Recently, with various information in the news regarding hacks and wallet addresses being stolen, one question has been thrown around a lot. Are my funds safe? Safety has been a major concern of many users, and many people are now looking for ways to best keep their funds safe especially with the growing adoption for cryptocurrencies. When we discuss cryptocurrency hardware wallets, we have two wallets that are known to most people in the industry, the Ledger and the Trezor. So these two firms are dominant players in the market and have been providing users with one of the safest methods of storage for cryptocurrencies. However, with news recently coming up regarding the hacking of wallets and the leak of information, are these two really the best wallets out there?
In this article, we will talk about a hardware wallet that has many unique features unavailable on other devices! They call this wallet BC Vault. The creation of BC Vault was by a company in Slovenia by the name of REAL security. Furthermore REAL security specializes in cybersecurity products and services to support the growing cryptocurrency market. The firm is set not to create another hardware wallet, but to create a truly easy and secure cryptocurrency vault.
BC Vault Design and Display
One of the biggest challenges user are facing today with existing hardware wallets is the displays. Most of the hardware wallets that are currently on the market have small screens that show small amounts of information. The team behind REAL security saw this problem and hopes to solve it by providing users with a large display. That is why the BC Vault wallet features a 242-inch OLED 128×64 pixel display to show all the important transaction details. By having a larger screen, it removes the possibility of users possibly making careless errors when making transactions. So on the screen, information like sender, recipient addresses, wallet name, transfer amount, fees, and warnings for unusually high transfer fees. The BC Vault wallet will also feature a 4-way directional pad enabling easy navigation and improvement upon interfaces for users.
Unlike many of the existing technology, BC Vault wallet does not use open-source policies. Many of the existing platforms like Trezor and Ledger have been exploited due to their usage of open-source policies. Therefore, the REAL security team believes that open-source is unsafe and these disadvantages will continue to persist unless users choose a different technology.
One App for All
Perhaps one of the best features of the wallet is having a wide variety of cryptocurrencies. BC Vault wallet offers native support for all cryptocurrencies all in ONE single application. Unlike Trezor and Ledger that relies heavily on third-party software applications, BC Vault wallet has its own software application that supports native storage for all ERC-20 tokens. These include 200,000 ERC-20 currencies that exist today, and the seamless use of Segwit and legacy addresses with each Bitcoin address. The Bitcoin cash wallets can also switch between the legacy address format and the new CASHADDR format.
Private Key Storage
BC Vaults store all private keys in FRAM. FRAM stands for “ferroelectric random access memory”which basically functions similarly as flash memory but a thousand times faster than throughput while consuming 250 times less power than flash. The chip that BC Vault uses also prevents the wallet from exposure to potential malware on devices (like your computer). The platform also guarantees reliable data storage for over 200 years at 35 degrees Celsius or 95 degrees Fahrenheit.
All different cryptocurrency wallets on most mainstream hardware devices like Ledger and Trezor can be traced back to a one seed phrase. The companies that sell these devices can track and link users to their devices which is also a risk. A lot of the hardware wallet companies also have the capacity to track devices due to unique private keys sent to their hardware security module every time they use a device. BC Vault removes all the possibility of tracking and provides users with complete anonymity. The device has no serial number, and the company also does not track any data that would potentially be linked to the owners.
Encrypted Seed Backups
Many of the wallets that you and I may know often asks you to write down your recovery phrase on a sheet of paper. This actually doesn’t make much sense especially since there are no instructions on the prevention of accidental loss or destruction. So with BC Vault wallet, all the backups are encrypted by default. Rather than having a single unencrypted recovery seed. Every wallet can have a backup by itself on an infinite number of secure memory cards or print QR codes. Every BC Vault device also comes with a one gigabyte microSD card just for backups. With these backups, you can also print them out and give the backups to your family and friends!
Pins and Passwords
Many of the devices you know like Ledger and Trezor require a pin code to access the device. These devices also use third-party softwares to run and keep all your information. So with BC Vault, your passwords can be an unlimited number of characters, including a directional sequence input with the device’s directional pad. The BC Vault wallets also can generate up to 2000 wallets for each user allowing each user to have different codes to access their private wallets.
The Bounty Wallet
One cool thing about the BC Vault wallet is that they have a bounty wallet. Every BC Vault wallet comes with a private key to a public address with over 1 BTC! The team encourages users to perform black-box security tests on the BC Vault wallets, and anyone that is able to breach it can earn the 1+ BTC prize!
BC Vault vs Ledger vs Trezor
To conclude, BC Vault proves to be one of the most secure and best-performing crypto wallets. The wallet is one of the next generation hardware wallets that has an enormous advantage over traditional hardware wallets. With security becoming a bigger issue than ever, make sure to protect yourself and your crypto assets! So if you would like to purchase a BC Vault wallet, feel free to enquire below.