Parity Updates Technology Allowing Users to Turn Dated Phones Into Cold Storage Wallets
The crypto developer Parity Technologies has released a new version of its Parity Singer app. The function of this app is to turn old smartphones into cold storage crypto wallets.
Parity announced the V3 beta service will be launched soon. The technology can be used to store cryptos offline, sign transactions offline, vote for governance proposals and the software is easy to integrate with both the Ethereum network and Polkadot.
According to the company, offline wallets are the best way to be protected from hackers because hackers have no way to access it. The idea is that people can let their cellphones running the app while on airplane mode to be protected. Because of this, it is important to remember that you should never connect your cellphone to the internet if you want to use this.
This new version of the app can also be used to create Kusama accounts, which can be used to connect to apps based on Polkadot. All transactions will not involve private keys and will use QR codes instead to make the process more secure. Parity affirmed that the upgrade was already audited by Trail of Bits before the launch.
Parity Technology, which was founded by Gavin Wood and Jutta Stein, two important Ethereum developers, has the goal of creating decentralized solutions for the crypto world. This year, the company received a $5 million grant from the Etheruem Foundation, one of the largest grants of the season.