Gate.io, a cryptocurrency exchange, has provided an answer for crypto users who are worried about the safety of their funds.
In an emailed press released Wednesday, the cryptocurrency exchange introduced a new storage instrument called Wallet S1, which was for the China market at first.
Benefits of the fingerprint device
The device is deemed a “professional” hardware wallet and is reportedly user-friendly. The S1 presents an inbuilt display with fingerprint recognition.
The miniature gadget is six centimetres in length and has the capacity to hold over 10,000 crypto assets, including Bitcoin and Ether.
A hardware wallet poses many benefits, one being that its users can store their secret codes to their crypto currencies away from the internet.
S1 users can also synchronize the tool to a laptop or Android smartphone and approve transactions with the touch of their finger.
Marie Tatibouet, Gate.io’s chief marketing officer, says it is the “first hardware wallet with a world-leading fingerprint recognition algorithm which can auto initialize when detecting brute-force attack.”
Experienced investors and businesses with huge supplies of crypto assets can connect the instrument to a GateChain Vault address, which will enhance the security.
The small-scale gadget is roughly $50 per unit, and is forecast to spread to countries outside China in three to four months.
How the device works
Fingerprint authentication has had an influence for decades. It has been a favourable option in digital identity, criminal justice and financial services.
This form of biometric technology depends on mobile and other device sensing technology. Some fingerprint identification is designed in a decentralized model that protects a user’s finger pattern on their mobile. A user’s fingerprint scan is authenticated locally against itself, an indication is sent to the service provider, which gives the user access.
Since every human has a distinctive fingerprint, the likelihood of guessing or changing the access key is out of the question.