Israeli Start-up GK8 Develops Offline Wallet For Cryptocurrency; Holds Online Transaction Capability
GK8, an Israeli start-up in the cybersecurity space, has launched a cold-storage digital currency wallet that also possesses online transfer capabilities. As per the local Israel publication Globes’ reports dated September 18, 2019, this new system relies on the proprietary cryptographic technologies of the company that facilitate instantaneous blockchain transactions of crypto without requiring internet connection.
As highlighted by the reports, GK8’s technology eliminates multiple dangers that are usually associated with internet-accessible cryptocurrency wallets, such as attacks, hacks, and unexplained losses. At the same time, the technology allows the firm to retain features in its offering like receiving and sending digital assets. Thus, in a way, GK8 has developed a cold wallet that includes hot wallet functions as well, providing an increased level of security to users.
Lior Lamesh, the co-founder of GK8, stated in one of his recent interviews that it is because of the “unidirectional connection” that the company is able to record transactions on the blockchain in an offline mode. So, the asset transfer is carried out exactly the way traditional wallets do. Moreover, the company’s one-way signaling itself is not operated on the web. Lamesh also said that their technology could be utilized for Bitcoin as well as other cryptos.
As GK8 points out, their techniques evade the core assumptions surrounding crypto transfers and get rid of the attack vectors to asset transfers.
Cryptography expert, one of the board members of GK8, and one of the founding scientists of Zcash token, Prof. Eran Tromer, explained in a video that the company’s cold wallet offering has unidirectional communication from the wallet. It never accepts raw information back into the wallet from the outside. As a result, it is possible to reduce the attack possibilities as well as prevent it altogether, he added.
Per the official announcement, GK8 has secured 5 patents for their innovations.
For those who came in late, GK8 was established in 2018. Its founders are veteran Israeli cybersecurity experts. Divulging further information, Lamesh revealed that he along with his co-founder, named Shahar Shamai, had started working on the cold wallet solution after coming across security loopholes in even the “state-of-the-art” digital asset wallets. The risks associated with storing the assets online concerned them and led them to come up with such an offering.