“Anxiety about cryptocurrency wallet hacking, 3-way security system completely protects against hackers”
AS there has been a spate of exchange hacks, the importance of security is rising. Especially, security wallet and authentication technology are emerging in order to safely store and transact cryptocurrencies safely.
Cryptocurrency itself is usually stored in a blockchain. Each investor holds a wallet in which the cryptocurrency is stored. It has its own account and has a separate key that is accessible.
Hackers seeking cryptocurrencies steal this key and try to steal them by accessing cryptocurrency accounts. Therefore, cryptocurrency exchanges make efforts into hot and cold wallets with robust key management to solve the security problems.
There are two main solutions to prevent cryptocurrency hacking. First, ‘Multisig’ is known as a way to generate transactions by having two or more signatures. It is a principle to prevent hacking by distributing the key to the exchange and individual users respectively.
Another way is a triple security. Berith Smart Wallet is a representative example, launched along with Berith Blockchain Mainnet which is the integrated blockchain business platform.
Berith Smart Wallet is characterized by a three-way security wallet — login password, private key, and transaction approval number. In addition, private key backup is supported by server or application depending on user selection in case of loss of the private key.
MyEtherWallet has been criticized for not enough preparation from the risk of hacking such as phishing sites. However, it is a common opinion within the industry that if the security system is strengthened through a 3-way security such as Berith smart wallet, it can be sufficiently removed from the threat of hacking.
Berith said, “In the case of multi-sig, we can say that the password and the key are constructed at the same time. The 3-way security of Berith smart wallet has three security structure, including password, individual key and transaction approval number. It is not only equipped with such a secure environment but also improved user convenience.”