February 20, 2024

Evercoin has released a new hardware wallet based on YubiKey

Cryptocurrency exchange Evercoin has announced the launch of a new cryptocurrency wallet Evercoin 2 based on technologyYubiKey hardware authentication for iPhone and Android smartphones.

“Unlike other hardware wallets likeLedger and Trezor, Evercoin 2 uses YubiKey to provide comprehensive protection on the Internet. It was created in order to bring cryptocurrencies to the masses, ”said Evercoin co-founder Miko Matsumura.

Evercoin 2 supports 20 crypto assets, includingBitcoin and ether. Users can store their cryptocurrencies and exchange them using the built-in non-custodian exchange, as well as link their bank account to an Evercoin account and buy crypto assets for fiat currency.

As noted by the chief financial analyst of the companyCipherTrace John Jefferies, in fact, Evercoin 2 is not a hardware cryptocurrency wallet, since it does not store user private keys. It is rather an authentication device, a more secure analogue of mobile wallets.

This is confirmed by the ability to restoreuser's private key when lost. To do this, the client must enter the Evercoin application and provide documents proving his identity, although usually with the loss of the private key, access to assets is lost forever.

“Evercoin solution works like a room keyhotel - you insert it into your phone and the wallet is unlocked, and as soon as you pull it out, the wallet will be blocked again. This is a simple principle that everyone understands, ”Matsumura emphasized.

Evercoin 2 can also be used toencryption of mail and blocking access to accounts on social networks. In the event of the appearance of other devices supporting YubiKey, users will be able to download the Evercoin application and use the device to access the wallet.

In July of this year, it was reported that hardwareTrezor wallets were vulnerable to physical hacking. Once attackers gain access to a device, they can hack it in just 5 minutes and obtain the wallet seed. However, the vulnerability cannot be fixed using software patches.