The cryptocurrency wallet is upgrading its user identification security.
SafeWallet, a decentralized cryptocurrency wallet app operated by China-based Cheetah Mobile, has announced the release of a new QR code user ID system. The major security update will fully replace private keys and mnemonic phrases.
The new system is the first of its kind.
Until this most recent update, cryptocurrency wallet users have had to use long private keys and mnemonic phrases to back up their crypto-assets, according to a press release from Blockchain Wave Lab.
These private keys and mnemonic phrases are difficult to remember, which leads to many users of crypto wallets writing them down. These practices make these private keys and mnemonic phrases less secure as they can be easily lost or stolen once they have been recorded on paper, via a digital document, etc.
SafeWallet, which supports multiple cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), has both simplified and improved its security system with a two-layered system consisting of a QR code user ID and a set of security questions.
The QR code user ID security system lets users easily recover their crypto-assets.
Once users have setup their SafeWallet with the new two-layered security system, they can recover their crypto-assets with ease by scanning a personalized QR code image and answering a series of predetermined security questions.
“There is no longer any need to memorize or transcribe long mnemonic phrases or private keys,” said Product Head of SafeWallet, Kaiser Zhang in the press release.
“This complicated backup process has been one of the primary barriers for users of cryptocurrency wallets, and especially for those who are new to the industry. With this latest update, we are proud to say that we have finally solved this usability issue without sacrificing any of the security capabilities that SafeWallet is known for,” Zhang added further.
Beyond increasing ease-of-use, the new security system protects against malicious software. Such software can steal assets via vulnerabilities in the operating system or when they are transmitted through email, instant messaging or other unsecure channels.
In essence, SafeWallet’s new two-layered system that uses both QR code user ID and security questions, significantly simplifies the complex operations of standard blockchain wallets, while still ensuring private data is full safeguarded.