ECOMI SECURE WALLET : The Solution To Cryptocurrency Security
About $1.2-billion in cryptocurrency stolen since 2017
Criminals have stolen about $1.2 billion in cryptocurrencies since the beginning of 2017, as bitcoin’s popularity and the emergence of more than 1,500 digital tokens have put the spotlight on the unregulated sector, The estimates were part of the non-profit group’s research on cryptocurrency and include reported and unreported theft.
“One problem that we’re seeing in addition to the criminal activity like drug trafficking and money laundering using cryptocurrencies is the theft of these tokens by bad guys .
Of the $1.2 billion, it was estimates that only about 20 percent or less has been recovered, noting that global law enforcement agencies have their hands full tracking down these criminals.
Nem , cryptocurrency asset was hacked in some couple of months ago, it was also reported that most of the NEM asset where store in cryptocurrency exchange site which make it more vulnerable. Hacking of cryptocurrency assets will still continue because so many guys wants fast money in this dispensation, hence tougher measure need to be apply in securing cryptocurrency asset
Anyone Who Knows Your Private Key Can Steal Your Funds
Any valid transaction bearing a valid signature will be accepted by the Bitcoin network. At the same time, any person in possession of a private key can sign a transaction. These two facts taken together mean that someone knowing only your private key can steal from you.
Many avenues are open to thieves who steal private keys. Two of the most popular are storage media and communications channels. For this reason, extreme caution must be taken whenever storing or transmitting private keys.
Software wallets usually store private keys in a “wallet file” on the main hard drive. Wallets often place this file in a standard, well-known directory, making it an ideal target
INTRODUCTION OF ECOMI SECURE WALLET TO SOLVE CURRENT ISSUE
ECOMI focus on resolving current security issues associated with the use of applications developed on blockchains and cryptocurrency, through the Secure Wallet, and ECOMI One (physical hardware). If private keys are not stored offline, they are potentially exposed to greater risks.
Security is a major proposed feature of the ECOMI Ecosystem, which seeks to ensure private keys remain protected and are less likely to be compromised. This world class security standard will be maintained by storing private keys offline in the ECOMI physical hardware wallets - the Secure Wallet and the ECOMI One. It is envisioned that these two physical hardware wallets can be used in conjunction with Decentralize application and services within the ECOMI Ecosystem, allowing any ECOMI-based product or service to securely store their related private keys in offline storage.
According to international security guidelines and specifications, the Secure Wallet, is certified CC EAL5 +, the highest security standard for government level deployments. Private keys stay safe inside the secure hardware element in each wallet, and solid security design provides a high level of protection.
The Secure Wallet will have a number of security features to protect private keys which include: Secure element, host registration, host login, security channel, hierarchical deterministic wallet, secure firmware updates, and security protocols which are outlined in detail below:
Security Element
1 Smart MX TM high security microcontroller IC secure element
2 Security certified according to CC EAL5+
3 Data retention time: 25 years
4 Endurance: 500 000 cycles minimum
5 Interfaces
i Contact interface according to ISO/IEC 7816
ii Contactless interface according to ISO/IEC 14443 A
6 Voltage class: C, B, and A (1.62 to 5.5 V)
7 Memory Management Unit (MMU)
8 High-speed 3-DES coprocessor (64-bit parallel)
9 High-speed AES coprocessor (128-bit parallel)
● PKI (RSA, ECC) coprocessor FameXE (32-bit parallel)
Host Login
When a registered host device wants to login to the Secure Wallet, it calculates its own device key by sourcing the
UUID stored in the host. The login process is a challenge-response mechanism preventing any man-in-the-middle attack. After successful verification, the Secure Wallet card grants the host device access to the wallet
Is it possible to update firmware?
The new firmware is encrypted by a loader
Key and can be delivered through the network. The App can directly install the encrypted firmware to the Secure
Wallet. The loader of Secure Wallet will decrypt and verify the firmware using the loader key and install the new
Firmware after the validation occurs
IS THERE HOPE IF YOU LOOSE SECURE WALLET?
Loss, Backup & Restoration
Ecomi secure wallet has a sophisiticated restoration application to rcover asset despite loosing secure wallet, which enable your private keys to be unchanged and private keys remain secure and protected from hackers.
When setting up the wallet a recovery seed is generate which is advisable to be save in offline (recovery card) the user can purchase a replacement Secure Wallet, pair it with the host device, and enter the Recovery Seed from
the Recovery Card to restore their private keys.
In the nearest future, ECOMI envisage to utilize biometric technologies to make the whole process simpler and more secure.
SECURE WALLET MAIN FEATURES
1 Top-of-the-line security
2 True cold wallet
3 Loss recovery and restoration
4 Everyday convenience
5 Physical transaction confirmation
6 Supports Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash and soon ERC20
7 No strings and no fees (other than standard blockchain fees)
8 Long life lithium battery
9 Waterproof and a bend capability of 15 degrees
10 Environmentally friendly
HOW ECOMI SECURE WALLET WORKS
Users will be able to pair their Secure Wallet with an Android or Apple smartphone, using the ECOMI App.
Newbie will create a new wallet, and generate the recovery seed. Once set up, cryptocurrency such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash andRipple can be sent to, and will be safe and securely stored on the Secure Wallet.
MAJOR REASON WHY YOU NEED ECOMI SECURE WALLET COMPARE TO OTHERS
RECOGNIZED COMPLIANCE
Ecomi secure wallet has the following compliance certifications which make it more real
TEAM THAT DEVELOP SECURE WALLET
Our Partners
CoolBitX, RMG, Coinpayments, Tokidoki, Open Sea, Aotea, Everidge IP, TitanBlock, XLNT, Pixon Games, Livewire, Onstar, Juego Studios, Games R Us, Red Button Gaming, Vagabond
CONCLUSION
Ecomi secure wallet has a robust technology to keep all your cryptocurrency safe ,the fear of loosing out hard earn money invested in cryptocurrency is gone with aid of the secure wallet
For more info about this ECOMI SECURE WALLET and other related product and services you can check the below social media:
https://www.ecomi.com/#Products
https://www.linkedin.com/company/ecomi-technology/
https://www.facebook.com/ecomi.ecosystem
https://discordapp.com/channels/410308010053730315/410308010053730317
AUTHOR'S DETAIL
BITCOINTALK USERNAME : TOSINDEDIGN
BITCOINTALK PROFILE LINK: https://bitcointalk.org/index.php?action=profile;u=1910995