Crypto Wallet to Replace Private Keys Using Encrypted QR Codes

The system is maintained by the company to become more secure than traditional mnemonic terms, while being simpler to use. In particular, the system expects to make sure users aren’t writing their backup down words on paper,”which can be easily lost, damaged or stolen.”

What’s more, the company has granted third-party developers access to its security tools, allowing other people to add similar security features to their projects. Therefore,”SafeWallet’s advanced ID system will function as a bridge connecting decentralized and centralized systems and solving ease-of-use and security issues for blockchain goods,” the company asserted.

Also as a safeguard against theft, personal keys”will never” seem as text at the pocket, they said, while SafeWallet will even scan users’ apparatus for apps containing malicious code and also notify consumers if something suspicious is found.

The program, managed by China-based Cheetah Mobile, will use a two-tier security program to provide users access to their holdings, according to a media release. The first stage will get users scan their encrypted and personalized QR codes, while the second requests pre-set security concerns.
“The QR code is extremely encrypted, so it can not be uninstalled by scanning it with other applications… [also ] SafeWallet does not store your QR code onto its servers,” a company representative told CoinDesk in a email.
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Keys image via Shutterstock

SafeWallet product head Kaiser Zhang explained in a declaration that the new tool ensures”that there is no longer any requirement to incorporate or transcribe long mnemonic phrases or keys”

He added:

While admitting the possibility that someone can access the QR code if stored on a device or at the cloud (which the company recommends for suitable backup accessibility ), the agent said:

SafeWallet considers that the new program may also safeguard against the risks that come up if users send their passphrases to themselves using email or instant-messaging systems, which may contain malware or leak the messages into bad actors.

Decentralized cryptocurrency pocket SafeWallet is starting a brand new QR code-based user identification system to substitute mnemonic terms and private keys, the company announced Friday.

“A hacker can not access your assets together with your QR code independently. They would have to be familiar with answers to your security concerns (along with a routine SafeWallet password). Our security concerns are somewhat more special than your normal security concerns, so they’d be extremely tricky to guess, even if someone is very close to the user. … You’re in complete charge of your assets at all times”

“This complex backup process has been among the most important barriers for consumers of all cryptocurrency wallets, and particularly for those that are new to the business. With this latest upgrade, we are pleased to state that we’ve now solved this usability issue without sacrificing any of the security skills which SafeWallet is known for.”