ValutTel Launches Mobile-Based Crypto Cold Wallet
- The firm is using military-grade AES 512 encryption for security.
In a bid to offer a secure crypto storage system on mobile phones, VaultTel has launched a storage solution combining the security of software and hardware.
The solution combines an app called VaultTel App and a chip dubbed as VaultTel Card. Both the interface work together to create a secure and encrypted storage environment for digital assets.
To access the wallet, users have to insert the VaultTel Card inside the SIM card tray or connect it to the phone using a dongle. The software solution will then play its role as the user can easily access the stored assets on the wallet just like any other mobile wallet - only in this case, it is a cold wallet.
Commenting on this development, Isaac Daniel, CEO of VaultTel, said: “VaultTel’s multi-actor authentication security designed for cryptocurrency storage on mobile phones is the first of its kind and that really sets us apart.”
To ramp up security, the wallet system also using a mandatory biometric authentication apart from the wallet passcode.
Moreover, the users can even lock the use of the chip to a single device and a specified geographical area.
In addition, for the purpose of security, the company is using AES 512 encryption whereas in most of the wallet platforms only up to AES 256 is used.
Crypto on Mobile
Crypto storage in mobile phones is becoming a trend recently. Samsung, in its latest flagship device S10, has integrated in-built cryptocurrency wallet. Though optimists are seeing the move as a step towards making crypto mainstream, critics are tagging it as a PR stunt.
Samsung is not alone in this league as the Taiwanese cell phone manufacturer HTC has also released a blockchain phone called Exodus last year. The trend of this Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term-capable mobile phones, however, was started by Sirin Labs with its first blockchain-enabled phone called FINNEY.
Last month, Electronium unveiled an $80 smartphone capable of mining cryptocurrencies.
In a bid to offer a secure crypto storage system on mobile phones, VaultTel has launched a storage solution combining the security of software and hardware.
The solution combines an app called VaultTel App and a chip dubbed as VaultTel Card. Both the interface work together to create a secure and encrypted storage environment for digital assets.
To access the wallet, users have to insert the VaultTel Card inside the SIM card tray or connect it to the phone using a dongle. The software solution will then play its role as the user can easily access the stored assets on the wallet just like any other mobile wallet - only in this case, it is a cold wallet.
Commenting on this development, Isaac Daniel, CEO of VaultTel, said: “VaultTel’s multi-actor authentication security designed for cryptocurrency storage on mobile phones is the first of its kind and that really sets us apart.”
To ramp up security, the wallet system also using a mandatory biometric authentication apart from the wallet passcode.
Moreover, the users can even lock the use of the chip to a single device and a specified geographical area.
In addition, for the purpose of security, the company is using AES 512 encryption whereas in most of the wallet platforms only up to AES 256 is used.
Crypto on Mobile
Crypto storage in mobile phones is becoming a trend recently. Samsung, in its latest flagship device S10, has integrated in-built cryptocurrency wallet. Though optimists are seeing the move as a step towards making crypto mainstream, critics are tagging it as a PR stunt.
Samsung is not alone in this league as the Taiwanese cell phone manufacturer HTC has also released a blockchain phone called Exodus last year. The trend of this Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term-capable mobile phones, however, was started by Sirin Labs with its first blockchain-enabled phone called FINNEY.
Last month, Electronium unveiled an $80 smartphone capable of mining cryptocurrencies.