We have developed a new approach to key management and its usage for various types of transactions.
Reversible transactions
Bitcoin Vault is the only cryptocurrency on the market that allows users to reverse certain types of transactions. This feature is based on the combination of three private keys (3-Keys Security Solution) and their functions in the ecosystem. Users can create three types of wallets based on the number of private keys they want to use. With the optimal setup, when a user chooses to use a wallet that supports three private keys, he can perform three types of transactions and get the possibility to reverse them.
3-Keys Security Solution
Most of the cryptocurrencies require users to handle one private key to access wallets and perform transactions.
Bitcoin Vault developed a 3-Key Security Solution which requires users to generate three Elliptic Curve Digital Signature Algorithm (ECDSA) keys – one is stored automatically within the app and the other two need to be managed by the user. The current setup in Bitcoin Vault allows users to cancel initiated transactions and reverse them to an existing or a new wallet address.
Solution supports three ECDSA key with different roles in the ecosystem:
- Standard Transaction Key is generated automatically and works in the background. It is required to initiate all transactions, and to recover a wallet in case of a hack or technical issue.
- Cancel Transaction Key allows users to perform Cancel transactions within approximately 24 hours, after 144 blocks are generated.
- Fast Transaction Key gives users the possibility to make Secure Fast transactions and transfer BTCV in a matter of minutes.
Find out more on our BTCV Developers Medium: https://medium.com/bitcoin-vault-btcv
Bitcoin Vault Ecosystem
Bitcoin Vault’s ecosystem includes three apps that were created in-house solely for the purpose of storing and managing BTCV. Together, they form a powerful tool that guarantees a higher standard in security, transparency and freedom.
- Gold Wallet
Gold Wallet is an app for mobile devices designed to store, send and receive BTCV. It allows users to create three types of wallets and perform various types of transactions, including Secure Fast, Secure and Cancel Transactions. Gold Wallet can also be used as an authenticator for the two-factor authentication (2FA) for the Electrum Vault desktop app.
Find out more about Gold Wallet: https://medium.com/bitcoin-vault-btcv/btcv-goldwallet-review-2684b96cee50
- Key Generator
Key Generator is a web-based app that generates individual public and private keys necessary to set up wallets and perform transactions. It uses only local resources, which means the key generation process, as well as the keys themselves, never leave the user’s device. They are not stored anywhere and cannot be accessed online. The keys are stored offline, providing the utmost level of safety.
- Electrum Vault
Electrum Vault is a desktop app based on an open-source Electrum Wallet. It has all the features of Gold Wallet, which means it can be used to store, send and receive BTCV, create wallets and perform transactions, including Secure Fast, Secure and Cancel Transaction.
Find out more about Electrum Vault https://medium.com/bitcoin-vault-btcv/btcv-electrum-vault-review-f7dff61068b6
3 types of wallets
BTCV users can choose the type of wallet depending on the types of transactions they wish to perform.
Standard Wallet
This is the basic type of wallet and secured with only one key, the standard transaction key. It allows users to perform only the standard type of transaction.
2-Key Vault
This type of wallet is secured with two keys: Standard and Cancel transaction keys. It allows users to perform Secure and Cancel type of transactions.
The Secure transaction uses the Standard Transaction Key (which works in the background) and is delayed by 24 hours. This delay gives users an opportunity to react to an unauthorized or faulty transfer.
Using the Cancel transaction key, users can perform the Cancel transaction within 24hrs and redirect their assets back to their wallet or any other wallet.
3-Key Vault
This type of wallet is secured with three keys: Standard, Cancel and Fast transaction keys. It allows users to perform Secure, Cancel and Secure Fast type of transactions.
The Secure transaction uses the Standard Transaction Key (which works in the background) and is delayed by 24 hours. This delay gives users an opportunity to react to an unauthorized or faulty transfer. To cancel the secure transaction within 24 hours, users are required to use both Cancel and Fast transaction keys.
Secure Fast transaction is an irreversible transaction and is executed within the next available block, which usually means around 10 minutes and it requires Fast transaction key.