Bitfi, a global payments technology company, announced the creation of what it believes to be the world’s first unhackable private cryptocurrency wallet.
According to the company, the Bitfi Knox hardware wallet incorporates a high level of security, a user-friendly interface and unhackable level of protection.
Usually, all hardware wallets contain private keys and so protecting those from exposure becomes the main concern. Knox wallet does not store any private keys in the same way as all the others.
The system works using a key phrase, which is easy for the user to remember and almost impossible to guess for intruders. Since the device will support all cryptocurrencies, the user will be able to reach their assets by just remembering their key phrase.
Just after the introduction of the wallet to a select group of the crypto world, John McAfee, the McAfee anti-virus program creator and one of the foremost pro-blockchain entrepreneurs, voiced his interest in the wallet and joined the Bitfi team.
“Of all today’s elaborate and sophisticated methods for making wallets secure and easy to use, surely none is as epic as that of the new Bitfi wallet. Several of my competitors have pioneered innovative methods to protect private keys, but Bitfi pulled out all the stops to ensure that the private key can never be obtained by illicit means. No other hardware wallet has ever been built to this level of sophistication,” said John McAfee
Earlier on his twitter account, John McAfee announced that he will not promote ICO’s anymore due to threats from the U.S. Securities and Exchange Commission (SEC).
Due to SEC threats, I am no longer working with ICOs nor am I recommending them, and those doing ICOs can all look forward to arrest. It is unjust but it is reality. I am writing an article on an equivalent alternative to ICOs which the SEC cannot touch. Please have Patience.— John McAfee (@officialmcafee) June 19, 2018
The device is said to be very easy to use since no technical skill is required. To set it up, the wallet requires only a wireless connection and works without any downloads or installations. After the initial setup, the device is automatically updated to the latest version. Bitfi will soon add support for other cryptocurrencies alongside monero (bitfinex: xmr/usd.bitfinex) and ethereum (bitfinex: eth/usd.bitfinex) and these assets will be visible on the dashboard of the wallet.
Bitfi is currently waiting for the approval of a patent while the wallet access sale date is set for June 25, with a price tag of $120.
By Nadya Astam