Bitcoin Vault’s 3-Key Security Solution: A Pioneer in Cryptocurrency
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
The pace at which blockchain technology progresses brings both new opportunities and new threats to the world of cryptocurrency. And for the crypto community, the safety of digital assets is a major concern.
Immutability of the blockchain is its main feature. The fact that transactions are immediately posted into blockchain makes them irreversible. This is the strongest feature of the distributed ledger. However, it also makes it prone to mistakes, human errors, and potential hacks that result in user coins to be lost forever. Yet a simple change in how transactions are posted into the blockchain can make a difference. BTCV answers to this challenge!
Why traditional security measures don’t work
Whether you decide to use two-factor authentication or store your assets on an offline wallet, the main security problem you face is still the same. In case of a hack or even a simple mistake, your hands are tied. You can’t recover your funds because all transactions made on the blockchain are permanent.
Let’s take a closer look at The DAO Hack that took place in 2016. After an attacker exploited a bug in The DAO’s code, it allowed him to “ask” for Ether (ETH) multiple times before the smart contract could update its balance. In a matter of hours, he stole about $70 million worth of ETH and transferred it into a clone of The DAO.
So, here’s where the problem lies. Cryptocurrency transfers are rather quick and tend to happen in a matter of minutes. It makes it virtually impossible for anyone to stop an ongoing transfer, as any transaction made on the blockchain cannot be erased. This is one of the major reasons why many crypto enthusiasts still worry about their assets being stolen.
Bitcoin Vault breaks barriers
Bitcoin Vault (BTCV) is a relatively young coin which was launched to encourage the electronic store of value. It allows hodlers, traders, and enthusiasts to store their currencies without having to fret about their security. Since this was BTCV’s goal, its makers worked around the clock to develop an innovative security feature that gave crypto-owners complete control over their assets.
On November 17, 2020, BTCV became the first cryptocurrency ever to be equipped with an enhanced anti-theft security solution that gives users the power to stop, cancel, and reverse any unauthorized or erroneous transaction.
How does the 3-Key Security Solution work?
By default, BTCV transactions are delayed by 144 blocks, unlike other cryptocurrencies which confirm payments in the next available block.
It gives the users a window of approximately 24 hours to verify and cancel any transaction, before it is confirmed on the blockchain. If the transaction is not confirmed on the blockchain, coins are not spent= no double spending.
Getting to know the 3-Key Security Solution
Each of the three keys has a different role to play in increasing wallet security.
Standard Transaction Key
This 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 your wallet in case of a security breach or technical issue.
Cancel Transaction Key
As its name suggests, this key allows users to cancel transactions. It stops and reverses a transfer within 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 the impossible possible without disturbing the true nature of the blockchain. Users now have full control over their funds and the authority to prevent any kind of unauthorized transfers. A key security function that is sure to make BTCV adoption more popular in the crypto space.