Arcana Wallet is a new crypto wallet that works as an all-in-one crypto asset management and custodial tool. The main perk of this wallet is providing a secure and convenient way for you to have services that your tokens in hot or cold storage at any time.
What Is Arcana Wallet?
This is a next generation wallet that was created to solve problems that plague most older wallets. For instance, one of their worst problems is that the wallets are either fast or secure. Hot wallets are fast and let you move your assets quickly but unfortunately they are more prone to hacker attacks.
Cold wallets, on the other hand, are not connected to the internet, so they simply do not have the same liquidity and speed that the hot wallets do, which is a shame. That is why Arcana Wallet intends to fix this problem by offering a smart solution: a secure and scalable distributed cold storage hardware, the Arcana Smart Vault Technology.
At the same time, that Arcana Wallet has a vault it has the wallet, which works as a hot wallet. This way, you can basically have the two products in only one app and you do not need to manage more than one private key to access it, which makes it considerably more secure, as many people end up losing their money and being hacked because they do not manage their many private keys well.
How Does Arcana Wallet Work?
Basically, this wallet/vault software connects two different cold/hot systems that protect your money better. You will be able to hold Bitcoin, Litecoin, Ethereum, NEO and ERC20 or NEP5 tokens by using this wallet. It has features like portfolio tracking and you can send money instantly to any part of person in the network.
The cold wallets are not in hardware, they are also in software because they keep the tokens on Arcana Vaults all around the world. This way, they are easier to access whenever you need them but considerably more secure than they would be because the assets are disconnected from the internet.
By using advanced security protocols, the company is able to protect your tokens even when they are online. Because of this, you do not have a lot to be afraid of. You will be notified whenever any event related to your cryptos happens.
Other features of the platform are the ability of tracking the performance of your gains with the tokens that you are holding, to connect with exchanges and deal with interactive charts.
At the moment, you can only access the Arcana Wallet in beta access.
The Arcana Wallet Token Sale
The company is currently planning a sale for an upcoming date. 60% of the total tokens of the platform will be sold in this sale, while 20% will go to the founding team, 10% for third party developers and 10% for advisors and angel investors.
At the moment, there is not a lot of information about this upcoming ICO.
The Arcana Wallet Team
The team that has made this project possible is made up of David Zhu (CEO), Craig Kuang (CFO), Benjamin Tse (CTO), Jacquire Kwok (head of business development), Jon Malach (head of marketing) and Albert Chen (head of blockchain development). All of them have at least some 10 years of experience each in the area.
Other members include Graham Haley (blockchain engineer), Aaron Gooch (senior full stack engineer), Justin Anderson (full stack engineer) and Ryan Flynn (head of information security and DevOps).
The Arcana Wallet Verdict
As the Arcana Wallet sets out to redefine crypto-asset management and be the ‘crypto made simple' company by giving you an all in one portal for the cold storage security, hot wallet utility and being able to see a snapshot of your entire crypto portfolio tracker is a major plus compared to most wallets. So to summarize this new wallet does seem like a great option for storing your coins in a wallet. It does not hold a wide variety of tokens as some other brands in the market might but the feature of changing from hot and cold storage will definitely be handy for the people who need this kind of service.