- The technology used by the firm eliminates the risk of hacks and attacks while carrying out digital asset transfers.
- The cold wallet will have unidirectional communication from the wallet to the outside.
GK8, an Israeli startup, said that the company unveiled a cold storage crypto wallet with on-network transfer capabilities. Notably, GK8’s technology eliminates many dangers that internet-accessible crypto wallets face. This includes hacks, attacks and unexplained losses. This is done while preserving their prominent features such as sending and receiving digital assets.
Lior Lamesh, the co-founder of GK8, told Coindesk that the wallet connects to the blockchain unidirectionally. Prof. Eran Tromer, one of security token Zcash’s founding scientists, is a GK8 board member.
Tromer said:
“GK8’s cold wallet solution improves on the state-of-the-art by having essentially unidirectional communication from the wallet to the outside and never accepting raw information from the outside back into the cold wallet. This minimizes the attack surface and prevents attacks.”
GK8 said:
“Bypass core assumptions related to cryptocurrency transfers and eliminate attack vectors to any asset transfer.”
According to an announcement, the firm has secured five patents for its innovations. A patent abstract describes the technology as:
“The digital wallet device is electronically disconnected from other digital devices and comprising: a cryptocurrency integrated circuit (IC) that is isolated from any computer interface” … “and a unidirectional communication hardware for sending said transaction to a communication device for broadcasting said transaction via a network.”
Lamesh noted that he and co-founder Shahar Shamai started working on GK8’s cold wallet after witnessing security vulnerabilities in the latest wallets. They were concerned about the risks involved in storing assets online. He also said that the company hopes to become the cold wallet of choice for institutional investors. This project has raised $4 million in seed funding from several Israeli investment firms, including the government-run Israel Innovation Authority.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.