Bitcoin Vault has introduced reversible transactions that will change the way we think about security on the blockchain
Bitcoin Vault has introduced a new feature to the blockchain world. Users can now reverse their transactions, which hasn’t been possible before. Delve into this article to learn what this innovation is all about and how it can boost the security of your transactions.
Blockchain is immutable by nature. It means that the transactions, once added to the blockchain, cannot be changed, reversed, or removed. Such immutability promotes a culture of transparency as the participants do not have to rely on a third party anymore.
Bitcoin Vault (BTCV) has taken a further step forward to leverage blockchain to the next level. It proposes a unique 3-Key Security Solution to enable reversible transactions while maintaining the immutable nature of the blockchain.
BTCV’s reversible transactions
The 3-Key Security Solution empowers users with top-level security standards in the event of any unintended transactions, wallet hacks, or stolen private keys. Each Secure transaction is, by default, delayed by 24 hours, which is the approximate time needed to generate 144 blocks on the blockchain. This delay gives users an opportunity to quickly react to an unauthorized erroneous transfer. The solution has been possible thanks to three keys with different levels of complexity:
- Standard Transaction Key is generated automatically and works in the background. It is required to initiate all transactions and recover a wallet if there is a hack or technical issue.
- Cancel Transaction Key is the key for performing Cancel transactions within a 24-hour window.
- Fast Transaction Key gives users the possibility to make quick Secure Fast transactions and transfer BTCV in a matter of minutes.
A few words about Bitcoin Vault’s ecosystem
Bitcoin Vault users can enjoy the highest standard in security, transparency, and freedom now that they are equipped with three powerful and user-friendly apps created solely to store and manage BTCV.
Gold Wallet, a mobile app used for storing, sending, and receiving BTCV. It offers three different types of wallets:
- Standard secured with one key for Standard transactions.
- 2-Key Vault secured with two keys for Secure and Cancel transactions.
- 3-Key Vault secured with three keys that allow users to make three types of transactions: Secure, Cancel and Secure Fast.
Key Generator, which is a web app used for generating your public and private keys. Remember to save and store them in a safe place as they are used to authorize your Cancel and Secure Fast transactions.
Electrum Vault, a desktop app used for storing, sending, and receiving BTCV. It offers Standard, 2-Key Vault, and 3-Key Vault wallets and Standard, Secure Fast, Secure, and Cancel transaction types similar to Gold Wallet.
Most cryptocurrencies equip their users with only one private key. BTCV, as the first global cryptocurrency project, empowers its users with 3-Key Security Solutions for the highest-level of security and functionality.