Israeli startup GK8, which was founded by veteran Israeli cybersecurity experts that used to work for the Prime Minister, has created a new type of cold wallet which can broadcast a transaction while simultaneously being secure. This is accomplished via the wallet being unidirectional, meaning that the wallet can broadcast a cryptocurrency transaction to the internet via a communication device, but the wallet does not accept any incoming data. Also, the wallet is disconnected from all other digital devices and isolated from any computer interface.
The idea behind cold wallets in general is that it is safest to store cryptocurrency long term in a device that is completely disconnected from the internet. However, a security risk arises at the point that the user wants to withdraw cryptocurrency from the cold wallet, since it then must be plugged into a computer or the internet.
Essentially, GK8 solves this problem by having a built-in and secure mechanism to broadcast a transaction to the internet while being disconnected from any computers, and not receiving any incoming data. In-fact, the wallet is not actually connected to the internet at all.
Image Courtesy: Pixabay
The post GK8 Creates Cold Storage Wallet with Unidirectional Internet Connectivity appeared first on BitcoinNews.com.