HolyTransaction CEO Francesco Simonetti talks to Cointelegraph about new opportunities opened to him by going into Bitcoin, and explains what is different about his wallet.
Simonetti is a co-founder of AssoBit, Crypto College Network Italy and Bitcoin Foundation Italy. He says:
“In 2013 I took off on my adventure in the Bitcoin ecosystem following the Bitcoin Meetup in Rome, I have always looked for exciting opportunities. Very early in my life, I promoted and organized electronic music events. Later, I conducted multiple projects producing music. I began to have an interest in cryptocurrencies and started HolyTransaction because it strengthens the underprivileged in a quick, safe and independent way’.
A multicurrency wallet
HolyTransaction is a universal wallet which allows users to store, spend, change and manage multiple cryptocurrenties and digital values as Bitcoin, Litecoin, Dogecoin, Omni Layer, Dash, Peercoin, Blackcoin, Ethereum, Gridcoin and more. Basically all the currencies based on the blockchain technology.
The peer-to-peer method enables simple and fast transactions, and enables crypto-to-crypto instant exchanges in a single account.
Fighting competitors
The main difference between HolyTransaction and its competitors is that the first one admits not only Bitcoin but also many other cryptocurrencies, so it can be called a “universal” wallet. Additionally, HolyTransaction has a fixed-rate exchange.
Users can switch from one to another cryptocurrencies in their personal account in a few clicks, with a simple interface.
Normally, if you want to have ten different cryptocurrencies (Bitcoin, litecoin, dogecoin, peercoin, etc.) you need to have ten different wallets, which is difficult to manage. Instead, HolyTransaction platform solves this problem, unifying everything in a single account. It also provides you with a high level of security with crypto-to-crypto exchanges so you can easily turn from one cryptocurrency to another.
Adding Multisignature for improving security
Bitcoin users are quite concerned about their privacy. However, there are several ways that the accounts are protected: for example, regular safety inspections and 2-factor authentication: the first is the user name and password, and the second is the verification code you receive on your mobile.
Moreover, HolyTransaction used the so-called “hot & cold storage backups”, but they also decided to incorporate the MultiSignature (MultiSig) to improve the wallet security. MultiSignature gives users multiple access:: a cryptocurrencies wallet has a public key, which is shared; and a private one, which is kept secret.
Transactions must be signed with the private key of the user to verify his authorship, and to validate the transaction.
MultiSig requires more than one person to complete a transaction agreement. For example, a wallet Multisignature from seven users may need the validation of three of its members for the transaction. Or if two people open up a MultiSig wallet together (friends, partners etc), this wallet may only send transactions when two people have validated such a move. If not, the transaction cannot perform.
In fact, HolyTransaction wants to let people manage their money as they wish.
“Bitcoin exists for that: to allow yourself be your own bank. By incorporating MultiSignature on our platform, we are trying to strengthen the autonomy of people with the right to fully control your money”, explained Francesco Simonetti.
Fragmentation problem
There are over 500 cryptocurrencies out there and each one requires a download of a custom software to use it. The greatest part of wallet software is too technical for users, and lack certain essential security measures.
For the amount of existing cryptovalues, there was almost no wallet able to cover them at the same time. Each community is trying to reinvent the wheel.
So HolyTransaction wanted to solve this problem:
“It became clear that there was a need for universal wallets which would admit many different currencies, for non-technical customers. So we solve the problem of fragmentation through this wallet”, said Simonetti.
An add-on to know the exchange rates
Recently HolyTransaction added the possibility to download an add-on for the Firefox browser.
You can read the exchange rates of the most popular currencies only with a couple of clicks. It is very simple and useful, as it gives you all the information you need before buying or selling your favorite cryptocurrencies.
The original article was written by Bettina Lubelle on Cointelegraph Espana.