Evercoin Cryptocurrency Exchange has announced the launch of the new Evercoin 2 cryptocurrency wallet based on YubiKey hardware authentication technology for iPhone and Android smartphones.
“Unlike other hardware wallets like Ledger and Trezor, Evercoin 2 uses YubiKey to provide comprehensive protection on the Internet. It was created in order to bring cryptocurrencies to the masses, ”said Evercoin co-founder Miko Matsumura.
Evercoin 2 supports 20 crypto assets, including bitcoin and ether. Users can store their cryptocurrencies and exchange them using the built-in non-custodian exchange, as well as link their bank account to an Evercoin account and buy crypto assets for fiat currency.
As noted by CipherTrace chief financial analyst John Jefferies, in fact, Evercoin 2 is not a hardware cryptocurrency wallet, since it does not store user private keys. It is rather an authentication device, a more secure analogue of mobile wallets.
This is confirmed by the ability to restore the user’s private key when it is lost. To do this, the client must enter the Evercoin application and provide documents proving his identity, although usually when you lose the private key, access to assets is lost forever.
“The Evercoin solution works like a key to a hotel room – you insert it into your phone and the wallet will unlock, and as soon as you pull it out, the wallet will be blocked again. This is a simple principle that everyone understands, ”Matsumura emphasized.
Evercoin 2 can also be used to encrypt mail and block access to accounts on social networks. If other devices supporting YubiKey appear, users will be able to download the Evercoin application and use the device to access the wallet.
In July this year, it was reported that Trezor hardware wallets were vulnerable to physical hacking. Upon gaining access to the device, attackers can crack it in just 5 minutes and get a seed of the wallet. However, the vulnerability cannot be fixed using software patches.
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