Art, classic cars, diamonds, and commodities have long established themselves for their solid investment potential. Crypto, on the other hand, represents the unknown still to many investors who fear that their assets can be stolen easily. However, a new solution that was recently rolled out believes that it can make hacks in the crypto space a thing of the past.
While cryptocurrencies have experienced a surge in popularity especially in recent years, new threats have arisen in this space. Last year alone, hackers stole over USD 4 billion in cryptocurrency. Such instances contribute to doubts regarding the safety of these assets. A new project, Bitcoin Vault (BTCV), aims to solve that thanks to a revolutionary solution that could prevent theft in the crypto industry.
Secure form of asset protection
The concept of Bitcoin – as well as top cryptocurrencies in general – as a form of “electronic gold” is quite popular in the crypto industry. And it could be if only it were to be more secure and this is the on of the main problems challenging its position as a store of value. Luckily, among the thousands of coins and tokens out in the market, Bitcoin Vault (BTCV) has been able to come up with a security solution that can not only cancel transactions but can also reverse any unauthorized transactions. Bitcoin Vault’s 3-Key Security Solution gives users a 24-hour window to cancel all “risky” transactions.
Its goal is simple – to create the ultimate electronic store of value. To achieve this, it focuses on providing additional safety features and in turn enhances its position as yet another form of “digital gold”.
The idea behind this solution is simply to give users the time to react and eliminate potential theft or making a mistake by reversing the transaction in case one private key is lost or stolen. By delaying the default time necessary to transfer assets from one block (around 10 minutes) to 144 blocks (24 hours), and providing another key to cancel the transfer, users can rest assured that their funds are secure.
There is no doubt that this innovative 3-Key Security Solution has made crypto-theft a lot more difficult than it was in the past. However, it will be interesting to watch how BTCV establishes itself as a digital form of gold, while at the same time it does not hinder its function as a digital currency.