VeChainThor mobile wallet upgrade will enable offline storage of private keys
The VeChain foundation has announced the release of v1.1.0 of their mobile wallet which offers users the ability to store private keys in an offline cold wallet.Tweet this
Today, the VeChain Foundation announced VeChainThor v1.1.0, an update to their mobile wallet which is scheduled for release on Aug 2nd.
Since VeChain currently does not offer a desktop wallet, users wanted the ability to create their VeChainThor address and store their private key on an offline cell phone or hardware wallet, rather than on the mobile phone they use every day. The VeChain Foundation listened and added an enhanced observe wallet function to their newest release.
With the new observe wallet function users will be able to check their VeChainThor address balance, node status, and VTHO rewards on the VeChainThor mobile wallet installed on their everyday phone while keeping their private key in a cold wallet to further enhance security.
More details about the different types of cryptocurrency wallets can be found here.
How it works:
- Firstly, you need the Cold Wallet which contains your VeChainThor address and the private key, and the Hot Wallet which you will use to observe the address created in the Cold Wallet
- When initiating the observe wallet authorization process in the Hot Wallet, you will be prompted with a random 6 digit authentication code
- Input the 6 digit authentication code in the Cold Wallet interface you choose (either VeChainThor wallet app on the offline cellphone or the upcoming VeForge web wallet user interface connecting to Ledger hardware wallet) to create the authorization signature by signing the authentication code with the private key
- Use the Hot Wallet to scan the authorization signature. The authorization process is done and your VeChainThor address will be shown as an observing address in the Hot Wallet
If you’re unfamiliar with VeChain or wish to learn more, you can check out their technical whitepaper here.
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