Since its inception, the crypto sector has been facing one hurdle after the other, but security is the biggest ever challenge for the crypto community as a whole. With hackers finding different ways of getting hold of trader’s private keys, many firms have moved in to provide new hardware devices to protect the keys. As such, during the New York Consensus Invest Summit, Evercoin came out, giving traders Evercoin 2 a new hardware wallet.
Per the unveiling event, Evercoin has given the crypto community a hardware wallet the size of a house key, which provides them with a 360- degree internet connection to store their private keys. The wallet uses YubiKey 5ci, making it the first crypto hardware wallet to use a YukiKey 5ci in iPhones, while Android users get a USB-C.
Through the above, Evercoin is giving users the first end to end encrypted crypto wallet hardware to store their cryptocurrencies but still be able to access more services.
Evercoin 2 Provides More than Storage
By delegating control of the hardware wallet back to users, Evercoin was able to go beyond providing crypto enthusiasts with a secure place to store their cryptocurrencies. With Evercoin already working as a mobile-based wallet app, its inbuilt exchange features were upgraded into the Evercoin 2 to give traders extra services. Evercoin 2 comes with an inbuilt non-custodial exchange, which means traders can swap their digital coins with other coins supported by Evercoins. At the moment, Evercoin has 20 different digital currencies available for traders, but that’s not it.
Evercoin 2 has a direct link that enables traders to set up their bank accounts to exchange their digital coins for local fiat currency, giving them a complete trading environment. The above means there is no need for third-party exchanges since all services are available at Evercoin 2.
On security matters, Evercoin 2 has taken things a step higher by enhancing its security measures. Unlike on other wallets where if you lose your private keys, you are done, at Evercoin 2 traders have the luxury of providing their driver’s license via the Evercoin app to gain access to their hardware. To protect you fully, Evercoin uses shards algorithm to store a half key combination while the other half is with the trader.
The latter ensures only the owners can access their wallet once they provide proof they are the owners of the account. A combination of the two separate data containing info on the private keys gives owners access to their hardware.