SafeWallet Makes Mnemonic Phrases A Thing Of The Past With Its New Two-Tiered Security Systems
Cheetah Mobile's decentralized Wallet provider, SafeWallet has announced it's launching a new QR code-based user identification system, removing the need for Mnemonic phrases or private keys.
Instead, the company will use a two-pronged user access system which will allow users to gain access to their profile and earnings. The system functions like this: the user must first scan their personal QR code which the system then validates. This code is then followed by a series of security questions to ensure the user is who they say they are.
According to both SafeWallet and Cheetah Mobile, this two-tiered system is alleged to be a safer and more simplistic way of accessing funds. It also minimizes the risk of users losing their funds completely as a result of forgetting or mis-typing their Mnemonic phrase.
It also prevents the likelihood of this same phrase being lost or stolen by a malicious third-party. This eventuality is something that the two-tiered approach would prevent, a company spokesman announced during a press conference.
“A hacker can't access your assets with your QR code alone. They would need to know the answers to your security questions (in addition to your regular SafeWallet password).” The spokesman continues.
“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. “
The SafeWallet CEO, Kaiser Zhang, has since reiterated that, thanks to this development, the days of remembering a long Mnemonic phrase for access to your account are over. Zhang continues.
“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.”