Spatium’s innovative crypto wallet strengthens transaction security by eliminating the vulnerable private key
Spatium is creating an ultra-secure software & hardware cryptocurrency wallet that supports over 100 cryptocurrencies. It’s innovative software allows signing transactions without storing any private keys – making the wallet potentially un-hackable.
As crypto transactions gain popularity, hackers also continue to find ways to compromise funds and transactions. As of July 2018, USD 731 million was stolen from crypto exchanges in 2018 alone, a figure that excludes Japanese exchange Zaif’s USD 60 million hack in September 2018. The rise in crypto thefts is alarming, especially in cases where private keys that were supposed to provide security ended up stolen.
Problem: Standard crypto transactions are vulnerable
The conventional way to ensure that only authorized persons have access to transactions is to have authorized individuals hold private keys. Aside from the long alphanumeric private key given to users, there is also a public key for the rest of the world. In simplified terms, this process represents an ordinary lock-and-key function. However, if the private key falls into the wrong hands, unauthorized persons can gain access to users’ funds. Therefore, the main goal of most crypto thieves is to target private keys to penetrate accounts – whether they are exchange accounts or other accounts.
A casual reading of crypto hack headlines suggests that most online or offline crypto storage methods can potentially be infiltrated. In addition, risks are highest when private keys are compromised.
Spatium seeks to address the private key weak link.
Solution: Eliminate private keys
Spatium’s answer to creating an un-hackable platform is to remove the main vulnerability – the private key. Their innovative protocol offers key-less transactions by distributing the signing algorithm across different participating devices. The devices involved in the signing process also generate the public key. Using various apparatus that contain pieces of the puzzle instead of a single processing point removes the vulnerability that allows a single point of attack to succeed.
With Spatium, the data inside one participating device is not enough to compute the private key by itself. Spatium’s encryption ensures that one participating device will not be enough to modify a transaction or create a new one. Spatium also allows for a device that provides offline signatures, making transactions even more secure.
In essence, Spatium protocol claims to offer innovative security that can only be compromised if there is an omniscient hacker that penetrates roughly 20 different devices at various locations with different types of security all at once – something that is highly improbable.
Spatium’s wallet, which supports over 100 cryptocurrencies, does not store any data so there’s really nothing to steal.
No period has been set yet for the token sale but Spatium has already detailed the proposed use and allocation of funds on their website, which is summarized below:
- Total number of tokens: 200,000,000
- Tokens offered for sale: 25% of total supply
- Private sale bonus: 3%
- ICO token price: 1 SPT = USD 0.0533
- Fundraising goal: USD 12,000,000
To learn more about Spatium, please visit https://spatium.net/.
- Website: https://spatium.net/
- White paper: https://spatium.net/Spatium_White_Paper.pdf
- Medium: https://medium.com/spatium-blog
- Twitter: https://twitter.com/spatium_news
- Telegram: https://t.me/spatiumwallet
Disclaimer: Investing in Initial Coin Offerings, cryptocurrencies, and digital tokens is highly risky and speculative. The material presented here is for information purposes only. This information presented here is not intended to provide any sort of investment advice, nor does it recommend any company, Initial Coin Offering, or digital token and should not be taken as the basis for any investment decision or strategy.