Mt. Gox, a popular bitcoin exchange located in Japan collapsed three years ago and more than 20,000 customers are still waiting for their compensation. It seems that the exchange has lost more than 600,000 bitcoins. Moolah, a cryptocurrency exchange located in the UK collapsed within few months of its creation. So, the chances of bankruptcy for these kinds of exchanges are more when compared with other businesses. Do you know why? Because these exchanges are neither regulated nor backed up by any government. Even though many scams and looting are happening in the crypto world, most of the governments are not able to regulate the transactions related to cryptocurrency.
Apart from scams, these exchanges have become the main target for professional hackers to stole the bitcoins and other cryptocurrencies. As there is no guarantee that your cryptocurrency will not be stolen, it becomes your responsibility to find out a highly secure wallet like cold storage wallets for storing the cryptocurrencies. Especially, if you are planning to or invested a huge amount in cryptocurrencies, then you need to make sure that your wallet and exchange are highly secured so that the hackers or other people will not be able to steal any kind of information.
To make all the cryptocurrency transactions 100% secure, a new platform named CoinMetro is under development. It has partnered with FXPIG, a reputed online Forex brokerage company that is known for its transparent operation since its inception in 2011. Especially, CoinMetro is planning to implement strong security protocols by using the existing system of FXPIG. The main security-related features of the platform are given below.
Two-factor authentication: For logging into the account, you need to enter the password and numeric code which will be sent to the registered device (phone). If one of them is incorrect, your access will be denied. This type of authentication will be implemented via the provider named Authy.
Multi-signature: CoinMetro has partnered with BitGo for providing this type of authentication. One instance of the key will be stored on the server of BitGo while the other would be kept in the backend of the CoinMetro platform. This type of authentication will prevent hackers from attacking the servers to steal the information.
BioMetric: BioMetrics is the best of all kinds of security as it is difficult to duplicate the fingerprint of an individual. CoinMetro is planning to implement voice-based biometrics so that the users can add their customized passphrases to their accounts. The users can remove the existing phrases to add new ones whenever there is a need.
Cold Storage: To store the cryptocurrency deposits in a secure manner, CoinMetro will be using the cold storage hardware based wallets. All the addresses and other information related to the assets will be stored in cold storage.
Check out https://coinmetro.com/whitepaper/ and https://bitcointalk.org/index.php?topic=2540667.0 threads to know more information about the technology behind CoinMetro. If you wish to access any services of CoinMetro, you need to hold COINs ( A proprietary token for CoinMetro). Do you want to know the pricing, availability and sale procedure for COINs? Please visit https://coinmetro.com/
Do not hesitate to join the CoinMetro's Telegram group, for more updates and discussions.