Vault0x is the world’s first wearable hardware wallet for cryptocurrencies. Find out how it works today in our review.
What is Vault0x?
Vault0x is a wearable hardware wallet that effectively functions like a crypto wallet attached to your wrist. You can use the wallet to keep your digital assets secure while still being able to access them on the go.
Vault0x comes with features like two factor authentication. You can approve or deny spending requests from your wrist at all times, thereby reducing the likelihood of unauthorized spending from your account.
Traditional cryptocurrency hardware wallets look like USB thumb drives. They’re a safe and effective way to store cryptocurrencies. However, they’re not typically designed to be carried with you. Sure, you can find some wallets that can be attached to a keychain. However, many wallets are designed to be kept in a secure location – like a bank vault.
Overall, Vault0x is designed to be an elegant and sexy way to give you complete control of your cryptocurrencies while keeping them safe and secure.
How Does Vault0x Work?
Vault0x is a hardware wallet that can be worn on your wrist. The main benefit is that you can view and control your cryptocurrency balances at all times. You can also authorize any transactions from those balances. If someone tries to spend or steal coins from your wallet, then you’ll receive an alert on your wrist to accept or deny that request. You can deny that request, thereby protecting your crypto balances.
Vault0x’s cryptographic security consists of two core protective features:
Master Child Keys:
Vault0x’s wallet provides selective sharing by supporting multiple key pair chairs derived from a single root. You never need to share your master key: you can accept payments through extended keys. Even if you lose your extended keys, you can recover them using the master key.
Mnemonic code or mnemonic sentences are a group of easy to remember words that allow you to generate your Vault0X wallet. You can use your Vault0x mnemonics at any time to recover your keys.
Vault0x also allows you to set a secondary password that allows access to a fully functional hidden wallet.
Vault0x has another nifty security feature: if you’re ever forced to recover your Vault0x password from a backup, entering the wrong password will create a valid but different Vault0x wallet. You can add change to that wallet to make it look legitimate.
Features of Vault0X
- Multi-Purpose: Vault0x is more than just a crypto wallet. It also has two factor authentication features that make your life easier.
- Artistic and Elegant: Vault0x lets you carry digital currencies in a beautiful, wearable watch. You can carry cryptocurrencies with you while looking awesome.
- Multi-Currency Support: Vault0x supports bitcoin, Ether, ERC20 tokens, EOS tokens, Neo, and many other cryptocurrencies in a single HD wallet.
- Convenient: Vault0x lets you manage your digital assets in a convenient way, so you never have to carry extra devices on the go.
- Recoverable: Recover your assets at any time using your seed words.
- Security: Vault0x provides highly secure cold storage for cryptocurrencies.
- Stylish: Vault0x describes itself as a “premium product” with a metallic design and fashionable hardware.
Ultimately, the first goal of Vault0x is to release a software wallet. That wallet will be released via a closed beta. The hardware wallet will be released later.
What Problems Does Vault0x Seek to Solve?
Why do we need Vault0X? what kind of advantages does it offer over traditional crypto wallets? Here are some of the problems the team seeks to solve:
Attacks on Software Wallets:
Today’s software wallets face a barrage of attacks. Coin history on these wallets is traceable, and distributed denial of service (DDoS) attacks can take down online wallet applications.
Time Jacking Attacks:
Attackers can alter the network time counter of the node by announcing the wrong timestamp when he or she is connecting to a node to conduct a transaction. The deceived node may accept an alternate blockchain. This leads to severe consequences like double spending and the wastage of computational resources during the mining process.
A 51% attack is one of the biggest threats to any blockchain. Attackers can gain control of 51% of the mining power of the network, then make permanent changes.
Double spending attacks allow users to successfully make more than one transaction from a single coin, thereby invalidating the original transaction after the second transaction has already taken place.
Overall, Vault0x seeks to solve one over-arching problem in the crypto community: a lack of peace of mind. Vault0X claims that today’s software and hardware wallets lack perfect security. Vault0x wants to implement better security by giving you a two factor authentication device on your wrist at all times, preventing unauthorized spending from your wallets.
Who’s Behind Vault0x?
Vault0x was founded in Singapore in 2017. Listed members of the team include Toshendra Sharma (Founder and CEO at RecordsKeeper) and Rohendra Singh (Founder and CTO at RecordsKeeper).
Vault0x is a wallet, watch, and two factor authentication device rolled into one convenient unit. The watch is designed to be sleek and sexy. You can wear it on your wrist as an ordinary watch while still being able to access your cryptocurrencies at any time.
You can learn more about Vault0x online at Vault0X.io. Right now, there’s no release date available for the watch. The first goal is to launch a software wallet through a public beta, then expand to offer the hardware wallet.