Bitfi, a global payments technology company working to enable businesses and consumers to participate in the digital currency economy, today announced Bitfi Knox Wallet – the first unhackable, open source hardware wallet with an accompanying dashboard that features wireless setup and support for many popular cryptocurrencies and crypto assets, including Monero, a fully decentralized private cryptocurrency that has previously never had a hardware wallet solution. Once the wallet is set up, the device automatically receives the latest software updates thus completely eliminating any possibility for a user to download corrupt software or fall prey to phishing attacks.
As Bitfi adds support for additional cryptocurrencies and crypto assets, they will automatically appear in the wallets of all users. In this way, a single purchase of the hardware wallet guarantees that wallet holders always have access to its latest technology and updates, making Bitfi Knox Wallet a secure, long-term investment.
While most wallets store a 24-word memory key to access funds, the Bitfi Knox Wallet allows wallet holders to store an unlimited amount of funds, without possibility of loss or theft, by utilizing a proprietary and open-source Bitfi algorithm that calculates the private key with a powerful onboard CPU from the user’s own unique secret phrase. The private key only exists for a fraction of a second, just long enough to approve the transaction and is never stored anywhere.
The user-created phrase is impossible for others to guess but easy for the wallet holder to memorize. “The radically innovative Bitfi Knox wallet grew out of desperate need to find a completely secure and convenient storage solution so that we could drive rapid adoption of decentralized blockchain assets.
Intimately involved with the cryptocurrency revolution, we sought to develop the ultimate instrument that would be the last word for the problems of storing and interacting with cryptocurrency and other digital assets. Early prototypes so astonished various users who share our passion for cryptocurrency that through simple word of mouth many crypto enthusiasts were soon clamoring for a Bitfi Knox wallet of their own. Read more from cryptoninjas.net…
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