Via its subsidiary YOUNIQX Identity AG, the Austrian State Printing House (OeSD) has launched a cryptocurrency cold wallet, as detailed in a press communiqué. published Unveiled on July 29, the innovation aims to address the rising concerns over cryptocurrency theft and associated crimes linked to wallet vulnerabilities.
Appropriately named, the hardware wallet is advertised as a scam-resistant secure storage device offering offline accessibility to crypto keys. It can create the private key on request and is resistant to both water and heat. Chainlock The report warns that 'hot wallets' pose significant security threats since their private keys are stored online or via exchanges.
According to the report, the Chainlock wallet will be distributed through the company’s associates, including Tokenize Exchange in Singapore and Coinfinity within Central Europe.
Claimed to function entirely offline, a patent has been submitted to ensure that unauthorized access to private keys is impossible.
Securing its Reputation
This ensures that scammers cannot obtain private keys through the internet, NFC, WiFi, or other typical means, keeping the wallet's private key strictly under the user's control. Neither YOUNIQX employees nor any external entity can access it. Moreover, users will reap advantages from wallets created through blockchain forks.
YOUNIQX stated that the device has gained traction and acceptance, particularly among retail investors.
It's considered a highly secure measure that received widespread acclaim on significant trading platforms, with Chainlock touted as an excellent fit for Security Token Offerings targeting retail investors.
The Chainlock's launch underpins the Austrian State Printing House (OeSD) Group's ambition to establish itself as a leader in high-security solutions, concentrating on secure identity systems. As a comprehensive service entity, OeSD delivers robust identity and passport solutions for Austria.
Back in 2018, OeSD expanded its offerings by founding YOUNIQX Identity AG, targeting solutions for secure digital identities. With tools like MICK for secure video identification and MIA for integrated identity management, the company is gearing up for the digital future.
As reported by American cybersecurity firm CipherTrace, thefts of digital currencies reached $1.2 billion from January to March 2019. A staggering $950 million of that originated from exchanges and wallet infrastructure breaches, a massive rise from $266 million in 2017.
Cold Storage to the Rescue?
The surge in crime has made the crypto arena challenging for newcomers, slowing down widespread adoption. However, this shift in focus has pushed the industry towards viewing cold storage wallets as a comprehensive solution.
Civic Technologies and BitGo are developing a privacy-centric cold crypto wallet. The product, still in development, will only retain vital user data for compliance like KYC.
Last week, it was reported \"The Civic Wallet brings more privacy and security to cryptocurrency management than ever before,\" commented BitGo co-founder and CEO Mike Belsh.
\"Previously, losing your device equated to losing access to your wallet keys, but Civic’s wallet is changing that dynamic drastically,\" added Belsh, describing it as significant progress for users.
If cold wallets effectively address wallet security, it’s uncertain what else could slow cryptocurrency adoption.
Based in the United Kingdom, Jimmy has been observing blockchain evolution closely over several years, hopeful about its potential to revolutionize the financial landscape.
