Israeli Startup Creates Offline Crypto Wallet with Online Connectivity
[NEWS BLOG]: Israeli Startup Creates Offline Crypto Wallet with Online Connectivity
Israeli startup GK8 unveiled a cold-storage crypto wallet with on-network transfer capabilities, the company said.
GK8’s technology removes many of the dangers internet-accessible crypto wallets face – hacks, attacks, unexplained losses — while preserving their more convenient features, such as sending and receiving digital assets.
In an interview, GK8’s co-founder Lior Lamesh told CoinDesk that a “unidirectional connection” links its wallet directly to the blockchain, where it transfers assets as conventional wallets do. GK8’s one-way signaling does not itself operate on the internet.
GK8 says its techniques “bypass core assumptions related to cryptocurrency transfers and eliminate attack vectors to any asset transfer.”
Several cryptography experts are among GK8 board members, including Prof. Eran Tromer, one of security token Zcash’s founding scientists.
In a video, Tromer said: “GK8’s cold wallet solution improves on the state-of-the-art by having essentially unidirectional communication from the wallet to the outside and never accepting raw information from the outside back into the cold wallet.”
“This minimizes the attack surface and prevents attacks,” he said.
GK8 secured five patents for its innovations, according to the announcement. A patent abstract associated with Lamesh described the technology as follows:
“The digital wallet device is electronically disconnected from other digital devices and comprising: a cryptocurrency integrated circuit (IC) that is isolated from any computer interface” … “and a unidirectional communication hardware for sending said transaction to a communication device for broadcasting said transaction via a network.”
The founders are veterans of Israeli cybersecurity, according to Lamesh. Both served as cybersecurity experts to the prime minister before founding GK8 in 2018.
Lamesh said that he and co-founder Shahar Shamai began working on GK8’s cold wallet after finding security vulnerabilities in “state-of-the-art” wallets. They were both bothered by the risks of storing assets online.
“We tried to think: how can we make a fully operational cold wallet with no internet connection at all. And we ended up doing exactly that,” Lamesh said.
He said that GK8 seeks to become the cold wallet of choice for institutional investors.
GK8’s project raised $4 million in seed funding from a series of Israeli investment firms, including from the government-run Israel Innovation Authority.
OTHER RELATED NEWS
White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?
Ever since US President Donald Trump shared his thoughts on Bitcoin in a blistering tweet from last July, crypto investors have been nervously anticipating news regarding when the government would start a formal crackdown on the nascent technologies.
It now appears that this crackdown could be on its way in the coming couple of years, as the White House’s newly released 2021 budget proposal recommends shifting the US Secret Service to operate underneath the Treasury in order to investigate crypto-related crimes.
White House Budget Proposal Links Crypto to Crime and Terrorism
In the 106-page document, the word “cryptocurrency” is only mentioned - read more.
All 7-Eleven Stores Across the Philippines Now Sell Bitcoin
Cryptocurrency investment app Abra starts selling crypto for cash in all 7-Eleven stores across the Philippines with a new partnership with payment processor ECPay.
Crypto in 6,000 outlets in the Philippines.
Abra announced on Sept. 18 that the partnership will bring crypto to 6,000 retail outlets across the Philippines, including all 7-Eleven stores. The company says that the aim of the partnership is to make acquiring cryptocurrency easier: “Using new digital tools that open up financial access shouldn’t be hard. And they shouldn’t be complicated. Moving cash to crypto and other digital assets should be simple and fast. That’s why we are - read more.
Crypto Community Trolls Ethereum For Not Getting Its Own Emoji
The crypto community on Twitter has united once again in an epic troll, this time aimed at Ethereum. What began as a simple question as to why the second-largest cryptocurrency doesn’t have its own emoji turned into a hilarious movement that says the network is best described with the internet’s beloved poop emoji.
"A Serious Enquiry About Emojis Turns Into an Epic Troll"
The crypto community has never been one that turns away from a good troll, which is exactly what ensued after some unsuspecting members of the Ethereum community raised the question of emojis.
Namely, the recent addition of - read more.