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Bitcoin Vault to introduce high-security system for crypto assets in Asia
Bitcoin Vault (BCTV) is seeking to make a foray into the Asian market with its new security system named the 3-Key Security Solution designed to help users protect their crypto assets from erroneous transactions and theft.
Powered by three private keys -- a standard transaction key, a cancel transaction key, and a fast transaction key, this security solution gives users time to react to potential theft. It also provides them with the authority to cancel any unauthorized transaction and the tools needed to do so.
The cancel transaction key, which gives users approximately 24 hours to cancel a suspicious or erroneous payment. The time allowed is based on the time needed to calculate 144 blocks to confirm the transaction on the blockchain.
The 3-Key Security Solution system, designed against hacks and fraud, was introduced on Nov. 17 after a year of research and development.
According to BCTV founder Eyal Avramovich, the new solution ensures the highest security standards while maintaining all the convenience that Bitcoin offers.
BTCV is the first blockchain to adapt to the Decentralized Digital Mining Standard of World Digital Mining Organization Inc.
There are 110 countries mining BTCV, which is traded on 10 exchanges.
What makes BTCV different from other cryptocurrencies is that it positions itself as a form of digital gold. It runs a finite amount of 21 million coins to keep its value high due to their scarcity.