While decentralized finance is an optimal replacement over the traditional financial system, it is still rigged with several loopholes. Being a digital ecosystem, hackers have found a way to exploit the weaknesses of some platforms and cause irreversible damage.
According to a report by CipherTrace’s Spring 2020 Cryptocurrency Crime and Anti-Money Laundering Report, crypto hacks, thefts and frauds accounted for a total of $1.36 Billion in the first five months of 2020 alone. One of the reasons for this high number is that a user cannot cancel the transaction on a blockchain.
However, Bitcoin Vault has figured out a way to give users the ability to cancel their transactions using its 3-key security solution. Users can now reverse certain types of transactions within 24 hours on the blockchain, potentially reducing fraud and theft cases significantly.
Bitcoin Vault aims to address certain issues faced by the crypto world, such as:
- Unauthorized access to private wallets by getting access to the user’s private keys.
- Human error while making crypto transactions such as choosing the wrong receiver’s address or entering the wrong amount.
- Errors, bugs, and other issues can cause the payment to get stuck or redirect.
How does Bitcoin Vault aim to solve these problems?
Bitcoin Vault addresses these problems and creates a more secure and rewarding ecosystem where users get more freedom and control over their assets. For that purpose, Bitcoin Vault developed an ecosystem with different tools that can aid in securing the crypto ecosystem. All of the tools are powered by the 3-key security solution.
3-Key Security Solution
In the 3-Key Security Solution, Bitcoin Vault helps users generate three Elliptic Curve Digital Signature Algorithm (ECDSA) keys. One of these keys is stored in the app automatically, while the other two need to be managed by the user. Using these keys, users can cancel their transaction and reverse it into the original or a new wallet.
- The standard Transaction Key is the one generated automatically and stored within the wallet. It is used to recover the wallet in case of any issue and to initiate transactions.
- The Cancel Transaction Key is used to cancel initiated transactions within 24 hours after 144 blocks are generated.
- The Fast Transaction Key is the third key that enables secure and fast transactions.
Bitcoin Vault Ecosystem
Bitcoin Vault Ecosystem consists of three apps designed in-house to store and manage BTCV. Together they offer a unique and secure solution for all decentralized storing and managing services.
The Gold Wallet is a mobile app where users can store, receive and send BTCV. Using the Gold Wallet, users can create three types of wallets and perform different transactions, including Secure Fast, Secure, and Secure Cancel Transaction. The wallet is also used as an authenticator for two-factor authentication for the Electrum Vault desktop app.
The three types of Gold Wallets are Standard, 2-Key Vault, 3-Key Vault.
Key Generator helps in creating individual public and private keys which are required to access the wallets and make transactions. This is done locally and does not store the keys on a cloud to ensure maximum security.
Electrum Vault is a desktop app based on an open-source Electrum Wallet. It works similarly to the Gold Wallet and can be used to store, receive and send BTCV along with all the transactions.
The three types of Electrum Vault Wallets are Standard, 2-Key Vault, and 3-Key Vault.
All the wallets in the ecosystem, whether on the Gold Wallet or the Electrum Vault, integrated the USP of the Bitcoin Vault of reversible transactions. These wallets offer standard transactions, 2-Key Vault Transactions (Secure and Cancel), and 3-Key Vault Transactions (Secure, Cancel and Secure Fast).
Bitcoin Vault is the first platform to offer cancel transactions, making the crypto universe a more secure financial ecosystem. It will help reverse incorrect transactions and will minimize thefts and accidental expenditure.
