Bitcoin to Get Additional Security from Dark Wallet, Bitcoin Storage App

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Bitcoin to Get Additional Security from Dark Wallet, Bitcoin Storage App
Bitcoin to Get Additional Security from Dark Wallet, Bitcoin Storage App

Bitcoin to Get Additional Security from Dark Wallet, Bitcoin Storage App

The recent hacking attempts and loss of Bitcoin worth millions of dollars has alarmed investors and even the Bitcoin exchanges that are expected to provide complete safety and security of the digital currency. However, the concern can now be handled well by a Bitcoin storage app called Dark Wallet scheduled to be released today.

According to the company that is bringing the Dark Wallet, Bitcoin may become even more difficult to trace and it will be safe from criminals. Developed by a group called unSystem whose members include Cody Wilson, creator of the world’s first 3D-printed gun, the Liberator, the Bitcoin wallet is going to fill the void.

The company says that though Bitcoin is not inherently illegal or malicious, it is often the currency of choice for criminals because it operates independently of any government and is difficult to trace and that is where some hackers try to steal them. However, with Dark Wallet which was created with criminals in mind, they are at receiving end now.

Dark Wallet project was partially crowdfunded on Indiegogo wherein it raised a little more than its goal of $50,000. It will be available as a browser extension for Google Chrome or Mozilla Firefox and in all probabilities without any costs.

Why Bitcoin Wallet Need More Security?

Several attacks on Bitcoin exchanges in the last six months or so and loss of millions of dollars for investors as well as the companies forced the U.S. Commodity Futures Trading Commission to consider whether to regulate Bitcoin and other electronic currencies. Later on even the New York State Department of Financial Services to intended to regulate Bitcoin.

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The developments in the recent past wherein Mt. Gox collapsed after it lost millions of dollars in Bitcoin, generated a lot of concern among investors and they started looking for safe wallet and they found ‘cold storage’ the best. Now, the innovating ‘Dark Wallet’ is going to become another popular option among investors.

The developers of Dark Wallet claim that it makes Bitcoin transactions private as well as anonymous. It is done using a technique called CoinJoin, which automatically combines every transaction with that of another randomly chosen transaction.

According to unSystem member Amir Taaki, with it at the service, every time this happens, the transaction becomes twice as hard to trace. Thus, the new technology makes sure that hackers are unable to track the Bitcoin transaction.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com