Disclaimer: The following is a press release that was not written by Cryptonews.com.
The pace at which blockchain technology advances brings both new opportunities and new threats to the cryptocurrency world. The security of digital assets is an important concern for the crypto community.
The immutability of the blockchain is its main characteristic. The fact that transactions are posted to the blockchain immediately makes them irreversible. This is the strongest feature of the distributed ledger. However, it is also prone to errors, human errors, and potential hacks that result in user coins being lost forever. However, simply changing the way transactions are posted to the blockchain can make a difference. BTCV answers this challenge!
Why traditional security measures don’t work
Whether you choose to use two-factor authentication or store your assets in an offline wallet, the main security problem is still the same. In the event of a hack or simple mistake, your hands are tied. You cannot get your money back as all transactions made on the blockchain are permanent.
Let’s take a closer look at the DAO hack that happened in 2016. After exploiting a bug in the DAO code, an attacker was able to ask for Ether (ETH) several times before the smart contract could update its balance. Within hours, he stole around $ 70 million worth of ETH and transferred it to a clone of The DAO.
So here is the problem. Cryptocurrency transfers are pretty quick and usually happen within a few minutes. It makes it practically impossible to stop a transmission in progress, as every transaction made on the blockchain cannot be deleted. This is one of the main reasons many crypto enthusiasts are still concerned about their assets being stolen.
Bitcoin Vault breaks barriers
Bitcoin Vault (BTCV) is a relatively young coin that was introduced to promote electronic value storage. It enables hodlers, traders, and enthusiasts to store their currencies without worrying about their safety. Since this was BTCV’s goal, manufacturers worked around the clock to develop an innovative security feature that would allow crypto owners to have complete control over their assets.
On November 17, 2020, BTCV became the first cryptocurrency to be equipped with an advanced anti-theft solution that allows users to stop, cancel and reverse unauthorized or incorrect transactions.
How does the 3-key security solution work?
By default, BTCV Transactions are delayed 144 blocks unlike other cryptocurrencies that confirm payments in the next available block.
It gives users a window of roughly 24 hours to review and cancel each transaction before it is confirmed on the blockchain. If the transaction is not confirmed on the blockchain, no coins will be issued = no double spending.
Get to know the 3-key security solution
Each of the three keys play a different role in increasing wallet security.
Standard transaction key
This key is generated along with every wallet. It mainly runs in the background to keep all transactions running smoothly. Besides acting like an invisible extra layer of security, it can also be used to restore your wallet in the event of a security breach or technical problem.
Cancel transaction key
As the name suggests, this key allows users to cancel transactions. It will stop and reverse a transmission within 24 hours of a regular BTCV transmission.
Fast transaction key
This key is required for fast transactions. It can be used to make a transfer in around 10 minutes after generating a block, allowing BTCV users to conduct quick transactions with trusted parties.
This theft deterrent has made the impossible possible without disrupting the true nature of the blockchain. Users now have full control over their money and the power to prevent any type of unauthorized transfer. An important security feature that is sure to make the introduction of BTCV more popular in the crypto space.