Wednesday, November 13, 2021

Ever Coin Offers New Hardware Wallet That Assists in the Recovery of Private Keys

Digital wallet provider Ever Coin is offering the Ever Coin 2, a new mobile hardware wallet designed to give people more security when storing their crypto funds.

Ever Coin Offering a New Way to Secure Your Money

Keeping digital money in a hardware wallet is a lot safer than storing it in a standard exchange, which for the most part, remains vulnerable to hackers and other malicious actors. Many times, these hardware wallets require the knowledge of private keys in order to gain access to the money being stored.

However, there’s a huge advantage to the Ever Coin wallet in that the initiating company has implemented a new system that assists in the recovery of private keys should they ever be lost or disappear. Despite 18 million bitcoins having already been mined, for example, many are no longer accessible because the owners lose track of their private keys and cannot access the funds. Without access, the funds are “lost” forever.

At the time of writing, it is estimated that as many as 25 percent of the bitcoins that have been mined have been lost forever due to forgotten passwords or access keys. That’s the equivalent of roughly 4.5 million BTC units. In addition, several others have been stolen and there is little hope of recovery.

The wallet comes in the form of a small house key. Powered by technology firm Yubico, the security measures taken involves helping clients recovering their data without exposing them to third parties who can potentially hack the accounts through two-factor authentication methods or through SIM-swapping tactics.

Ever Coin CEO Talip Ozturk explained in a statement:

Ever Coin users deserve peace of mind. We protect users from hackers with YubiKey hardware, but we also protect them from accidents when they have lost their phone, their YubiKey or their password. Accidents do happen, and we want to ensure that funds are always safe and recoverable.

At press time, the wallet can support more than 20 individual cryptocurrencies, including Ethereum (ETH) and bitcoin (BTC). The company also offers support for both iOS and Android and allows users to directly connect their bank accounts to their digital wallets, so they can instantly cash out should they ever receive funds.

The wallet provides them with all the basic functions of a cryptocurrency exchange such as Coinbase or Binance while also offering them higher security functions.

Your Keys, Your Crypto

Ever Coin chair Miki Matsumura explains:

There’s a saying: ‘Your keys, your crypto.’ This means that if you don’t have the private cryptographic key, then someone else controls your bitcoins. The problem is that people used to lose or mishandle these keys. What we’ve done is to partner with Yubico to turn their YubiKey into a hardware security device for storing bitcoin and other cryptocurrencies.

The post Ever Coin Offers New Hardware Wallet That Assists in the Recovery of Private Keys appeared first on Live Bitcoin News.

Ever Coin Offers New Hardware Wallet That Assists in the Recovery of Private Keys