The main distinction in wallets is “hot” or “cold.” Hot means that it is connected to the Internet, and the coins can easily be transacted. This would be most similar to carrying physical, fiat cash. Cold storage removes coins from contact with the Internet. This would be like spending the fiat cash from your checking account with a debit card, rather than carrying the physical cash.
MyEtherWallet Hardware Wallet App
MEWconnect creates a novel way of cryptocurrency storage that maintains the convenience of a hot wallet with some of the added security from a cold wallet. The app utilizes physical memory storage on a user’s phone to establish a cold wallet. It is still in development, but can be tested with a beta version. The company is offering rewards up to $2,00 for finding bugs in the code.
Launch of the finalized app for both iOS and Android is planned for sometime this month. Further integration of payment features could make it possible to keep cryptocurrencies in the establish cold storage, while still actively making transactions. This type of useable cold storage addresses the major security issues with cryptocurrencies while maintaining their primary benefit of decentralized transactions.
SealBlock Hardware Hot Wallet
A SealBlock hardware wallet can be connected to the internet while maintaining the security of a cold wallet. The product is a essentially like the commonly used Ledger Nano S or Trezor, but with much more computing power and storage capacity. It is tailored for token funds, exchanges, miners, institutional traders, or anyone requiring sophisticated wallet solutions.
The devices uses Intel SGX hardware enclave technology to protect the critical data of cryptocurrencies. The chip creates an encryption boundary at the hardware level, isolated from the operating system. Intel designed SGX to be useful for implementing secure remote computation, cloud storage, secure web browsing, and digital rights management (DRM).
SealBlock’s product was first demonstrated on June 23, at Silicon Valley Blockchain Security Technology Forum hosted by BlockTrain. The company is still in its first round of funding, with interest from firms like Whales Capital and ASB Venture. The product was created through the VeriClouds incubator, a leader in hardware encryption and cyber security.
By: BGN Editorial Staff