The industry for cryptocurrency security services and devices continues to diversify. The technology itself is always evolving, and along with it, the hardware that facilitates its use. There are two primary types of cryptocurrency wallets for storage - hot or cold. Hot meaning connected to the internet, whereas cold could be a memory device, or simply the wallet restoration information kept in a digital or physical format.
However, the lines between these two types are beginning to blur as new technologies have allowed the live, transactable features of hot wallet to function with certain types of cold wallets. Samsung is a major proponent for using partitioned mobile devices as cryptocurrency wallets. This provides easy access to a wallet on a device that most people already carry with them at all times. But a new method for a removable hardware wallet is giving any phone with two sim card slots the ability to become a hardware wallet.
This new hardware wallet design was created by VaultTech, a company founded in the United States. It works similarly to the most popular USB drive hardware wallets - Trezo or Ledger. For phones such as an iPhone that has only one sim card slot, a dongle can be used to integrate the storage device. However, the VaultTech Intellichip incorporates a couple unique features:
Device Locks - VaultTel allows you to lock access to your wallet to a specific device. When a device lock exists on your wallet, you can only access your wallet using a specific device.
Geo Locks - VaultTel allows you to lock access to your wallet to a specific geo fence. When a geo lock exists on your wallet, you can only access your wallet from a specific geo fence.
Wallet Backups - VaultTel allows you to backup your wallet electronically via additional VaultTel Chips.
Anti-Theft - biometric authentication ensures that no one can transfer your coins from your hardware wallet, install a spy screen recorder or Trojan to record what is happening on the hardware wallet.
The wallet is available in the U.S., and for pre-order at this time in European countries. There are two purchase options: an Android package for £75 ($98),and an iOS package at £100 ($131). The difference is required, because the VaultTel operates on the users phone with their own app.
By: BGN Editorial Staff