Gate.io rolled out a Bitcoin hardware wallet with a fingerprint feature for all exchange users to be able to verify transactions. It will also be used to securely interact with GateChain for other Defi apps so let’s find out more in our bitcoin news today.
Crypto exchange Gate.io launched its own brand of hardware wallets and it will be called Wallet S1 which will be the first hardware wallet launched by the exchange. Gate.io wallet S1 eliminated all need for passwords so instead of choosing fingerprint scanning to confirm the crypto transaction. Fingerprint recognition will eliminate the need the key attack vector and will stop Brute force attacks. For the password-encrypted devices, the black hat hackers can submit a series of password attempts until they can successfully guess the password.
The CMO at the wallet company Marie Tatibouet said that the S1 wallet has the world-leading fingerprint algorithm which will block threats. The feature doesn’t protect the wallet from all the threats. Additionally, to the exchange the hardware wallet will be a secure way to connect to Gatechain to the native blockchain network of the exchange:
“For enterprise-grade use cases, Wallet S1 can be used in combination with a Vault address at GateChain –a public chain focused on security, to achieve enhanced safety for large scale asset storage as a business or financial institution.”
This is the first time when a company launched their own hardware wallet to connect the native blockchain while other platforms like Binance that operates on Binance Chain, offer a lot of support for third-party hardware wallets such as Ledger to safeguard the user funds. The hardware wallets can be used along with Gate.io web-based wallet named wallet.io.pro so the users can log into the dashboard the users will add an extra layer of security with Wallet S1. According to the marketing materials, the wallet will be available in the next few months and is priced around $50 per device.
As reported over a year ago, About 40,000 ETC was stolen from the exchange Gate.io during the manipulation of the project’s blockchain network. As the exchange confirmed, the Ethereum Classic blockchain was under 51% attack in which a single entity takes control of more than half of the network’s hash power, allowing it to rewrite its transaction history and double-spend coins. Following this attack, almost all of the exchanges discontinued their ETC deposits and withdrawals and none of them – except Gate.io – have reported any losses.
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