Transferring Ethereum Over A Simple Yet Secure Chatby Fintech News Singapore September 30, 2017
Korean software developers NodBizware are working on a way to safely transfer Ethereum over encrypted messages. This will simplify the way cryptocurrency is being wired, said CEO Yun Seokgu.
The hack of bitcoin exchange Mt Gox in 2014 resulted in US$500 million worth of bitcoin being stolen. Transferring digital currency via a wallet could result in breaches by cybercriminals, as such services are still insufficiently protected and secured.
Yun intends to change this with the Hackfree Wallet. He presented his platform, available on iOS and Android operating systems and backed by military-grade cybersecurity, at TechInnovation 2017, held on 19 to 20 September at Marina Bay Sands.
Made by NodBizware, the Hackfree Wallet features complex security measures such as machine-learning user authentication. In addition to ID and password-based user authentication, Hackfree uses machine-learning algorithms to learn user-behaviour pattern for more secure authentication.
Chat Security Features
Using a chat function to send Ethereum, all messages between chat are heavily encrypted. There is no data leakage at the server since there is no key information stored there. The app also stops itself if it detects hacking activities, and prevents screen captures by notifying the user of any capturing attempts by other users. Users can also set an auto-deletion time for messages.
But what Yun intends to do with Hackfree Wallet is to make digital currencies easy to manage and send for the less financial and tech savvy, by incorporating a simple messaging interface.
Ultimately, he’d like to decentralise the cryptocurrency market by creating a safe and easy to use wallet for the masses.
“It is a secure and very easy to use cryptocurrency wallet. Users can send money, just like sending a text message to a friend,”
Digital currencies aside, he is hoping that Hackfree Wallet’s encrypted messages and the ease of using a messaging function to send money would one day catch the eye of a bank or a fintech platform. That way, financial institutions could expand their market reach by simplifying their online banking and remittance services.
Featured image via nodbiz.com