“Finney” from Sirin Labs and “Exodus” from HTC are the two blockchain phones that are expected to be out by the end of this year.
Exodus is going to be based on blockchain technology a lot similar to Finney. The Sirin labs have already taken the wraps off the Finney blockchain phone.
The “Exodus” comes with the strategy of serving you to keeping your cryptocurrency safe. And, this is happening in a market scenario where there are mixed opinions about external storage. The audience are already wondering on how well the hardware wallet might actually work out to be.
Phil Chen, spearheaded the Exodus development. He is beginning to clarify on the concerns of how they are planning to help clients keep their cryptocurrency safe.
Protective cryptocurrency customers are concerned, because to them, storing their cryptocurrency in cold storage is considered safe. Cold storage is entirely offline. However, the act of connecting to the internet is too far a road from safety for these customers.
Matthew Green, a cryptographer states, “Phones are very promiscuous in the sense that they transfer a lot of data, they connect to a lot of networks, we install third-party apps on them. They can be made relatively secure, but they’re not the safest thing to carry around a lot of money.”
Chen, the chief officer at HTC’s stated, “A few years down the road, we see a world where people own their own identities and data, where everyone understands the concept and economics of digital property.”
However, at the current moment, the primary concern for most of the intended audience for Exodus’s is about how well the hardware wallet will work.
Reinstating the importance of helping newcomers to crypto in the security process, Sirer of Cornell stated, “The area is new and we need to support the people who are just finding their way in.”
While the cryptocurrency has evolved to be a lot better than the Wild West experience of the decade, investors are continuing to face instability and risk in the transactions. Older scams and schemes keep recurring and newer types of intelligent schemes come up all the time.
Fake wallets that are set up in order to trick users, phishing attempts meant to steal private cryptographic keys, fake cryptographic schemes, trojans that copy paste cryptocurrency Bitcoin wallet addresses in the copy paste clipboards and a lot more keep storming the cryptocurrency market.
Though it is not possible to defend against every kind of conceivable attack, storing a backup of the cryptocurrency on an external storage like a portable hardware makes a difference. However, the data thus stored needs to be encrypted.
When using secure hardware wallets like Trezor, Emin Gun Sirer, the distributed systems and cryptography researcher at Cornell University, suggests “keep a backup of the seed key in a fireproof safe.”
While there are lots of established institutions offering cryptocurrencies, there are those gimmicky cryptocurrencies as well.
Trying any kind of app by trusting it with too much cryptocash is also not considered to be a good idea. To facilitate low value transactions, experts suggest storing a small portion of the cryptocurrency in a wallet.
The rest will be revealed when reality unfolds for the smartphones promising to be safe for cryptocurrency.
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