YOUNIQX Identity AG is being commended for successfully developing an innovative technological solution to the growing menace of cryptocurrency thefts. The company is a subsidiary firm of the Austrian State Printing House. It has come up with an extremely secure and forgery-proof product by the name of ‘Chainlock’, a cold wallet crypto storage solution.
This new solution comes perfectly at a time when numerous cases of cryptocurrency thefts are being reported. As per reports published by CipherTrace, a cybersecurity firm in the US, theft cases of nearly 1.2 billion USD worth of cryptocurrencies came into light during the first quarter of this year.
Cyber companies are now raising grave concerns over the growing need of securing these digital currencies. The current security system in place, called ‘hot wallets’, does not seem to provide adequate security. The private key that is used for hot wallet cryptocurrency accounts is generally stored in public exchanges or is connected to the Internet.
This exposes the system, thereby making it vulnerable to possible thefts. The new solution provides for safe online storage of cryptocurrencies like bitcoins. Moreover, under the new system, the cryptographic private key is made known only to the user, wherever necessary. Chainlock also promises to be an ideal token container for STOs that come up with retail sales strategies.
The product is a result of through careful thinking, developed to guarantee extremely high security. This is evident from the fact that no person has been authorized to view the private key pair. This restriction is applicable to even the staff of YOUNIQX. Also, the key is only available offline. This means that any remote chances of unauthorized access to the key via the Internet are literally impossible.
The Chainlock card comes in the size of a handy pocket-sized credit card. It is strong and even water and heat resistant too. What’s more, the product is extremely user-friendly, requiring no obligation of IT know-how to operate it. The app is easily downloadable online, and you can find all the details therein.