery 2.0”. It allows Airbitz users and Airbitz SDK-powered app users to more easily recover a forgotten password to their private data using two-key authentication.
The process works as follows: as a user sends the first key to their own email address, the device saves a copy as well. The Airbitz servers blindly store the encrypted second key, which the developers say makes the two keys useless without each other, and can only be brought together by answering the two recovery questions to regain account access.
“We’re excited to solve one of the biggest challenges facing the mass adoption of cryptocurrency,” said Airbitz CEO Paul Puey. “Solving the problem of securely storing bitcoins without having to worry about lost passwords will help bring the bitcoin economy to the 99 percent of humanity who can benefit from this amazing technology and currently is out of the loop.”
In addition to Password Recovery 2.0, the latest release of the Airbitz mobile app includes a new plugin developed by Stockholm based Bitrefill. Now its users can refill prepaid phones alongside the existing plugin services, Glidera and Fold app. “This integration offers an incredible user experience to Airbitz users. Three clicks and the refill is done – no need for QR codes or anything,” said Bitrefill CEO Sergej Kotliar. “We’re anxiously looking forward to seeing how this plugin gets adopted by Airbitz’ user community.”