On November 17, 2020, Bitcoin Vault (BTCV) became the first cryptocurrency ever to be equipped with an advanced anti-theft security solution that allows to reverse transactions.
Launched in 2019, Bitcoin Vault was developed to allow crypto traders and enthusiasts to store their cryptocurrencies without having sleepless nights over their security. Crypto-theft and hacks have grown significantly over the years. In fact, according to CipherTrace over $1.36 billion were stolen in the first five months of 2020, putting it en route to becoming one of the costliest years ever. Hence, developing a secured cryptocurrency to protect users’ assets has been a top priority for many crypto developers.
Breaking the mold
The concept behind Bitcoin Vault is simple – to create the ultimate electronic store of value. To achieve this, developers have been focusing on enhancing safety features to improve its position as a form of digital gold.
The main idea here is to give all users the possibility to react and eliminate potential theft by reversing any unauthorized transaction. So, once a transaction is made, an automated message is sent immediately to the BTCV user, which gives them enough time to get into their account and cancel the transfer.
As all standard BTCV transactions have been delayed to 144 blocks by default to give BTCV users a window of approximately 24-hours to verify and cancel any unauthorized or wrong transactions. This comes especially in handy if one of the keys has been compromised.
BTCV’s 3-Key Security Solution
BTCV is a relatively young coin with strong fundamentals. So far, this project has successfully met most if not all the milestones presented in its road map. It has integrated its own wallet and has also been listed on various exchanges like Coineal, Liquid, and MXC. The most recent of its achievements was the launch of its leading anti-theft feature – the 3-Key Security Solution.
This feature has been designed to secure digital assets in case of an unauthorized or erroneous transaction. Each of the three keys (Standard Transaction Key, Cancel Transaction Key, and the Fast Transaction Key) has a unique role to play in increasing wallet security.
Standard Transaction Key
This key is generated automatically with each wallet and mainly runs in the background to ensure the smooth function of all Standard and Secure transactions. Apart from functioning like an invisible layer of extra safety, it can also be used to recover your wallet in case of a security breach or technical issues.
Cancel Transaction Key
This key is used to cancel and reverse a transfer within 24 hours of a regular BTCV transfer. In case this key has been compromised all the funds in the wallet should be transferred to a new wallet immediately.
Fast Transaction Key
This key allows users to perform fast transactions. It can be used to execute a transfer in about 10 minutes, after one block is generated allowing BTCV users to make quick transactions with trusted parties.
Thanks to this unique feature users now have full control over their funds and the authority to prevent any kind of unauthorized transfers and transactions. Which was previously impossible in the crypto world, making BTCV the only coin in the block to have accomplished this.