Crypto wallet security is a major concern as more people buy, hold, send, and spend cryptocurrencies. The safety of their digital assets largely determines their attitude towards tokens and blockchain at large. Therefore, Web3 firms must offer people a comprehensive safety solution that caters to all their needs.
This article will outline users’ challenges when using cryptocurrency wallets and how they result in safety vulnerabilities. It will also explain how SoftNote is tackling these challenges, along with simple steps on how people can get on board. Before going into the details, let’s look at the problem.
The saying goes, “A system is only as strong as its weakest link”. This proverb applies to blockchain and explains why the technology operates a democratized system. However, Web3 firms tend to forget this principle and create vulnerable applications.
Humans remain the weakest link in online safety, including crypto wallet security. Nonetheless, it remains shocking how blockchain firms do not incorporate the human factor when developing wallets for holding digital assets. They typically create complex solutions, leaving the average person bewildered and lost.
A good example is the recovery phrase of the standard noncustodial wallet. There is no way a regular individual is remembering those long and unrelated keywords. Meanwhile, this series of texts determines whether people will permanently lose their digital assets.
In fear of losing their account, people store the recovery phrase through unsafe measures like writing it on paper, saving it in their email drafts, etc. While they are effective for storage, these methods are risky and expose users to potential dangers.
Email addresses operate a central database, and anyone who bypasses the server’s firewall has every user’s details. There have been instances whereby hackers target unsuspecting persons to gain access to their email addresses. These cybercriminals then navigate to the drafts or search for the recovery phrase using specific keywords.
Writing the recovery phrase on paper can go wrong In many ways, and this goes beyond people finding or stealing it. The most obvious threat is misplacing or losing the paper, which is very common. Water, fire, oil, etc. can ruin the paper, making it impossible to get the words and use them to recover your account.
Looking at the existing options objectively, it is evident that developers intended to make hacking difficult and believe that a complex phrase reinforces security. However, the average person with limited tech expertise is also suffering. Considering these challenges, one begins to wonder if there is a solution that improves user experience without compromising security.
If you are looking for a user-friendly and simple crypto wallet that does not compromise security, Tectum SoftNote is the perfect solution. As against using complex recovery phrases that you have to store somewhere, our wallet uses the typical email and password authorization process. It is almost like using an account with an orthodox platform.
With no recovery phrase stored carelessly anywhere, there will be nothing for anyone to use. While this may look simplified, it significantly improves user security.
Tectum SoftNote Wallet uses 2-factor authentication as an extra security layer. This ensures that not even someone who knows or correctly guesses your password can steal your funds. The 2FA ranges from a one-time password to Google and Microsoft Authenticator.
For those unaware, SoftNote is built on Tectum – the fastest layer-1 blockchain that utilizes proof of utility consensus and the zero-knowledge proof mechanism. This feature is important as it enables blockchains, users, and other systems to communicate without sharing data. This means that you can send Bitcoin, Ethereum, USDT, etc., to someone, and they will only see the amount you sent them in the transaction hash.
Therefore, people do not see private information that will give more insight into your person through the block explorer. This level of privacy is crucial in combating cybercriminals, as they must know something about you to hack your account.
Think of it like sending money to someone else via your regular bank account. In the proof of transfer, your bank only puts the amount sent. The payment receipt only contains the amount sent and nothing personal. It will be difficult to defraud you, compared to when the receipt has your full name and other information like address and phone number.
Considering how it strengthens crypto wallet security, you do not want to miss out on Tectum SoftNote. This is the best blockchain wallet, and we are constantly updating it to stay ahead of the safety curve.
The good news is that the most secure and simple crypto wallet is set to have a mobile app within the coming weeks. Yes, Tectum is set to launch the SoftNote App beta by September. Although the launch is still some weeks away, interested people can become the first to test this application.
Community members can sign up and join the waitlist to become the first testers of the SoftNote wallet mobile app. Furthermore, create a new SoftNote account using your email address or connect your Google account. This process takes less than a minute and will enable you to access more application features.
Testnet participants will try out the following features:
