A startup helps cryptocurrency owners protect digital assets from being stolen and lost. Security is provided by decentralizing private key shards.
A new platform for smart crypto payments offers users the ability to hold or send cryptocurrency by using an email address. Private keys are secured through sharding and decentralization. The platform connects Ethereum wallet addresses to emails, phone numbers, or login IDs and the company says it allows users to “bypass the complex nature of crypto wallets.”
A new method of crypto security
The new smart crypto payment platform Quixxi Connect provides a service for storing and managing digital assets. The company says their Smart Crypto Payments solution can help cryptocurrency owners protect their digital assets from being stolen and lost. This “simple and secure” platform has two unique features that aim to contribute to mass crypto adoption.
The first feature is “complete wallet protection”. The platform uses the blockchain to decentralize encrypted fragments of a users’ private keys. To access the wallet and make a purchase the user has to go through identity verification. The shards are then rearranged and decrypted giving users complete control over their wallets.
The wallet address is connected directly to the user’s email address. According to Quixxi Connect, this allows making crypto payments through methods that people are already familiar with. For example, sending coins directly to their friends or family via an email address or ID. Moreover, users can buy or sell any goods or services with the Smart Payment function of the platform. Another feature that could help newcomers in cryptocurrency is that the wallet and address are created automatically on the Ethereum Network after registration in the Quixxi Connect system.
Reasons for crypto loss
According to research, published by Cybersecurity company Carbon Black, cryptocurrency exchanges were the biggest targets for hackers during the first six months of 2018. As a result, more than $1 billion worth of digital coins were stolen since the beginning of the year. The analytics claim that there are currently estimated 12,000 dark web marketplaces selling approximately 34,000 offerings related to crypto theft.
Besides exchange hacks, there is another reason for the loss of cryptocurrency. The blockchain forensics firm, Chainalysis, calculated in 2017 that 3.79 million bitcoins are already gone for good based on a high estimate — and 2.78 million based on a low one. That means 17 to 23 percent of the worth of existing bitcoins, about $24.6 billion, are lost. Sometimes the owners simply lose their private keys because of a hard drive crash or forget their wallet details.
About Quixxi Connect
Quixxi Connect is a team registered in Singapore and based in Australia. Besides the main office, there are 80 developers across Italy, India, Australia, and the US who are working to run the platform. The Quixxi Connect Token Sale is currently in week two, where the company has promised an additional 10 percent bonus of Quixxi Tokens (QXE) for all contributions. The company says that its main goal is “to remove some of the barriers faced by global Crypto-Commerce.” The Quixxi Connect platform “can assist individuals to secure their assets on the blockchain, and further enable businesses to safely integrate this smart payment system into their existing platforms and applications (web and mobile).”
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Source: Cointelegraph https://cointelegraph.com/