New Sim Card Hardware Wallet
March 07 2019 - 1:28PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
March 07, 2019 -- ADVFN Crypto NewsWire -- The industry for
cryptocurrency security services and devices continues to
diversify. The technology itself is always evolving, and along with
it, the hardware that facilitates its use. There are two primary
types of cryptocurrency wallets for storage - hot or cold. Hot
meaning connected to the internet, whereas cold could be a memory
device, or simply the wallet restoration information kept in a
digital or physical format.
However, the lines between these
two types are beginning to blur as new technologies have allowed
the live, transactable features of hot wallet to function with
certain types of cold wallets. Samsung is a major proponent for
using partitioned mobile devices as cryptocurrency wallets. This
provides easy access to a wallet on a device that most people
already carry with them at all times. But a new method for a
removable hardware wallet is giving any phone with two sim card
slots the ability to become a hardware wallet.
VaultTech
Chip
This new hardware wallet design was
created by VaultTech, a company founded in the United States. It
works similarly to the most popular USB drive hardware wallets -
Trezo or Ledger. For phones such as an iPhone that has only one sim
card slot, a dongle can be used to integrate the storage device.
However, the VaultTech Intellichip incorporates a couple unique
features:
-
Device Locks - VaultTel allows you
to lock access to your wallet to a specific device. When a device
lock exists on your wallet, you can only access your wallet using a
specific device.
-
Geo Locks - VaultTel allows you to
lock access to your wallet to a specific geo fence. When a geo lock
exists on your wallet, you can only access your wallet from a
specific geo fence.
-
Wallet Backups - VaultTel allows
you to backup your wallet electronically via additional VaultTel
Chips.
-
Anti-Theft - biometric
authentication ensures that no one can transfer your coins from
your hardware wallet, install a spy screen recorder or Trojan to
record what is happening on the hardware wallet.
The wallet is available in the
U.S., and for pre-order at this time in European countries. There
are two purchase options: an Android package for £75 ($98),and an
iOS package at £100 ($131). The difference is required, because the
VaultTel operates on the users phone with their own app.
By: BGN Editorial Staff
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