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Disclaimer: The text below is a press release that was not written by Cryptonews.com.
The pace at which blockchain technology progresses brings both new opportunities and new threats to the world of cryptocurrency. And for the crypto community, the security of digital assets is a major concern.
The immutability of the blockchain is its main feature. The fact that transactions are immediately published on the blockchain makes them irreversible. This is the strongest feature of the distributed ledger. However, it also makes it prone to errors, human errors and potential hacks that result in the loss of user coins forever. However, a simple change in how transactions are published on the blockchain can make all the difference. BTCV responds to this challenge!
Why traditional security measures don’t work
Whether you decide to use two-factor authentication or to store your assets on an offline wallet, the main security issue you face is always the same. In the event of a hack or even a simple mistake, your hands are tied. You cannot recover your funds because all transactions made on the blockchain are permanent.
Let’s take a closer look at The DAO Hack which took place in 2016. After an attacker exploited a bug in The DAO’s code, it allowed him to “ask” Ether (ETH) multiple times before the smart contract could update his balance. Within hours, he stole around $ 70 million worth of ETH and transferred it to a clone of The DAO.
So here’s where the problem lies. Cryptocurrency transfers are pretty quick and tend to happen within minutes. It makes it virtually impossible for anyone to interrupt an ongoing transfer, as any transaction made on the blockchain cannot be canceled. This is one of the main reasons many crypto enthusiasts continue to worry about their assets being stolen.
Bitcoin Vault breaks down the barriers
Bitcoin Vault (BTCV) is a relatively young coin that was launched to encourage electronic storage of value. It allows hodlers, traders and enthusiasts to store their currencies without having to worry about their safety. As this was BTCV’s goal, its makers worked around the clock to develop an innovative security feature that would give cryptocurrency owners complete control over their assets.
On November 17, 2020, BTCV became the first cryptocurrency to be equipped with an advanced anti-theft security solution that gives users the power to stop, cancel and reverse any unauthorized or erroneous transaction.
How does the 3-Key Security Solution work?
By default, BTCV transactions are delayed by 144 blocks, unlike other cryptocurrencies which confirm payments in the next available block.
It offers users a window of approximately 24 hours to verify and cancel any transaction, before it is confirmed on the blockchain. If the transaction is not confirmed on the blockchain, the coins are not spent = no double spend.
Learn about the 3 key security solution
Each of the three keys has a different role to play in increasing the security of the wallet.
Standard transaction key
This key is generated together with each wallet. It mainly works in the background to ensure the smooth running of all transactions. In addition to functioning as an invisible layer of additional security, it can also be used to recover your wallet in the event of a security breach or glitch.
Cancel transaction key
As the name suggests, this key allows users to cancel transactions. Stop and reverse a transfer within 24 hours of a normal BTCV transfer.
Fast transaction key
This key is required to perform fast transactions. It can be used to perform a transfer in about 10 minutes after a block is generated, allowing BTCV users to transact quickly with trusted parties.
This anti-theft feature made the impossible possible without disturbing the true nature of the blockchain. Users now have full control over their funds and the authority to prevent any type of unauthorized transfer. A key security feature that is sure to make BTCV adoption more popular in the crypto space.
