Secure storage system safeguards against digital currency pilferage in cryptocurrency realm
YOUNIQX Identity AG, a subsidiary of the Austrian OeSD group, is known for its expertise in electronic identity (eID) solutions and secure digital identity frameworks. However, recent developments suggest that the company is venturing into a new area: secure cold wallet solutions for cryptocurrencies.
The company's latest offering, Chainlock, is a cold wallet solution designed for offline cryptocurrency storage. This innovative product, which is waterproof and heat-resistant, is conveniently available in a credit card format. Despite the lack of detailed public information about Chainlock's connection to YOUNIQX Identity AG, it is clear that the solution prioritises user autonomy, with the user retaining full control over their private key.
Chainlock's tamper-proof nature protects against unauthorised reading via the internet, WLAN, NFC, cryptolocker, scammers, and other potential threats. This offline storage mechanism is complemented by multi-signature authentication and hardware security modules, although specific details about its design and integration with YOUNIQX's identity technology would require further investigation.
Chainlock is now available through various partners such as Tokenize Exchange Singapore and Coinfinity in Central Europe. For those interested in using the Chainlock solution, an app is available at chainlock.com/app, requiring no IT expertise.
It's important to note that the security of cryptocurrency storage is a significant concern, with reports indicating that over $1.2 billion in cryptocurrency was stolen from January to March 2019, and "hot wallets" identified as a significant security gap by Ciphertrace. With Chainlock's emphasis on offline storage and secure private key solutions, it aims to address these concerns and provide a more secure option for cryptocurrency owners.
YOUNIQX Identity AG's portfolio was expanded in 2018 with the addition of innovative solutions for secure digital identities. The company continues to be at the forefront of technology and cybersecurity collaborations, particularly in Europe, with recent activities focusing on strengthening European defense and cybersecurity with distributed innovation, and partnering on initiatives to empower startups and technology-driven entrepreneurship through AI-powered platforms.
For more information about Chainlock and its role in YOUNIQX Identity AG's product line, further investigation or official documentation from YOUNIQX or Chainlock would be necessary.
YOUNIQX Identity AG, known for its expertise in electronic identity solutions and secure digital identity frameworks, has ventured into data-and-cloud-computing technology with its latest offering, Chainlock, a secure cold wallet solution for cryptocurrencies. This innovative product, designed for offline cryptocurrency storage, utilizes technology such as multi-signature authentication and hardware security modules.
