Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
  • Home
  • Crypto
    • Altcoins
    • Bitcoin
    • Ethereum
    • Monero
    • XRP
    • Zcash
  • Web3
  • DeFi
  • NFTs
No Result
View All Result
Altszn.com
No Result
View All Result

SwissFortress Launches World’s First Soft Wallet To Tackle Crypto Hacks

Altszn.com by Altszn.com
August 24, 2023
in Metaverse, Web3
0
SwissFortress Launches World’s First Soft Wallet To Tackle Crypto Hacks
399
SHARES
2.3k
VIEWS
Share on FacebookShare on Twitter


Published: 24 August 2023, 7:37 am Updated: 24 Aug 2023, 7:44 am

Digital security company SwissFortress has unveiled a next-gen solution to quell the rising tide of cyber threats within the cryptocurrency domain. The company launched a “soft wallet” to mitigate crypto vulnerabilities and hacks by eliminating centralized databases. 

The company asserts that it has integrated the world’s first “sent to name” feature for cryptocurrency transactions, through which transactions can occur without exchanging identifiable data during the entire process. SwissFortress said the process is supplemented by a robust “Know Your Customer” (KYC) procedure to ensure anonymity and compliance.

“We aim to establish an epoch defined by reimagined digital identity and asset management for individuals and corporations alike. The core of our redesign lies in enabling genuine data decentralization, devoid of personal data retention within the ecosystem,” Amer Vohora, CEO of SwissFortress told Metaverse Post. 

Vohora said the move comes after an escalating demand for fortified digital security mechanisms.

“SwissFortress’s on-chain addresses are computed dynamically via peer-to-peer communication between a sending and receiving wallet. As such, the only wallets that know what addresses they are using are the sending and receiving wallets,” explained Vohora. “3rd party observers can’t know which identity did or didn’t receive funds. This is based on our BIP-47 architecture, which provides reusable pay codes for Bitcoin.”

Mitigating Crypto Vulnerabilities Through User Data Anonymity 

The company claims that the current digital security landscape suffers from obsolete infrastructure, leading to compromised digital identities and transactions, as evidenced by the recent friend.tech breach.

The cumulative losses from crypto hacks and fraudulent schemes have exceeded $656 million. SwissFortress contends that while current crypto wallets serve their purpose, they lack the necessary robustness to safeguard user data comprehensively.

In response to these shortcomings, the company has rectified inherent flaws within existing systems and incorporated protective measures into its platform’s fortified framework.

SwissFortress’s Vohora said the platform’s new address autogen feature – FortressID, aims to solve the problem of compromised digital transactions while maintaining end-user privacy and not breaking chain analysis. 

“Our combination of the atomic swap protocol and FortressID resolves the challenge of establishing trustworthy global liquidity. The hardware wallet ensures these functionalities, providing users with cold-storage level security for their keys,” Vohora told Metaverse Post. “The integration of our custody system tackles the long-standing issues of off-chain theft, fraud, and governance, seen historically with cases like Mt.Gox and more recently with FTX.”

In addition, the company has introduced a hybrid cryptographic protocol that facilitates on- and off-chain transactions. The technology will enable the transfer of funds between accounts while leveraging the same technological framework used by Bitcoin miners for fund verification.

“We offer self-custody key backup and MPC key backup for production launch, extending traditional technology’s potential beyond crypto wallets to integration in banking apps,” said Vohora. 

Vohora said that even if all the platform’s in-real-life credentials were compromised, decoding users’ on-chain transactions would remain an insurmountable challenge.

“The only way to fool the system is to fool the IRL verifier. Once proof is established, transaction recipients hold irrefutable evidence of interactions with the private keys of the authenticated entity,” he said. “Phishing in our system is impossible.”





Read More: mpost.io

Tags: CryptoHacksLaunchesMetaversesoftSwissFortresstackleWalletWorlds
ADVERTISEMENT

Recent

Bitcoin hits $103K but DeFi is a mixed bag: Finance Redefined

Bitcoin hits $103K but DeFi is a mixed bag: Finance Redefined

May 9, 2025
Cointelegraph Bitcoin & Ethereum Blockchain News

Cointelegraph Bitcoin & Ethereum Blockchain News

May 9, 2025
How GAMEE Is Making Web3 Irresistibly Fun

How GAMEE Is Making Web3 Irresistibly Fun

May 9, 2025

Categories

  • Bitcoin (4,965)
  • Blockchain (11,641)
  • Crypto (9,581)
  • Dark Web (567)
  • DeFi (8,509)
  • Ethereum (5,032)
  • Metaverse (7,782)
  • Monero (306)
  • NFT (1,612)
  • Solana (5,104)
  • Web3 (21,042)
  • Zcash (509)

Category

Select Category

    Advertise

    Advertise your site, company or product to millions of web3, NFT and cryptocurrency enthusiasts. Learn more

    Useful Links

    Advertise
    DMCA
    Contact Us
    Privacy Policy
    Shipping & Returns
    Terms of Use

    Resources

    Exchanges
    Changelly
    Web3 Jobs

    Recent News

    Bitcoin hits $103K but DeFi is a mixed bag: Finance Redefined

    Bitcoin hits $103K but DeFi is a mixed bag: Finance Redefined

    May 9, 2025
    Cointelegraph Bitcoin & Ethereum Blockchain News

    Cointelegraph Bitcoin & Ethereum Blockchain News

    May 9, 2025

    © 2022 Altszn.com. All Rights Reserved.

    No Result
    View All Result
    • Home
      • Home – Layout 1
      • Home – Layout 2
      • Home – Layout 3

    © Altszn.com. All Rights Reserved.

