Security is a big deal, particularly on the digital space. A big threat to the crypto world are hackers on the prowl, forming a huge clog in the wheels of the constantly growing ecosystem. Crypto currencies are digital transactional currencies, that doesn’t just serve as a medium for transactions but symbolizes trust. However, a bigger threat stands to squish the hope this innovation brings, the numerous cases of wallet security breaches leaves a much bugging question for a way to protect these wallet and individual private keys, through a credible, efficient and more advanced wallet, possessing a powerful security system and prioritizes user convenience.
Crypto currencies hold a lot of hope for the future of digital financial transactions, reason it is responsible for the influx of users into its space, and in order to save these currencies, a wallet is needed, and a private key is needed to ensure these currencies are kept safe. Particularly, online wallets are centralized curators of these user’s private keys. This has proven challenging owing to the ease it brings, which makes it easy for signal attacks that can affect millions of users simultaneously. Offline or hardware wallets aren’t a safe bet either, in as much as they make it herculean to attack all users at once, but they are inconvenient to use, thus impeding user experience greatly.
To these problems, how can great user experience and strong security be combined in one solution? The COOLWALLET S is the solution. This invention is a native IOS and Android application, backed by a cold storage hardware wallet, the size of a typical credit card.
To cap it, the biometric details of the user is also required which moves this wallet a notch higher than all others. The wallet aids ease in transactions and blocks out all uncertainties or chances for remote or corporeal attacks, with an end to end encryption feature.
A bid to ensure utmost security, which is hitherto a problem in all already existing wallets, a tripartite solution is enforced in this new wallet; every parties involves must be present for a transaction to be positive i.e. the app, the user, and the hardware wallet.
COOLWALLET FEATURES
The Application: the cool wallet's application permits handlers a direct authentication layer, which doubles as a transaction speed up device with the block chain. The app acts as a gateway allowing users access the blockchain and whole network of wallets and addresses, making for convenience whence aiding transactions.
The Hardware Wallet: embedded with a physical transaction confirmation button, a user interface screen to show account balance. Again, it has an inbuilt feature to aid recognition of first time users.
The User: the users facial or password is required each time while confirming a transaction, and is a critical factor in this equation.
To cap it all, no component of the system can control the other components. The system MUST have all three compartments ready and on ground at all times to aid a secure transaction.
WHO GEARED THE INNOVATION OF COOLWALLET?
We can't talk about COOLWALLET and fail to mention or acknowledge the brain behind the great innovation. COOLWALLET is birthed by CoolBitX innovations.
CoolBitX, was founded in 2014 by Michael Ou which is a Taiwanese FinTech company that specializes in
manufacturing secure, US patented digital asset hardware and developing smart contract platforms for
millions of users. Ensured to making the blockchain community a better environment for daily users
and traders. CoolBitX provides a service to the blockchain community, and never hold seeds or private
keys.
CoolBitX has been an active
member of this community since 2014 and saw a massive security vulnerability in the community,
especially for mobile users. CoolBitX believes that if the blockchain will come into everyday use, the
usage must be more convenient and secure. That is why CoolBitX developed the CoolWallet as a mobile
and cold storage device. Whose goal is to end systematic hacks, and bring a safer, more convenient trading
environment for all users.
CoolBitX's DRIVING FORCE
CoolBitX began with the idea to leverage the power of the blockchain to return personal data to the
individual and foster a more secure and empowered future. CoolBitX is primarily concerned with
creating the means in which users are able to manage their private keys independently from any
centralized organization. CoolBitX wants to enable a bridge between
blockchain and everyday life. CoolBitX believes in a future where users can have total control over their digital assets. CoolBitX
wants to allow currencies, identities, smart contracts, and investments to flow across state borders,
organizations, and parties easily and securely.
For more information:
Website: https://coolwallet.io
Reddit: https://www.reddit.com/r/CoolWallet/
Telegram: https://t.me/CoolWalletS
Twitter: https://twitter.com/coolwallet
Facebook: https://www.facebook.com/coolwallet/
Author:Adaora
Bounty Ox username:Adaora