Tallinn, Estonia, 5th Dec 2023 – BTCV’s development emphasizes security, safety features, and user experience to overcome key challenges hindering broader societal adoption of cryptocurrencies. The project acknowledges that user familiarity with private and public keys is essential, proposing a new key management approach for various transaction types.
The 3-Key Security Solution involves generating three ECDSA keys, with one stored automatically in the app and the other two managed by the user. This setup allows users to cancel initiated transactions and reverse them to an existing or new wallet address; such a solution brings additional security aspects when theft, error or fraud is happening. The three keys serve distinct roles, including Standard Transaction Key for all transactions, Cancel Transaction Key for canceling transactions within 24 hours, and Fast Transaction Key for swift transfers.
The BTCV project will be listed on the P2B exchange soon.
Bitcoin Vault’s ecosystem comprises three in-house apps designed for storing and managing BTCV. Gold Wallet, a mobile app, facilitates various transactions, including Secure Fast, Secure, and Cancel Transaction, and can function as an authenticator for Electrum Vault. Key Generator, a web-based app, generates individual public and private keys locally for heightened security. Electrum Vault, a desktop app based on an open-source Electrum Wallet, encompasses all features of Gold Wallet for storing, sending, and receiving BTCV and performing transactions. Together, these apps ensure a higher standard of security, transparency, and freedom within the Bitcoin Vault ecosystem.
The main goal of project
The goal was to create a cryptocurrency that retained the advantages of Bitcoin while incorporating additional features for users to effortlessly manage their assets without compromising the inherent flexibility of cryptocurrencies.
Recognizing the immutability of the blockchain as a fundamental feature of distributed ledgers, the developers identified potential risks associated with lost, misplaced, or stolen funds. Through significant modifications to the code and the utilization of private and public keys in the blockchain ecosystem, they conceived the innovative concept of making irreversible transactions reversible without compromising the immutability of the blockchain.
Bitcoin Vault (BTCV) was officially launched in 2019 as an alpha chain, undergoing substantial development between December 2019 and November 2020. During this period, a key feature was introduced, enabling reversible transactions on the blockchain—an unprecedented development in the world of cryptocurrencies.
About project
In 2009, a pivotal moment occurred in the world of cryptocurrency with the creation of Bitcoin, a groundbreaking peer-to-peer network based on blockchain technology. As the cryptocurrency space evolved, various forks emerged, and one such fork led to the inception of Bitcoin Vault.
The developers behind Bitcoin Vault set out with a mission to enhance the existing blockchain infrastructure, introducing unique features that would grant users greater control and elevate the security of wallet addresses, private and public keys, and asset transfers.
Bitcoin Vault stands as the world’s first cryptocurrency that empowers users to cancel transactions post-execution on the blockchain. This groundbreaking capability is made possible through a customized blockchain protocol that confirms payments within 144 blocks (approximately 24 hours). Along with secure transactions it is possible to send Fast transactions which may take only 10 minutes (depending on the required amount of confirmations on the blockchain).
Derived from a hard fork of Bitcoin Royale, Bitcoin Vault introduced an additional private key to the process, bringing the total to three. Since its launch in late 2019, Bitcoin Vault has not only expanded its technical capabilities but also laid a robust foundation in the market, aligning with an ambitious roadmap that extends into 2022 and beyond. The project continues to push the boundaries of innovation in the cryptocurrency space.
CipherTrace’s Spring 2020 Cryptocurrency Crime and Anti-Money Laundering Report revealed that crypto thefts, hacks, and frauds amounted to $1.36 billion in the first five months of 2020. Cryptocurrency exchanges regularly grapple with the task of recovering user funds mistakenly sent to incorrect addresses, incurring both time and financial costs, without guaranteeing successful recovery. The extent of daily transfers to scam addresses, hackers, or losses from Man-In-The-Middle attacks remains uncertain.
Bitcoin Vault (BTCV) emerged to address these challenges, introducing a 3-Key Security Solution to enhance transaction security. This solution empowers users to reverse certain types of transactions on the blockchain, combining the convenience of Bitcoin with crucial features for user transparency and freedom. BTCV aims to tackle issues faced by the crypto community, including unauthorized access, human errors in fund transfers, and software-related problems.
Media Contact
Organization: CyberBit OÜ
Contact Person: Eyal Avramovich
Website: https://btcv.com/
Email: Send Email
City: Tallinn
Country: Estonia
Release Id: 0512238174