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In 2013, James Howells from Wales dumped a hard drive storing 7500 bitcoins considering it as a waste of an investment. Fast forward today, he is offering a 25% share to whosoever finds the wallet for him. It is impossible to know the exact number of lost bitcoins to date (estimate 3- 4 million).
Just like all good things have a drawback, crypto finance is no different. Despite completely revolutionizing conventional economics, storing wallet keys is a critical responsibility. While issuers are concerned that they cannot securely manage a treasury of tokens investors worry they will lose their private keys. These keys are long, complex and extremely difficult to remember other than storing the address on a physical medium. Once lost, it is impossible to access the tokens before they can be spent, traded, or exchanged.
The Problem with Private Keys
Private keys are long and onerous. They are impossible to remember but easier to misplace. And as with the estimated 4 million lost Bitcoin, they are irretrievable.
In other words, Bitcoin wallets and private keys provide a great system in theory. After all, it’s virtually impossible to hack someone’s wallet. However, in reality, private keys often leave us just as vulnerable as the centralized systems that cryptocurrencies want to save us from.
Why keeping a digital asset on an exchange is risky?
One solution that resolves the problem of private keys is to keep your funds in an exchange wallet. When an exchange knows and controls your private keys, is it really assuring the promised financial freedom? Furthermore, when an exchange gets hacked and its store of funds is stolen- the individual’s users’ funds are rarely protected. In all honesty, the decentralized experience can’t be sought under the watchdogs of centralized exchanges.
The exchange wallet may solve the problem of private keys, but produces a lot of other problems.
What if there was a wallet that eliminates the need for private keys, yet still provided the same safety and security while keeping in the spirit of true decentralization? That wallet exists.
Introducing Keyless Crypto Wallet- A Secured Storage Space for Digital Asset
Antier Solutions has been at the forefront of financial freedom since 2005, with the mission of making cryptocurrency as simple and accessible as possible. The company has developed several cryptocurrency exchanges that ensure the users with total freedom to access their funds while allowing them to send coins to the wallet of their choice. Recently, Antier Solutions has developed a keyless wallet that rewrites the rules of storing and spending cryptocurrencies.
How Keyless wallet is different from other crypto wallets?
Using mathematical secret shares, Keyless wallet splits the wallet’s private keys between its owner server and your device in the form of a biometric 3D face scan. Both halves of the equation are needed to access the wallet, meaning a keyless wallet can’t access your coins without your half of the key. Yet because your half is biometric, there is no need to worry about losing it. Your funds remain decentralized and in your control, minus the problem with private keys.
If you are also planning to invest in the crypto wallet development that provides your users top-notch secure storage for their crypto, then investing in keyless crypto wallet development is the best bet for you. Our skilled team of blockchain developers combines their expertise and knowledge to build a highly-secure and feature-rich crypto wallet of your choice.
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