Bitcoin Vault or BTCV, ever since it was launch almost two years ago, got a lot of criticism from industry insiders who were skeptical about it. Their skepticism mainly stemmed from what the company stands for and what was it actually developing. Unlike other cryptocurrencies, the security features of Bitcoin Vault are what make it unique so let’s learn about it in our cryptocurrency latest news.
The key vision about BTCV was developed in an effort to create a safe haven for all crypto enthusiasts who would like to store their crypto assets without the fear of it being stolen. As most blockchains are not secure enough, this is where BTCV comes into play. The groundbreaking anti-theft features were developed on the basis of three private keys: Cancel Transaction Key, Standard Private Key, and Fast Transaction Key which all have a unique role in securing digital assets. In case of an unauthorized transaction or a mistake, the users can simply cancel the transfer using the cancel transaction key before 144 blocks are generated.
The 3-Key Security solution enhances BTCV security features while also poses as an anti-theft feature that was launched back in November. initially, the private key is used to access the wallet with the main function to confirm the balance and implement the normal transfer. If this key is used to transfer money, the transfer will be confirmed in 24-hours or after 144 blocks are generated. Even if a hacker was to steal this key, the wallet owner can use the second one and cancel the transfer in 24 hours.
The cancel transaction key is used to cancel the transfer within 24 hours of the confirmation of a regular BTCV transfer and if this gets compromised, all of the funds in the wallet will be immediately transferred to a new wallet protected by the new unused cancel key. The third key allows users to perform faster transactions as it can be used as the first key in order to execute a transfer in about 10 minutes after one block is generated without having to wait one day for the transfer to be completed. This way, the Bitcoin vault users can me quick transactions to trusted parties.
The private keys should be stored in separate locations. As long as these keys are safe, the 3-key security solution will enhance safety and will introduce features that allow the reversal of transactions in a 24-hours time period. The keys have to be kept in a safe place to prevent malicious transfers to third parties but they also have to be close at hand when transferring money.
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