What Is Bitcoin Vault (BTCV)?
Bitcoin Vault is based on Bitcoin’s SHA-256 cryptographic hash function, but brings a revolution in the security aspect through the anti-theft solution using an innovative three-key proprietary wallet. Thanks to it, BTCV users have a 24-hour window to cancel unauthorized transactions. The idea is to give users the possibility to react and eliminate potential theft by reversing the transaction in case one private key is lost or stolen. By delaying the default time necessary to transfer assets from one block (around 10 minutes) to 144 blocks (24 hours), and providing another key to cancel the transfer, users can rest assured that their funds are secure.
What Makes Bitcoin Vault Unique?
The ecosystem of Bitcoin Vault will allow you to create different types of wallets:
· Standard, · 2-Key Vault, · and 3-Key Vault wallet.
Each one of them can be used to send and receive crypto assets, but the transactions are different. Apart from Standard transactions, which lack additional security features, users can also make quick Secure Fast transactions and reversible Secure transactions. The reversible transactions are a novelty in the crypto world. They can be canceled within approximately 24 hours, which is the time it takes to mine 144 blocks to confirm the transaction on the blockchain. Now, when a suspicious or erroneous transaction occurs, users have a chance to stop it before their funds are gone!
Bitcoin Vault Security Keys
• Standard Transaction Key
The Standard Transaction key is generated along with each wallet. It mainly runs in the background to ensure the smooth operation of all transactions. Apart from functioning like an invisible layer of extra safety, it can also be used to recover the wallet in case of a security breach or technical issue.
• Cancel Transaction Key
As the name suggests, this key allows users to cancel transactions. This has been made possible by regulating the number of blocks it takes to confirm the transaction on the blockchain to 144. It allows wallet owners to reverse a transaction within approximately 24 hours of a regular BTCV transfer.
• Fast Transaction Key
This key is necessary to perform Fast transactions. It can be used to execute a transfer in about 10 minutes, after one block is generated, allowing BTCV users to make quick transactions with trusted parties.
How Many Bitcoin Vault (BTCV) Coins Are There In Circulation?
The total supply of Bitcoin Vault is limited by its software and will never exceed 21,000,000 coins. New coins are created during the process known as “mining”: as transactions are relayed across the network, they get picked up by miners and packaged into blocks, which are in turn protected by complex cryptographic calculations.
As compensation for spending their computational resources, the miners receive rewards for every block that they successfully add to the blockchain. In order to check all the newest information about the Bitcoin Vault blockchain feel free to check: https://explorer.bitcoinvault.global/.
Bitcoin Vault is based on Bitcoin’s SHA-256 cryptographic hash function, but brings a revolution in the security aspect through the anti-theft solution using an innovative three-key proprietary wallet. Thanks to it, BTCV users have a 24-hour window to cancel unauthorized transactions. The idea is to give users the possibility to react and eliminate potential theft by reversing the transaction in case one private key is lost or stolen. By delaying the default time necessary to transfer assets from one block (around 10 minutes) to 144 blocks (24 hours), and providing another key to cancel the transfer, users can rest assured that their funds are secure.
What Makes Bitcoin Vault Unique?
The ecosystem of Bitcoin Vault will allow you to create different types of wallets:
· Standard, · 2-Key Vault, · and 3-Key Vault wallet.
Each one of them can be used to send and receive crypto assets, but the transactions are different. Apart from Standard transactions, which lack additional security features, users can also make quick Secure Fast transactions and reversible Secure transactions. The reversible transactions are a novelty in the crypto world. They can be canceled within approximately 24 hours, which is the time it takes to mine 144 blocks to confirm the transaction on the blockchain. Now, when a suspicious or erroneous transaction occurs, users have a chance to stop it before their funds are gone!
Bitcoin Vault Security Keys
• Standard Transaction Key
The Standard Transaction key is generated along with each wallet. It mainly runs in the background to ensure the smooth operation of all transactions. Apart from functioning like an invisible layer of extra safety, it can also be used to recover the wallet in case of a security breach or technical issue.
• Cancel Transaction Key
As the name suggests, this key allows users to cancel transactions. This has been made possible by regulating the number of blocks it takes to confirm the transaction on the blockchain to 144. It allows wallet owners to reverse a transaction within approximately 24 hours of a regular BTCV transfer.
• Fast Transaction Key
This key is necessary to perform Fast transactions. It can be used to execute a transfer in about 10 minutes, after one block is generated, allowing BTCV users to make quick transactions with trusted parties.
How Many Bitcoin Vault (BTCV) Coins Are There In Circulation?
The total supply of Bitcoin Vault is limited by its software and will never exceed 21,000,000 coins. New coins are created during the process known as “mining”: as transactions are relayed across the network, they get picked up by miners and packaged into blocks, which are in turn protected by complex cryptographic calculations.
As compensation for spending their computational resources, the miners receive rewards for every block that they successfully add to the blockchain. In order to check all the newest information about the Bitcoin Vault blockchain feel free to check: https://explorer.bitcoinvault.global/.
