In February of 2018, BitFreezer launched their first ever cold wallet hardware device to compete with brands such as Ledger, Trezor and Keep Key. However, over the last fifteen months, the team started to question the longevity of physical device storage and looked toward the creation of a similar tool, specifically designed for the smartphone. The team came up with a collectively agreed upon conclusion and stated,
“Why should cold storage devices be so difficult in use and lack effectiveness in anonymity protocols? If our mobile phones can create Augmented Reality, record 4K videos, and use face-scanning features for identification, then they are surely capable of holding and transacting crypto assets in a secure manner.”
With a game-changing vision set in place, the team spent over a year developing the first version of the project. On May 31st, BitFreezer officially launched the first-ever cryptocurrency cold wallet in the form of a mobile application. While there are similar crypto apps available on the App and Google Play Store, none of them possess nearly the same amount of R&D that went into developing this industry-changing application.
According to the basic principles of cryptocurrency wallets, a mobile cold wallet must contain three key characteristics so as to become a direct substitute for hardware storage. It must:
- Allow a user to store private keys offline
- Provide leading encryption
- Consensus-based wallet access
- Extensive social engineering protection
- Ensure a safe environment for operations
- Private nodes for stability
- Multi-platform support and without hardware reliance
- Contain an intuitive and simple UX/UI
In order for private keys to be stored within the smartphone, the team developed a unique extension known as a “.btf” file. To ensure hyper-security, both the file and wallet itself are safeguarded with two layers of AES256 Encryption. Furthermore, all operations done within the app occur in the smartphone RAM. This is the safest possible location for a transaction simply because potential hackers cannot withdraw information from this source in a readable manner.
To maintain a safe connection with the private keys at all times, the team implemented a unique security protocol for private keys. This process involves splitting the decryption key between the server infrastructure and the client, reducing hacking risks even further. Additionally, all data packets are equipped with asymmetric encryption and “salt” string, essentially making data packet sniffing obsolete. Furthermore, when the user completed their session [closes the app], all traceable data was instantly erased, making potential theft of crypto assets impossible.
Alongside hyper-security, having a user-friendly interface is just as important to win over any customer. That being said, over 90% of the app was developed from scratch without any third-party influence. Furthermore, each cryptocurrency supported by BitFreezer is configured with personal nodes used in blockchain. This, as well as software development that parses the nodes for instant transaction notification, allows users to see the state of each trade instantly through pop-ups on their smartphone.
Currently, BitFreezer supports Bitcoin, Bitcoin Cash, Ethereum and ERC 20 tokens, with the ability to vote for future tokens to be implemented in the near future. Moreover, atomic swaps and lightning transactions are new features soon to be introduced, allowing crypto users to trade instantaneously. In conclusion, the combination of high-tech security and privacy, alongside a simple user design should prompt crypto wallet holders to ask themselves if they really need their storage devices anymore.