John McAfee Partners With Bitfi To Launch Un-hackable Hardware Wallet
Days after announcing an end to tweets that promote ICOs and cryptocurrencies, John McAfee has entered into a partnership with hardware wallet company Bitfi to launch what he claims to be the first ever “Truly unhackable and open source crypto wallet.” The wallet, named as Knox, interestingly, will not require any technical skills for using it. However, it will offer better security than the hardware wallets currently available in the market, according to McAfee.
While this is a very bold claim, which the seasoned professionals in the cryptocurrency industry may not be willing to buy, investors who had lost their valuable holdings in the past to hackers would certainly hope that such a break-through wallet is launched in the market.
Regarding the wallet McAfee stated
“Of all today’s elaborate and sophisticated methods for making wallets secure and easy to use, surely none is as epic as that of the new Bitfi wallet. Several of my competitors have pioneered innovative methods to protect private keys, but Bitfi pulled out all the stops to ensure that the private key can never be obtained by illicit means. No other hardware wallet has ever been built to this level of sophistication.”
According to McAfee, Knox uses the most “advanced circuit topologies” in combination with “components and materials derived from state-of-the-art theory and practice in many fields.”
With only a wireless connection in place, the wallet can perform software updates automatically. This eliminates phishing attacks or corrupt software updates. Notably, the wallet will support all cryptocurrencies, including Monero. A dashboard will be made available to operate the wallet and manage all the cryptoholdings from a single location.
The Bitfi wallet will use a unique secret phrase to store the contents in a safe manner. It would not use a 24-word mnemonic seed like other hardware wallets. The secret phrase, generated by the CPU, will be required for transactions to be completed. Bitfi has claimed that the pass phrase will be impossible for anyone to guess but easy for wallet owners to memorize. The private key will be generated using an open source algorithm. This avoids the need to depend on third parties, including Bitfi, to obtain private key.
McAfee has stated that the “radically innovative mechanism” impressed him and so he joined the company to assist them in achieving the objective. Bitfi co-founder Daniel Khesin stated that the “adoption of decentralized assets by making interaction with these assets seamless and without risk.”
Bitfi stated that it will be the first to accommodate Monero and also provide native support for Ethereum. The hardware wallet, which costs $120 a piece, and carries a one-year warranty, will be offered for sale from June 25.
Doug is an expert in the online casino industry and has written extensively about various matters pertaining to online gambling, cryptocurrencies, its culture, quirks and legalities. In his spare time, he enjoys reading biographies, watching documentaries and spending time with friends and family.