What is Bitcoin Vault (BTCV)?
BTCV was developed to provide an extra level of security based on a 3-Key Security Solution which allows users to reverse certain type of transactions on the blockchain. It features all the convenience of Bitcoin while adding important features allowing user transparency and freedom. Bitcoin Vault is our answer to issues faced by the crypto community over the last decade which mainly are:
- Unauthorized access to wallets due to either hacks or accessing user private keys
- Human mistakes with sending crypto assets to the wrong wallet addresses or other kinds of mistakes related to mistyping of transfer amounts or mixing transfer amount with gas amount
- Errors, bugs and other issues related to cryptocurrency software
BTCV development is focused on security and safety features, user convenience and user experience as we also believe that those are the key challenges that prevent a significant portion of society to become part of global crypto community.
What makes Bitcoin Vault unique?
Bitcoin Vault is the only cryptocurrency on the market that allows users to reverse certain types of transactions. This feature is based on the combination of three private keys (3-Keys Security Solution) and their functions in the ecosystem. Users can create three types of wallets based on the number of private keys they want to use. With the optimal setup, when a user chooses to use a wallet that supports three private keys, he can perform three types of transactions and get the possibility to reverse them.
What is the 3-Key Security Solution?
Most of the cryptocurrencies require users to handle one private key to access wallets and perform transactions.
Bitcoin Vault developed a 3-Key Security Solution which requires users to generate three Elliptic Curve Digital Signature Algorithm (ECDSA) keys – one is stored automatically within the app and the other two need to be managed by the user. The current setup in Bitcoin Vault allows users to cancel initiated transactions and reverse them to an existing or a new wallet address.
Solution supports three ECDSA key with different roles in the ecosystem:
- Standard Transaction Key is generated automatically and works in the background. It is required to initiate all transactions, and to recover a wallet in case of a hack or technical issue
- Cancel Transaction Key allows users to perform Cancel transactions within approximately 24 hours, before 144 blocks are generated
- Fast Transaction Key gives users the possibility to make Secure Fast transactions and transfer BTCV in a matter of minutes
Bitcoin Vault Ecosystem
Bitcoin Vault’s ecosystem includes three apps that were created in-house solely for the purpose of storing and managing BTCV. Together, they form a powerful tool that guarantees a higher standard in security, transparency and freedom.
Gold Wallet is an app for mobile devices designed to store, send and receive BTCV. It allows users to create three types of wallets and perform various types of transactions, including Secure Fast, Secure and Cancel Transactions. Gold Wallet can also be used as an authenticator for the two-factor authentication (2FA) for the Electrum Vault desktop app.
Key Generator is a web-based app that generates individual public and private keys necessary to set up wallets and perform transactions. It uses only local resources, which means the key generation process, as well as the keys themselves, never leave the user’s device. They are not stored anywhere and cannot be accessed online. The keys are stored offline, providing the utmost level of safety.
Electrum Vault is a desktop app based on an open-source Electrum Wallet. It has all the features of Gold Wallet, which means it can be used to store, send and receive BTCV, create wallets and perform transactions, including Secure Fast, Secure and Cancel Transaction.
Who are the founders of Bitcoin Vault?
Bitcoin Vault was founded by Eyal Avramovich, an inventor, creator and CEO of Minebest (www.minebest.com), one of the world leading operators of crypto mining facilities located in Asia, Europe.
Bitcoin Vault (BTCV) was launched in 2019 as alpha chain. It was developed heavily between December 2019 and November 2020, which saw the release of the key feature enabling reversible transactions on the blockchain.