    • bitcoinBitcoin (BTC) $ 102,994.00
    • ethereumEthereum (ETH) $ 2,334.90
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.35
    • bnbBNB (BNB) $ 640.20
    • solanaSolana (SOL) $ 172.45
    • usd-coinUSDC (USDC) $ 0.999996
    • dogecoinDogecoin (DOGE) $ 0.204702
    • cardanoCardano (ADA) $ 0.777617
    • tronTRON (TRX) $ 0.260853
    • staked-etherLido Staked Ether (STETH) $ 2,332.69
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 103,189.00
    • suiSui (SUI) $ 3.91
    • chainlinkChainlink (LINK) $ 16.03
    • wrapped-stethWrapped stETH (WSTETH) $ 2,808.45
    • avalanche-2Avalanche (AVAX) $ 23.11
    • stellarStellar (XLM) $ 0.294652
    • shiba-inuShiba Inu (SHIB) $ 0.000015
    • hedera-hashgraphHedera (HBAR) $ 0.202734
    • hyperliquidHyperliquid (HYPE) $ 25.03
    • bitcoin-cashBitcoin Cash (BCH) $ 408.55
    • the-open-networkToncoin (TON) $ 3.26
    • leo-tokenLEO Token (LEO) $ 8.74
    • usdsUSDS (USDS) $ 0.999972
    • litecoinLitecoin (LTC) $ 100.57
    • polkadotPolkadot (DOT) $ 4.78
    • wethWETH (WETH) $ 2,335.16
    • moneroMonero (XMR) $ 308.82
    • wrapped-eethWrapped eETH (WEETH) $ 2,494.64
    • bitget-tokenBitget Token (BGB) $ 4.48
    • pi-networkPi Network (PI) $ 0.737781
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • pepePepe (PEPE) $ 0.000012
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 102,999.00
    • ethena-usdeEthena USDe (USDE) $ 1.00
    • whitebitWhiteBIT Coin (WBT) $ 30.28
    • uniswapUniswap (UNI) $ 6.31
    • bittensorBittensor (TAO) $ 427.34
    • nearNEAR Protocol (NEAR) $ 2.90
    • daiDai (DAI) $ 1.00
    • aptosAptos (APT) $ 5.52
    • okbOKB (OKB) $ 54.06
    • ondo-financeOndo (ONDO) $ 1.01
    • aaveAave (AAVE) $ 210.96
    • susdssUSDS (SUSDS) $ 1.05
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • crypto-com-chainCronos (CRO) $ 0.101500
    • ethereum-classicEthereum Classic (ETC) $ 19.14
    • internet-computerInternet Computer (ICP) $ 5.42
    • official-trumpOfficial Trump (TRUMP) $ 14.27
    • bitcoinBitcoin (BTC) $ 102,994.00
    • ethereumEthereum (ETH) $ 2,334.90
    • tetherTether (USDT) $ 1.00
    • xrpXRP (XRP) $ 2.35
    • bnbBNB (BNB) $ 640.20
    • solanaSolana (SOL) $ 172.45
    • usd-coinUSDC (USDC) $ 0.999996
    • dogecoinDogecoin (DOGE) $ 0.204702
    • cardanoCardano (ADA) $ 0.777617
    • tronTRON (TRX) $ 0.260853
    • staked-etherLido Staked Ether (STETH) $ 2,332.69
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 103,189.00
    • suiSui (SUI) $ 3.91
    • chainlinkChainlink (LINK) $ 16.03
    • wrapped-stethWrapped stETH (WSTETH) $ 2,808.45
    • avalanche-2Avalanche (AVAX) $ 23.11
    • stellarStellar (XLM) $ 0.294652
    • shiba-inuShiba Inu (SHIB) $ 0.000015
    • hedera-hashgraphHedera (HBAR) $ 0.202734
    • hyperliquidHyperliquid (HYPE) $ 25.03
    • bitcoin-cashBitcoin Cash (BCH) $ 408.55
    • the-open-networkToncoin (TON) $ 3.26
    • leo-tokenLEO Token (LEO) $ 8.74
    • usdsUSDS (USDS) $ 0.999972
    • litecoinLitecoin (LTC) $ 100.57
    • polkadotPolkadot (DOT) $ 4.78
    • wethWETH (WETH) $ 2,335.16
    • moneroMonero (XMR) $ 308.82
    • wrapped-eethWrapped eETH (WEETH) $ 2,494.64
    • bitget-tokenBitget Token (BGB) $ 4.48
    • pi-networkPi Network (PI) $ 0.737781
    • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
    • pepePepe (PEPE) $ 0.000012
    • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 102,999.00
    • ethena-usdeEthena USDe (USDE) $ 1.00
    • whitebitWhiteBIT Coin (WBT) $ 30.28
    • uniswapUniswap (UNI) $ 6.31
    • bittensorBittensor (TAO) $ 427.34
    • nearNEAR Protocol (NEAR) $ 2.90
    • daiDai (DAI) $ 1.00
    • aptosAptos (APT) $ 5.52
    • okbOKB (OKB) $ 54.06
    • ondo-financeOndo (ONDO) $ 1.01
    • aaveAave (AAVE) $ 210.96
    • susdssUSDS (SUSDS) $ 1.05
    • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
    • crypto-com-chainCronos (CRO) $ 0.101500
    • ethereum-classicEthereum Classic (ETC) $ 19.14
    • internet-computerInternet Computer (ICP) $ 5.42
    • official-trumpOfficial Trump (TRUMP) $ 14.27