NEM DEVELOPS THE APPLICATION OF A COLD PORTFOLIO FOR ITS CRYPTOACTIVE

NEM DEVELOPS THE APPLICATION OF A COLD PORTFOLIO FOR ITS CRYPTOACTIVE

The team of developers of the NEM project announced the launch of a cold wallet application for its cryptoactive that can send and receive this cryptocurrency with full security.

With this #development it is sought that customers have the facilities and advantages of a hot portfolio but at the same time the security of a cold portfolio, because it would never connect to the Internet although it could receive and send the cryptoactives of this platform (XEM). The creators of the project attribute this interesting application of a cryptocurrency portfolio to the totally new programming architecture they developed to launch their platform.

For the moment, the only way to keep private keys secure and away from the Internet was to keep two separate devices, protecting themselves from cyber attacks. At the moment of making a transaction, the same should be created online and then, offline, sign the transaction with the private keys and then send it back to the #blockchain. In this way cold storage works, indicates the NEM team, having a device that connects to the Internet and another that never does.

This method is known as air-gapping, having two separate devices to perform transactions with a cryptocurrency, one of which connects to the Internet while the other does not. However, they warn that this is just an experiment that should be treated with caution and be released from the responsibilities when using the new application launched today.

INSTALLATION AND USE OF THE APPLICATION

To use this application you will need two smartphones, one connected to the internet and the other does not. As an alternative, you could create a portfolio with the Android or iOS NanoWallet application and backup it before installing the wallet and connect it with the application of private keys and signatures.

The NEM team suggests using an #Android phone with its newly installed operating system, to then install the transaction signature application and then place the device offline (mode used to turn off signals and data when air flights are made) to protect it and give it security. The transaction signature application will be installed here, while the transaction sending application is installed on the internet-connected phone.

First, the paper wallet must be created on a device not connected to the internet, which will reinforce the isolated and safe environment for transferring the funds.

Paper #wallet from NEM, offline application for generating addresses and transferring #cryptoactives

Then, from that same device, you must enter the destination address to be transferred, the quantity, the message and the private key manually. The paper portfolio will generate the transaction data and provide the private key, so that it can be transmitted to the network once online.

For more details, review the NEM tutorial for the transfer of funds from these portfolio #applications.

The users of the NEM forum on Reddit describe the launch as something positive, since the portfolio seems to be functional and could compete in its field against Trezor, a cold-portfolio manufacturer that recently updated its firmware to accept this cryptoactive, as was announced.

NEM (XEM) is ranked 9th in the market with the largest capitalization of cryptoactive products and continues to carry out interesting projects and alliances that could boost this project for next year.

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