Securing cryptocurrencies has constantly been a problem, which is why FrozenBit is trying to fix this issue with an open-source multi-coin/multi-signature wallet that will include Litecoin, Quarkcoin, Bitcoin, and Blackcoin via a trustless approach. FrozenBit's aim is to create a wallet with all kinds of conveniences, and provide the safety and security of a hot wallet, or cold storage wallet. FrozenBit's Project Leader, Calvin, says:
“Thus allowing Bitcoin to expand from a technically efficient niche, to a more consumer accessible niche with “bank-like” features. But don’t worry technocrats, we still have features on the way that we feel you’ll enjoy.”
Key features of FrozenBit
- 2-of-3 multi-signature wallet security - the greatest advantage of the setup, is that your bitcoins are 100% safe; not even the makers of FrozenBit will be able to run way with your coins. Basically, 2-of-3 multi-signature wallet security permits 3 separate public wallet addresses to outline a sole trustless coin storage address which begins with a "3". A wallet address sets off the transaction, while the remaining 1 or 2 wallets signs the transaction into the Bitcoin network, thus steering clear of failures. What's interesting is that FrozenBit is also looking to experiment with Trezor wallet management and key generation.
- User-controlled wallet keys - a user's sole responsibility is the in-browser generated wallet keys; when transactions are initiated, there will only be the encrypted public key available on the server
- Sharp security - users will have 24/7 wallet transaction security. The action can be verified through the FrozenBit offline package, which is available on Github. Furthermore, this additionally means that users can generate dedicated cold storage wallets; each time a user wants to withdraw coins, a two-factor authorization will be necessary via an SMS PIN
- Multi-platform - there's an Android and Apple app pending approval, and an offline multi-signature wallet client for users who are more advanced
- Referral program - FrozenBit gives a 0.005% referral commission to market-minded users for referred coin deposits; there's also a minimum payout of 0.0002 BTC sent directly to the wallet of the referrer.
As for the privacy issues concerning FrozenBit, FrozenBit's Project Leader, Calvin mentions:
“We are committed to privacy and wanted everyone to know we would rather move jurisdictions than submit user information.”
Future developments
FrozenBit is Bitcoin's first dedicated security program, with some exciting new developments on the horizon. Whether you're a veteran investor or a new adopter, the platform's 2 of 3 multi-signature Bitcoin wallet and additional features are the best alternative for storing and managing bitcoins.
"With FrozenBit you have the ease of use of a Hot Wallet, and the security of a Cold Storage. We never have access to your keys, and our wallet it open-source. You can be sure your portfolio is safe."
Some additional features of FrozenBit:
- HD wallets - users are allowed to create multiple addresses in their wallet, rather than just a single address per wallet
- RWES (real-world escrow situations) - unlike past multi-signature wallet predecessors of FrozenBit, RWES permits 3 emails upon registration; each of the 3 addresses receives a login that generates a sole key. Consequently, transaction initiation occurs when one of the keys has been sent to the other addresses. This allows users to withdraw money without having to fear that their coins might get lost.
- Watch only mode - users can track their bitcoins in an unspendable way
Introducing Coinomi
While FrozenBit is one of the safest ways of securing bitcoins via a multi-signature wallet, the platform is not the only one available. Another multi-coin wallet solution has recently hit the market. Known as Coinomi, the crypto currency wallet integrates all available coins into one solution.
Giannis Dzegoutanis is the founder and co-CEO of Coinomi. The multi-coin wallet permits users to control their digital coins with an app. Here's what you need to know about the Coinomi wallet:
- Access all coins - control all your coins with a single app; no confusion, no hassle
- Top security - Coinomi uses bank grade technology; your money is kept safe by guaranteeing that your private keys will never leave your gadget; the user has absolute control
- Convenient backup - a user's coin are gathered in a Hirerarchical Deterministic Wallet; rather than have a single wallet for every digital coin, users have one master key for all of them.
Cointelegraph reached out to Giannis Dzegoutanis, Founder and co-CEO of Coinomi who explained the security of the new wallet:
“We are taking security seriously with a healthy dose of paranoia […] we use Hierarchical Deterministic wallets and especially the new BIP44. There is a single seed that the user must keep top secret. The private keys of the user never leave their device. So in case somebody hacks a server, our users founds cannot be stolen.
The private keys are encrypted on the device, and can be unlocked with a PIN. After 3 failed retries, the wallet deletes all the private keys and the funds can only be accessed with the secret seed. There is also a third factor authentication that can be used in smartphones that have NFC capabilities. It will be the Coinomi card, more on that after we launch.”
- The Coinomi wallet
Dzegoutanis also mentioned that Coinomi is planning to add more altcoins and crypto-assets in the future, iPhone and Windows phone capability and the option of buying coins with fiat and exchange inside the wallet. In the long term, the company is planning to grow its team and interoperate with many kinds of hardware products such as physical wallets (e.g. Trezor), POS systems, vending machines, etc.
Dzegoutanis concludes:
“The grand vision is to make the cryptocurrencies as easy to use as everyday cash.”