Cold-storage crypto wallet launched by Israeli startup GK8

0
  • 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.

Get the 5 most predictable currency pairs

About Author

Comments are closed.