Crypto Wallet SafeWallet Replaces Private Keys With QR Codes

Announcements, News | July 30, 2018 By:

Decentralized crypto wallet SafeWallet has released a new QR code-based user identification system that completely replaces mnemonic phrase/private key backup model of traditional crypto wallets.

The SafeWallet app, operated by China-based Cheetah Mobile, features a three-tiered security defense system and easy-to-use interface that allow users to safely and conveniently secure and manage their crypto-assets. The wallet allows users to send and receive assets, create and manage multiple wallets, and import wallets in a variety of formats. It also features an optimized transaction fee algorithm to reduce transaction fees and confirmation times, while its real-time exchange rate allows users to easily track the value of their crypto-assets.

According to the company, crypto wallet users are often forced to use long private keys and mnemonic phrases to back up their crypto-assets, with most wallet apps asking users to print their private keys and mnemonic phrases onto a piece of paper, which can easily be lost, stolen or damaged. With the latest version of SafeWallet, users can now recover their crypto wallets using a two-layered security system consisting of a QR code-based user ID and a series of security questions.

“There is no longer any need to memorize or transcribe long mnemonic phrases or private keys,” said Kaiser Zhang, Product Head of SafeWallet. “This complicated backup process has been one of the primary barriers for users of cryptocurrency wallets, and especially for those who are new to the industry. With this latest update, we are proud to say that we have finally solved this usability issue without sacrificing any of the security capabilities that SafeWallet is known for.”

The company claims the new system is more secure than traditional mnemonic phrases, while also being easier to use. The system also protects against malicious software, which can steal assets through operating system vulnerabilities or when they are being transmitted through unsecure channels such as instant messaging and email.

“A hacker can’t access your assets with your QR code alone,” a a company representative. “They would need to know the answers to your security questions (in addition to your regular SafeWallet password). Our security questions are more specific than your average security questions, so they would be extremely difficult to guess, even if someone is very close to the user. … You are in complete control of your assets at all times.”

SafeWallet also announced that it has opened up its security platform to third-party cooperation with other developers in order to provide better wallet security technology solutions to blockchain communities. The platform aims to serve as a bridge connecting decentralized and centralized systems and resolving ease-of-use and security issues for blockchain products.