Blockchain platform Elrond announced recently that holders of its native token, eGold, will be able to store the cryptocurrency in the built-in hardware wallet of their Samsung device.
eGold holders who have the Samsung Blockchain Keystore feature on their smartphones can conduct transactions and store their private keys with the new feature, which promises advanced security for users.
Since the introduction of private keys, individuals have exclusive control over their funds, including access and transfer of such funds. However, online hackers and scammers have made storing such funds online a nightmare.
Given this disturbance, the hardware wallet or cold storage became the safest way to keep funds away from unwanted intrusion. Even so, that safest option came with a price. Individuals have to deal with the inconvenience of carrying an additional device around and the responsibility of remembering the password.
Stefan Thomas, a San Francisco-based programmer, can relate the consequences of not remembering the password to your hardware wallet. The former Ripple CTO lost access to his 7,002 Bitcoin worth about $220 million because he forgot the password to his IronKey hard drive where he stored the private keys to his Bitcoin.
With the Samsung Blockchain Keystore feature, holders of eGold would not have to worry about carrying a hardware wallet around or remembering the password. With the phone’s Trusted Execution Environment, users can access their private on their phones using the same security pattern they have always used to unlock their phone, biometrics, or private PIN.
The developers of Samsung hardware wallet believe that users can have both maximum security against unwanted intrusion to their funds and convenience at the same time.
The announcement also mentioned that eGold token holders who wish to store their eGold tokens in ERC20 format on their Samsung Blockchain Wallet could do so.
Meanwhile, Elrond said it is still working on its blockchain network which “will be available in the near future.”
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