All in security
When developing our COINiD Wallet, we wanted to create something that solved the users’ concerns about the, at the time, existing wallets out there. We wanted a wallet done right. Security became one of our focus points and as crypto owners ourselves, we knew from before where it was lacking and what had to be improved for our future users to trust our wallet with their funds. Following is a brief catch-up on what security aspects we were thinking of when developing our mobile wallet.
Let’s say that you send coins to someone, and that person wants to verify that it is actually you who have sent the coins. That person will probably not approve you just showing them the public address that you sent the coins from, and you should neither show your private keys to anybody else. Luckily, there is a function where you can have a custom signature that can verify your ownership but doesn’t reveal your private keys. Even more luckily, it happens to be a function that we now offer in the COINiD Wallet; sign message.
COINiD is a bundle of apps; the COINiD Wallet and the COINiD Vault. For many mobile wallets, there is one application you need to download, so why do we have two? What is the purpose of the COINiD Vault, and how does it work together with the wallet? If you have read our previous articles on hot and cold storage, you might have learnt when the different apps are used and when they integrate. Nevertheless, following is a more specific description of the purpose of the two applications.
Security aspects of cryptocurrency is a debate that can be heard every day, and we believe that even for hot storage, users must be comfortable with and trust the wallet they are using. The cold storage solution is indeed what foremost makes us different from many other mobile wallets. However, if you want to spend and receive coins, then you deserve a hot wallet done right as well. Easy, secure and fun! That is what we believe that cryptocurrency should be all about, and that is what we try to reflect in our wallet. Hot or cold.
“If you don’t own your private keys, you don’t own your Bitcoins.”
This is the most important phrase for any cryptocurrency investor to understand. The advent of cryptocurrencies and all the benefits surrounding it comes with the cost of added responsibility.
Recently, COINiD Group announced the launch of their new Bitcoin storage solution that prioritizes user security, has full SegWit support, allows transaction batching and offers offline storage without the need to purchase specialized hardware.
