YOUNIQX Identity AG creates wallet to reduce risk of crypto theft

Getting your Trinity Audio player ready...

While the volatility of the cryptocurrency market is one of the leading concerns among investors, an almost equal concern has been theft. Those who own e-wallets are concerned about their assets being stolen and this is why the recent news that YOUNIQX Identity AG has created a more secure wallet is being received as exceptionally good news.

According to a press release by the company, YOUNIQX has developed a new cyber wallet, referred to as Chainlock. This new product developed by the subsidiary of the Austrian State Printing House (OeSD) is a highly secure and forgery-proof cold wallet solution that will enable users to secure their digital currencies off-line. This will only include SegWitCoin (BTC) for now, limiting the utility of the wallet.

The cryptographic key will also only be known to the user. That reduces, if not eliminates, the potential for people to hack into the account of users.

This new solution has been met with great exuberance. CipherBlade has warned that cyber currencies are often the target of malware and other hacker attacks. CipherTrace, the U.S. cybersecurity company, reported in July that $1.2 billion in digital currencies have been stolen from wallets in the first three months of this year alone. This has led for a call for greater regulation to help control these kinds of thefts, as well as improved technology that will prevent hackers from gaining access into these digital accounts.

This new platform looks to be a solution that could reap positive results. According to YOUNIQX, Chainlock is a “100%” off-line cold wallet, which means that it is completely inaccessible remotely through any Internet connection. This enables users to be able to store their BTC securely.

However, this does not stop users from being able to access their funds. Using the Chainlock app, they will be able to gain authorization to access their wallet through Wi-Fi and near field communication. Yet, they will not be fears from such attacks as malware or ransomware.

Private key generation will give access to no other person other than the user. This will mean that not even YOUNIQX or its employees will be able to connect to an individual’s wallet. This will help to protect against those attempting to steal assets.

The Chainlock device will be a plastic, credit card-sized product that can be carried anywhere with you. It is both water and heat resistant, ensuring that it cannot be damaged easily.

Those seeking wallets that are just as secure, but also provide far more features and utility, may want to look at options that support Bitcoin SV (BSV). BSV has been recognized as the leading digital currency option, but also the data ledger of the future. HandCash has proven itself to be reliable and easy to use wallet option for BSV, and is a great start for those curious about trying out Bitcoin in its original, superior form.