Cardano investors that hold their ADA tokens on the network have a stake in the overall network that is proportional to the number of tokens held. When the owner delegates the tokens to a staking pool, they are participating in the security and governance of the Cardano Proof-of-Stake (PoS) blockchain network by validating new blocks and processing transactions.
In return for contributing to the network, the owner will receive a staking reward or return on their investment. This process is referred to a staking Cardano and is a similar concept to cryptocurrency mining and lending to earn free crypto.
Why is so important that a crypto hardware wallet offers you functionality of staking
Since 2012, at least 46 Bitcoin exchanges have lost funds through a major cyber security breach which cumulatively amounts for nearly USD $2.58 Billion stolen. With most common form of hack was infiltrating the PRIVATE KEY to the exchange’s hot wallet because still till today the most and the best method to store cryptocurrency assets is still using a personal hardware wallet.
BC Vault is a hardware wallet that till today has ZERO. The staking functionality has been purpose created to stake Cardano that is suitable for beginners and experienced users that want to delegate their coins. The BC Vault application can be downloaded and installed with one click on Windows, Linux and MacOS. Once installed, the application can be used to send and receive ADA tokens and to delegate the funds into a staking pool.
The BC Vault offers users possibility to browse through a list of staking pools which can be filtered/sorted by the name, margin, saturation, and the costs to stake.
Rules of Cardano staking dictate a grace period of 20 days for the delegated coins to be approved on the network to avoid overloading. After this period, the coins will start to accrue rewards which will be paid out every 5 days, minus staking fees.
Unlike a traditional cryptocurrency exchange, the private keys which provide access to the funds are not held on a server hosted by third parties or the exchange. The users maintain full custody of their Cardano private keys that are stored on the BC Vault. Therefore, Cardano token holders that stake using the BC Vault crypto wallet are immune to attacks/hacks of the cryptocurrency exchanges.
What is BC Vault?
The idea behind this new stronger hardware crypto wallet was from the very start to give the user a reliable, fully functional, and independent device which doesn’t resemble a cheap USB stick with only basic functionality and with unreliable and difficult user operation.
We came up with a strategy and a vision for BC Vault which started with a question: “What incredible benefits can we give to the costumer?” and not starting with – lets sit down with the engineers and figure out what awesome technology we have and then how we are going to market it.
We did not want to be another clone of first open-source hardware wallets, neither a solution that would make the usage complicated and time consuming. When we analyzed the market and tested existing products, we found that the current products on the market are difficult to use and clunky, don’t offer some critical features, they rely on specific browsers to function and use interlinked deterministic wallets. Some of them even don’t have a display and if they do have it, they use small impractical, hard to read displays (and are expensive!). The current products have desktop software that’s very inconvenient for normal use and many of them use an old way of backing up the data. As a company working for more than 20 years in the IT security industry, we’ve successfully managed the most critical projects for the financial sector, telco environment and government infrastructure. We understand and know how to handle the most demanding projects for protecting and securing precious data. We used all this experience and knowledge to design and produce the BC VAULT, a product or better to say a complete solution for the blockchain industry and regular users alike.
To prove our confidence, we preloaded every device with 1.0 BTC bounty wallet. Each BC Vault ships pre-loaded with a bounty wallet, encrypted in the same way as every other user created wallet on the device. This wallet contains 1.0 BTC. “If you break the encryption of the bounty wallet, it’s yours to take!“ explains Renato Uhl, CEO of BC Vault and co-owner of REAL security d.o.o.
Support for different browsers
BC VAULT does not require a browser to function like some other solutions. We know that some users are wary of the security implications of their main crypto interface being browser based, therefore we went for a native approach. We support unified API for all platforms (such as exchanges, payment processors) which will make it easier than ever to integrate secure payment processing and fraud prevention into your service.
BC VAULT gives you the possibility to store more than 2000 unique wallets, each encrypted with different passcode.
