LiteVault, the equivalent of Bitcoin’s online wallet service Blockchain.INFO, was recently launched for Litecoin users.
Still in its alpha testing stage, the wallet’s developer ‘someguy123’ promises an ultra-secure environment with its encrypted wallet storage services, powered by the company’s very own servers. The generated private keys meanwhile are stored in the users’ browsers.
Litecoin community has been waiting for years for such a service to arrive – something that adds more depth and flexibility to ways in which this silver cryptocurrency is used. Having a dedicated wallet service for keeping Litecoin online will surely improve the coin’s existing infrastructure.
However at the same time, the developers behind this project will have to focus hugely on a number of factors, such as unannounced hacking attempts. The cryptocurrency community recently saw Blockchain.INFO getting intellectually ripped from a generous hacker who first stole around 100 BTC, and later returned it for the sake of moral values. The incident however clarified one thing – online wallet services can be vulnerable and need greater security protocols to avoid anything catastrophic like Mt. Gox.
someguy123 seems to understand such challenges and thus requests users to avoid keeping large chunks in online wallets. In his introductory post on Litecoin Talk, he also warned users about the bugs that are likely to appear when testing period proceeds. “However you are in control of your private keys at all times, so the risk is low,” he added following with a personal request which is quoted as follows:
“Litecoin has been waiting for a wallet like this for a long time, I would hope people donate to the donation address – I’ve put in over 100 hours of work into the service just this week on my own time, there has been no fund raiser, or direct funding from any organization, so I ask that the community donate even just $1, the service will not be making money through ads or “premium features”, and because it is a trustless wallet, I cannot take any service transaction fees in any way, so the community needs to help keep it alive. I can’t spend this much time on the service if nobody puts money into it.”
We hope this venture turns out to be successful.