Tectum is proud to announce ZKDecrypt, an exceptional Bitcoin solution that will add an extra layer of security to crypto transfers and Bitcoin payments. Necessity, they say, is the mother of invention, and the times currently demand significant changes in approach. With Bitcoin becoming more valuable and even more popular, certain malicious individuals are beginning to shine their light on valuable tokens.
While there have been (successful and unsuccessful) attacks in the past, these incidents are very likely to increase. Therefore, it is imperative that we stay ahead of the safety curve and ensure that users are always safe. We even outlined this is the last update of the Developers Corner.
This article will explain everything you need to know about the ZKDecrypt mechanism from Tectum. It will also explain how people will benefit from this innovative solution, especially in safeguarding their portfolios.
Technology is typically simpler on the surface than at the foundational level, and blockchain is no different. There is a lot more going on underneath to give people the results they see. To fully understand why Tectum is launching the ZKDecrypt, we have to understand why private keys are essential.
When you send data on a blockchain, your private key converts the data into a code and sends it to the recipient’s public key. Upon getting the code, the public key deciphers it and relays the information to the private key. This principle applies to all blockchains, including broadcast networks like Bitcoin.
This system ensures that only the true recipient receives the information. Think of it like sending a secret message to your close friend while in the midst of other people. Maybe you are speaking in your native language and or some code you created. Since only your friend and you understand the secret language, you two can communicate effectively.
The best part is that no one else will get a hint of what you are saying. You can even tell each other secret things with confidence because you are certain no one else can understand.
As shown above, private keys are a very essential part of blockchain operations. Without a private key, there will be no public keys for receiving information. Considering this factor, any vulnerability in the private key is a threat to the network and individual wallet.
Threats to users’ private keys are already present, as recent reports show that private key security attacks are more common than people think. In 2020, hackers stole $300,900 worth of USDT through the user’s private key stored on Evernote. The cybercriminals used a VPN to access the victim’s wallet to authorize transactions between January 26th and February 9th.
Looking at the instance above, it is difficult to fault the victim for keeping his private key on a note-taking application. In fact, several users admit to storing their private keys via various means, like the drafts of their emails. Others tend to write them down on physical papers and hide them somewhere.
Although this security breach was possible because the victim shared their private key via a note-taking platform, not all vulnerabilities are the faults of users. Recent reports show that poor implementation of key signing exposes the network to security risks. This is such that a hacker to get your private key through your public key.
The major cause of this problem lies in the code on which the blockchain is built. Decentralized technology is a very intricate development, and buggy codes create backdoors that hackers can exploit.
In explaining Tectum SoftNote Wallet, we outlined the different types of private keys. We also highlighted that Tectum uses a different type of private key to ensure security. In fact, our blockchain wallet uses multiple forms of private keys to ensure extra security.
For example, you can open a new account on this wallet without requiring the regular private key containing random phrases. All you need is an email address and password. If users need to migrate their portfolio to another platform or require a private key, they can also get it. We demonstrated this when showing individuals how to add the T12 protocol to Metamask.
Having studied the security threats, the team decided to make Tectum SoftNote even more secure by adding ZKDecrypt. This innovation combines the security of Zero-Knowledge proofs with hash drive technology to offer Fort Knox-level safety.
Individuals enjoy an additional 200,000 layers of protection. While the average crypto user is subject to a 51% risk, Tectum users have only a 2% chance of getting hacked.
The Bitcoin network requires a 51% consensus before approving transactions. Therefore, cybercriminals can manipulate the system if they get more than half of the decision in their favor.
Sometimes, hackers mine a block at the same time as other miners mine a genuine block to be added to the blockchain. Since they have a majority vote, they can nullify the genuine block and cement their fake block as the true block. This can be very damaging, especially as blockchain transactions are irreversible.
With Tectum ZKDecrypt, the number has increased to 67%, making it more difficult for anyone with malicious intent to perform fraudulent transactions. It is already difficult to control 51% of any blockchain network. Hackers will find it impossible to control 65% of any decentralized network, especially one like Tectum.
Here is the golden question, when will this innovation be ready? Tectum is certain to implement the ZKDecrypt within the second quarter of this year. While we do not have a fixed date right now, be rest assured that this feature will become part of SoftNote Wallet within the next three months.
As with all our products, we are completing the compulsory final stages of testing before release. This includes various test tests to ensure that the ZKDecrypt is ready for whatever storm awaits it.
The product has been under development for the past six months, and the team wants to ensure that it is impeccable upon launch. Once the feature comes into full effect, another announcement will be made. In the meantime, the team thought it necessary to give community members insight about what to expect.