Early in development we considered using deterministic wallets, but the idea was discarded for a multitude of reasons. We chose not to use deterministic wallets as for example Ledger and TREZOR do, because public keys are mathematically related and can be traced to one user. Should a malicious actor steal your backup, he has access to ALL CURRENT and FUTURE wallets created on such device. It is difficult for developers and users to go through a non-trivial account discovery process each time the user wishes to do anything. Based on this fact we decided to forgo deterministic hierarchical wallet generation in favour of Anonymous Independently Encrypted Private Keys. Not as catchy, but it has some important benefits for users like very easy to use for a normal user, easy for services to implement direct support (just a public key, no account discovery), each wallet can be individually encrypted, full backups can be easily encrypted, wallets can be named, wallets can be deleted and are not traceable to a single source.
We divided the users into two groups: knowledgeable users and novices. Our goal from the beginning was to make a product that caters to both types of the users. We made it as easy as possible for novices, but we kept in the advanced features that we know users more familiar with crypto look for. Everything had to be intuitive and behave as an average user expects. We worked with experienced designers to create a beautiful GUI that is also incredibly functional and practical.
How BC Vault solves the danger of theft attempts and cyber attacks
“One of the first major hurdles was the one we came across while testing existing devices as TREZOR, LEDGER… which use flash memory (still today). We found a problem with testing huge amounts of different wallets. Not only was flash inconvenient from a hardware standpoint (block-only control amongst others), but it also stopped functioning after certain threshold of write operations. This would lower the lifespan of BC Vault tremendously, so we decided on newest technology – Ferroelectric RAM (FeRAM). This provided us with several advantages from a hardware point of view. It allowed our hardware experts greater control over device storage and allowed us to provide incredible value for the customer.
The functionalities of BC Vault are best explained by Crypto Casey review at: https://youtu.be/TBhy4nb5hQA
Due to usage of the FeRAM BC Vault is unique in the fact that the device itself can be stored nearly indefinitely, i.e., in a safe, without any data loss from being unpowered, over 200 years at 35°C or 10 years at 85°C (although we don’t really recommend storing it in a place that is hot!)! That gives you longer term storage than Flash, Hard drives, Solid state drives, floppy disks, and magnetic tapes, all for free! Your funds are stored offline in cold storage to prevent cyber-attacks. We employ state-of-the-art encryption measures to make sure your private keys are secure. Private keys are encrypted and stored in FeRAM for incredible durability and reliability. This means that, if you choose so, you could leave your BC VAULT in a safe for decades and (assuming no external damage) your private keys would be intact. FeRAM is a (Ferroelectric Random-Access Memory) chip using the ferroelectric process and silicon gate CMOS process technologies for forming the non-volatile memory cells.).
The FeRAM can retain data without using a back-up battery, as is needed for SRAM. The memory cells used in the FeRAM can be used for 10^13 read/write operations per byte, which is a significant improvement over the number of read and write operations supported by Flash memory and E2PROM. FeRAM does not take long time to write data like Flash memories or E2PROM. FeRAM can write data at a high bandwidth without any waiting.
Your backups are also protected. Even if someone were to steal your backups, they would have to know your PINs and passwords to unlock it. This is in stark contrast to BIP44/38 based hardware wallets that do not encrypt their backups. BC Vault is the first commercially available multi-crypto hardware wallet offering SECURE ENCRYPTED BACKUPS. “Add to that per-wallet encryption and you can be sure your wallets will be safe!” says Alen Šalamun, CTO and co-owner of REAL security d.o.o.
We think this is a real path and costumers around the world are already reacting with comments, posts and scores like in the case of TRUSTPILOT: https://www.trustpilot.com/review/bc-vault.com where BC Vault has the highest score – Excellent among all hardware wallets on the market according to user experience and comments.
For further press information, please contact: [email protected]
For more information about the BC VAULT please visit: www.bc-vault.com