A cold storage wallet, considered as the most secure way of storing cryptocurrencies by many, has been further strengthened by an Israeli cybersecurity startup GK8 by adding online connectivity and other novel features.
GK8 has pulled off a groundbreaking innovation in the cryptocurrency arena by designing a cold storage wallet that boasts of on-network transfer capabilities and one direction communication that tosses out every internet user’s worst nightmare out of the window.
Besides tackling with cyberattacks, account hacks, and suspicious transactions, the ingenious technology boosts the most-used features like sending, storing, or receiving digital assets.
Co-founder shares the magic formula behind the unique cold storage wallet
Co-founder Lior Lamesh shares the trade secret in an interview. Based on unidirectional communication links, the technology essentially facilitates only one-way communication, that is, from the wallet and not the other way around. Since it is incapable of accepting outside information, possibly unauthorized, it reduces the chances of attacks and hacks.
Its one-of-a-kind technique circumvents the critical assumptions of the cryptocurrency transactions, thus minimizing the risks associated with the digital asset transfer.
Technology secures patent
The firm already secured five patents for this sophisticated technology, one of which describes digital wallet device as being electronically isolated from all digital devices and constituting of a cryptocurrency integrated circuit that disconnects the device from computer interface. It is empowered by one-directional communication hardware that enables only sending of transaction details to a communication device.
Lamesh furthered that he and his partner in the project, Shahar Shamai, came up with the idea of a fully functional cold storage wallet without internet connectivity after experiencing the vulnerabilities of the most ahead of time technologies. For a long time, the threat of cyber attacks has been looming over the cryptocurrency industry, and it is about time that technology steps up its game and GK8 did just that, he remarks.