Bitcoin Vault (BTCV) is a utility token that was issued by the Bitcoin Vault platform to support the functionality of the ecosystem. The resource was launched on December 12, 2019, with a goal to deliver an extra level of security on the basis of a three-private-key security structure.
The team of the platform has developed special functionality including the default options of reversing transactions that look unintentional and suspicious. The cryptocurrency that was issued by the Bitcoin Vault platform features the convenience of Bitcoin with a larger emphasis on such features as transparency and freedom.
The founder of the platform points out the importance of fair play for all members of the crypto community. Also, much attention is paid to the speed of transactions. The goal was to make the best solution for the world of digital gold and digital cash and expand the Bitcoin concept without making a compromise on security.
The features offered by the platform include the long-term store of value and protection from theft. For instance, each transaction can be canceled within 24 hours thanks to a recovery key that is applied in the case of an emergency. The company promises high-security payments with multisig protection.
The innovative security structure is based on three private keys: standard transaction key, cancel transaction key, and fast transaction key. The Standard Key gives BTCV holders access to their accounts, where they can see the balance and send funds to other users. The system of Bitcoin Vault features a default option that delays payments by 144 blocks taking approximately 24 hours. In the event of the hacking attack, the account holders have sufficient time to take measures and reverse the transactions that were previously performed by hackers.
Cancel Transaction Key can be used for cancellation of the unidentified transaction prior to their finalized condition. All members of the community receive special notifications when digital assets are transferred from their accounts. This warning helps them to get immediate access to their account for further use of the key needed for the protection of their digital assets.
The system also uses Fast Transaction Key, a feature disabling 24-hour delay when a fast transaction should be implemented. In this case, the funds are sent to the trusted contacts within minutes at a cheap rate. This option is applied when the member of the system prioritizes the speed of the transaction to its safety. Such transactions take from 10 to 30 minutes.
At the beginning of 2020, the BTCV wallet was integrated on Google Play, Windows, and Linux, and then on AppStore. The testnet of the platform was launched in October 2020. At the time of writing, the hard fork event is expected. The chain is not going to be split during the hard fork, consequently, users won’t have additional coins after it. A hard fork is required to implement changes in the protocol and enable merged mining that is also called Auxiliary Proof-of-Work. Merged mining allows mining of other cryptocurrencies simultaneously with BTCV without the reduction of the computational power of BTCV miners. The other goal pursued by the hard fork is the enhancement of security.
Such features as fast transactions in case of emergency and fast transactions between the trusted addresses introduced on the network with a hard fork event improve the functionality of the platform and make it more attractive.
Bitcoin Vault technologies
The platform employs a BTCV blockchain that is adapted to the decentralized digital mining standard (DDMS) of World Digital Mining Organization Inc. (WDWO). Based on Bitcoin’s SHA-256 cryptographic hash function, the code was enhanced in terms of security. The developers of the Bitcoin Vault team proposed a set of modifications to the original protocol. The innovative anti-theft solution has added a 24-hour window for cancellation of unauthorized transactions. The potential theft can be averted even when one of the keys was stolen or lost. In other words, the developers of the team have increased the transaction confirmation time to 24 hours thus tackling one of the main flaws of Bitcoin, i.e. its susceptibility to theft. In this way, a new approach turned the platform into a reliable store of value that is suitable for holding a person’s life savings with full peace of mind.
The company uses 3-key vault technology calling it the most secure wallet solution among cryptocurrencies. It is an elevated level of security that doesn’t exist in the crypto industry as the company asserts. Using a technical solution to reverse undesirable transactions, the platform employs an anti-theft mechanism that was carefully tested on testnet before launch.
The block includes a list of confirmed transactions headed by the Merkle root hash of these transactions. The transactions which wait on-chain for 24 hours can’t be added to the section of block’s transactions at once. Instead, they are kept in a special section called the alerts section that can’t be found in the original Bitcoin protocol. It means that a transaction is no longer committed without delay when it is added to a new block by a miner. Instead, the transaction is added on-chain as an alert for the duration of 144 blocks. If it remains undisturbed for 144 blocks, its alert status changes to the status “confirmed”. There is actually nothing new in the concept of delayed withdrawals, which are a proven security industry standard often used even in a traditional banking system and custodial wallets to prevent thefts.
Bitcoin Vault security
The user’s transactions require the performance of blockchain-based two-factor authentication to provide the highest level of security. The core feature of the protocol is the capability to cancel the transactions protects users from hack attacks.
Bitcoin Vault token
BTCV is a utility coin that is used as a store of value or a medium of exchange. Thanks to the private keys the account holder can fully control the account with assets.
BTCV is available for trading on different exchanges including MXC.COM, BKEX, Liquid, Hotbit, Bibox, P2PB2B, ProBit Exchange, and others.
Bitcoin Vault team
The founder of Bitcoin Vault Eyal Avramovich is an inventor and innovator who has been involved in the sphere of digital mining since 2015. Previously, he founded a mining company MineBest headquartered in Warsaw, Poland.