Existing Hardware wallet issues and their solution by WALAHALA
As you already know the popularity and demand for cryptocurrency, so we are not going to discuss it from the start. But in this article, we briefly describe how important hardware wallet is and also what are the problems in existing hardware wallets? As crypto-assets gaining real value, pops up a logical question.
Where should I store my coins?
Nowadays lots of people know the value of hardware wallets and 40 % of users are using a hardware wallet for storing their assets. Buying and selling cryptocurrency can be stressful so it’s important to choose an exchange that you can trust. It’s also important to find an exchange wallet that meets your needs and at the same time isn’t too complicated to use. Those people who have no idea what the logical things are doing in a hardware wallet, they easily can get hacked and lose their asset.
Firstly, let’s just look at this chart where you can see that the percentage of technical issues in the current hardware wallet.
Loss of a wallet file
As most of the cryptocurrency wallets are stored on user’s computers. They can be stolen using malware. Similarly, one can lose it if the hard disk crashes. In the existing system user’s wallet is stored in the user’s computer. That wallet file that is stored in the user’s computer can be stolen easily.
OUR SOLUTION:
WALAHALA provides the solution to this risk securely. The Smart Card is the solution to this problem because it doesn’t store any wallet file.
“This is the wallet itself.”
Hacking a Payment Gateway
Hackers may use social-engineering methods to convince service providers and get access to intercept the cash flows. In this risk, the hacker uses a technique called social engineering to get credentials from the user or the service provider.
OUR SOLUTION:
WALAHALA provides the safety to this risk with the unique device called WALAHALA CARD. This smart card is the only card that keeps you safe from such a risk. Even if the hackers get user’s credentials, they cannot misuse making any transactions or stealing anything. This is the user’s wallet which cannot be compromised.
Spoofing a user address
A hacker gets access to the project website during an ICO and the very moment when the collection opens, he can replace the address with his own. Spoofing users’ address can cause a lot of troubles. During an ICO when collection opens the hacker replaces the given address with his/her address which means that the address can be easily changed.
OUR SOLUTION:
WALAHALA encrypted the addresses with the latest and strong encryption methods to secure the wallet. With these encryptions the hacker’s act of changing the addresses becomes impossible.
WALAHALA is the smartest all in one crypto solution platform, which deals with your assets ‘security at first. Our motive is to provide you with the best of the best. “We would not rest until you get the best!”
We would not rest until you get the best!”
Reference: https://walahala.com/