Blockchain platform Elrond has officially disclosed that eGold, which is the holder of its token, can store cryptocurrency the built-in hardware on their Samsung device. eGold holders whose phones consist of the Samsung blockchain Keystore feature can efficiently conduct transactions and equally secure their personal or private keys using the new feature, which is tipped to provide better security for all users.
The introduction of the private keys put users in charge
In the past, Elrond users aren’t entirely in charge of their transactions and funds due to incessant hack and database leaks. Things have changed since introducing the highly-rated private keys feature as users are now in total control of their funds. With the private key’s help, users now have easy access to their funds at any time and can decide whether to transfer or invest their money. However, you can only enjoy all the benefits mentioned above of the private key feature when you know your password.
Despite being the safest way to store your assets, using a private key can be very stressful because you will need to take the device along with you to everywhere you go. It can equally be disappointing if you forget your password as you won’t be able to access your wallet without it. Stefan Thomas was one of the people who couldn’t access his hard wallet after forgetting his password.
The San Francisco-based programmer had about $220 million worth of Bitcoin during the unfortunate situation. His efforts to access his Ironkey hard drive were fruitless because the private key device was too strong to be manipulated. Narrating his ordeal to reporters, the former Ripple CTO said the private keys to his Bitcoin were saved in his Ironkey hard drive, but it was rather unfortunate he misplaced the drive and end up losing close to 7,002
Samsung Blockchain Keystore feature provides easier and convenient options
With the Samsung Blockchain Keystore feature, eGold holders are free from carrying a hardware wallet around. They also don’t need to remember their password because the phone’s Trusted Execution Environment allows users to use a simple unlock code or password to access their wallet. This Keystore feature ensures that the unlock pattern or code you use in unlocking your phone or biometric can easily be deployed as the password to your wallet.
According to the Samsung hardware wallet’s developers, users are guaranteed maximum security for their wallets and more conveniences. They also disclosed that the latest development would promote cryptocurrencies’ general use as many people won’t have to think about previous security issues and stress often seen with private keys.
It is also said that eGold token holders can now store their assets in ERC20 format, thanks to the effective Samsung Blockchain Wallet. Meanwhile, the Elrond platform has promised better service delivery to all its users. In a company statement, Elrond is doing everything possible to ensure that its blockchain network is readily available for use in the nearest future.