In a bid to entirely eradicate the issues of loss, theft and other challenges that comes with crypto wallet private keys and mnemonic phrases, SafeWallet has introduced a new system of wallet security that enables users recover their digital currencies with just their QR code based user IDs and preset security questions, according to a press release by the firm on July 27, 2018.
An Innovative Approach?
According to the SafeWallet team, the updated wallet security system completely replaces “cumbersome” mnemonic phrase/ private key cryptocurrency wallet backup system and increases ease of use for users, while also eradicating technical barriers.
With the new system, SafeWallet holders can now recover their virtual currency wallets by scanning the personalized QR codes and answering security questions earlier set up by them.
Importantly, the SafeWallet team also noted that QR-based user IDs are encrypted with the most advanced encryption technology available at current, including threshold cryptography, hash function mechanisms, and image fault-tolerant mechanisms.
In essence, the system makes it almost impossible for bad actors to steal users cryptos even if they try to scan the codes from other devices.
“With this latest update, we are proud to say that we have finally solved this usability issue without sacrificing any of the security capabilities that SafeWallet is known for,” said Product Head at SafeWallet, Kaiser Zhang.
Securing the Cryptoverse
The SafeWallet team has also made it clear that third-party cryptocurrency wallet developers are free to leverage its fundamental security technologies, to assist them in creating highly secure digital asset wallets, to the good of the entire blockchain, decentralized and centralized cryptospace.
Launched in February 2018 by Cheetah Mobile, a Chinese owned international mobile app firm, SafeWallet currently supports only bitcoin and ether, with support for other altcoins coming shortly.
For some holders, keeping wallet passphrases and private keys is quite a herculean task, with many institutional investors holding their digital assets in care of custodial services such as Xapo.
Hopefully, the new QR code technology will ultimately help cryptocurrency holders mitigate challenges they face while trying to safeguard their assets.