Bytecoin has started the process of enabling full-scale support for hardware wallets, releasing early software that facilitates storage on Ledger and Trezor. Support for hardware wallets is part of Bytecoin’s plan for maintaining the security of its community and dealing with emerging threats to the crypto space.
For a long time the Bytecoin team has been working behind the scenes to deliver hardware wallet support to its community. Hardware wallets help to prevent the theft of funds and remedy the vulnerabilities precipitated by lackluster storage options. These wallets are means of storing funds in cold storage, completely disconnected from all networks. This is the preferred storage method for a number of investors, traders, and exchanges as they proffer the closest thing to complete security assurance you can come by in crypto.
In order to bring this about, first the Bytecoin developers had to adapt the existing wallet structure to the standard used for hierarchical deterministic wallets, and then reserve a position in the hierarchy to allow for cold storage of Bytecoin funds. The incorporation of hardware wallets into the Bytecoin ecosystem will help members of the community safeguard themselves from the long reach of cyber criminals.
Jenny Goldberg, Bytecoin’s CMO, had this to add: “Hardware wallet support is something we have worked hard on, and we hope the community is pleased with what we have accomplished so far. Security is only getting more important as the industry continues to develop and we hope that our progress here will serve as a stepping stone towards further bolstering the safety of the Bytecoin community.”
With upwards of a billion dollars worth of crypto finding its way into the hands of hackers and thieves last year, security methods used across the industry have fallen under scrutiny. In order to gain access to others’ funds, hackers look to find and expose weak points in protection, and often find these weak points in crypto wallets. The typical crypto wallet is a file containing a user’s keys, including their private key – a strand of data used to spend the user’s money. All wallets are password protected and secure on their own, but via human error — weak or misplaced passwords, lack of virus protection, etc. — are often left vulnerable to bad actors.
Bytecoin’s new software, aimed at preventing security breaches, is up for download on the site, but it is only the first step in what will be a longer process. As of now support for hardware wallets is only available in Stagenet. After a period of refinement, the Bytecoin team is looking to further this development into a stable release featuring more expansive support.
Bytecoin was originally launched in 2012 as the first privacy-oriented cryptocurrency based on CryptoNote technology. With a market cap of over $100 million, Bytecoin remains one of the most significant cryptocurrencies on the market.