HandCash has launched the world’s first 2FA backup for noncustodial Bitcoin wallets with a lot of benefits to offer.
HandCash announced the product via a post.
The wallet boasts of creating the best products possible and setting new standards. Presently, the crypto wallet aims at getting rid of the legacy 12 words seed system. Hence, they’re taking the first step by introducing the split key systems which increase both security and usability exponentially.
“We believe in economic sovereignty and this is something very important for us, also at a personal level. The fact that you can own your money and use it anytime, anywhere,” the post reads.
However, the process requires a few phases of adaptation.
How does it work?
Note, after using a phone verification to create a new account, a private key becomes available on the user’s phone. Thus, leading to the allocation of the account structure.
Besides, HandCash secures one of those 12 words seed sets with redundancy and cold storage backups. While users get the other set of 12 words, also called “Recovery Phrase.”
With the wallet structure, HandCash can’t access the full private key where the account structure is allocated. Since it’s regenerated in the user’s phone after validating the phone number and the Recovery Phrase.
What are the benefits?
The new non-custodial wallet Bitcoin wallet brings many benefits like a drastic reduction in the possibility of human error. Using the new system, the full private key never gets exposed to the user. Hence, the chances of getting into a user’s account reduce. Also, if the Recovery Phrase gets exposed, it won’t be useful without phone validation. This shows the 2 Factor Authentication (2FA) denomination of this technique.
Besides, the wallet makes use of BIP270. Here the transactions go straight to the receiver’s service and they do the broadcast directly to the miners. Then it instantly determined if the transaction is valid or not. Therefore, saving time and resources.
Additionally, the wallet functions as a complex HD wallet tree for users’ needs. Thus, making it possible to add business accounts, family accounts and other kinds of accounts to the current HandCash account. The different account carries its particular path and subpaths. Therefore, only one key and phone number can recover all the wallets.
To remind, Satoshi Games announced Lightnite, a multiplayer battle royale game with built-in Lightning Network microtransactions that rewards Bitcoin.