With New Crypto Hardware Wallet, Evercoin Takes Aim at Trezor and Ledger
Cointelegraph By Rachel Wolfson's original article for cointelegraph.com reduced by 55%
Evercoin claims that its new wallet is the safest hardware wallet currently on the market, providing users with an end-to-end encrypted ownership solution for cryptocurrency storage. Powered by YubiKey 5ci - a security key designed to deliver strong hardware-backed authentication for iPhones and other devices - Evercoin 2 contains a hardware wallet no bigger than a house key. "Unlike hardware wallets such as Ledger or Trezor, Evercoin 2 uses YubiKey to provide 360-degree internet protection.
It's designed to bring cryptocurrency adoption to the masses," Evercoin co-founder Miko Matsumura told Cointelegraph. While Evercoin already functions as a mobile wallet app with a built-in exchange, Evercoin 2 is secured by hardware that is fully controlled by the user. With these features in mind, John Jefferies, chief financial analyst at blockchain security company CipherTrace, thinks that Evercoin 2 is not, strictly speaking, a hardware wallet because it is an authentication device rather than a piece of hardware that physically stores private keys on the device.
"It would be more accurate to describe the Evercoin wallet as a mobile software wallet that is protected by a hardware-based second factor," he told Cointelegraph. Existing owners of a YubiKey 5ci can add hardware wallet storage to their existing device by downloading the Evercoin wallet app.
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