ESTES PARK, Colo. (PRWEB) May 31, 2022
The primary target for crypto thieves is the exfiltration of private keys from an exchange’s hot wallets. Compromises also occur frequently with cold wallets that are not properly kept offline or during transfers or withdrawals of funds. To help protect their users, exchanges are tightening internal security and maintaining insurance policies against what is proving to be a higher risk than many crypto coin holders recognize. While these steps may make some users feel better, they certainly reflect the extent of this security problem.
Because hot wallets are inherently unsafe and cold wallets can be compromised, there needs to be a better solution. Without enduring confidence in private key security, cryptocurrency will fall short of its full potential.
"Looking at the prominent technical risks around cryptocurrency, we asked ourselves what it would take to prevent even a nation-state from getting access to private keys," explains Jim Northup, President and CEO of Verilock. "Since burying keys in a stainless vault three feet deep in the backyard might not work for everyone, we tasked ourselves with using our core technology to create something incredibly easy to use that would also leapfrog the current security models."
The novel and truly secure solution has three components to create superior protection and convenience:
- 1. The smartphone which must be unlocked by biometrics
- 2. A USB device that plugs into the smartphone with patent pending technology that permanently associates it only with the user’s smartphone in a manner that cannot be cloned or spoofed, and protects against state-of-the-art firmware attacks
- 2. A physical mechanism on the device to authorize a transaction, preventing remote access of the phone by an adversary
Unlike other hardware wallets, there is no battery, no cable, no screen, no fingerprint recognition, no pin code to remember and no “over the airwaves” exposure such as Bluetooth, WiFi or NFC. If that isn’t enough, the seed phrase, which enables recovery of private keys, is highly resistant to being hacked and cannot be used to recreate private keys without the authorized phone and device.
To learn more about Verilock’s plans, visit us at http://www.verilock.id. Also, see us at the RSA Conference Early Stage Expo in San Francisco and Consensus 2022 in Austin