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ASHEVILLE, NC / ACCESSWIRE / April 8, 2021 / Bitfi and the XDC Network (XinFin) today announced the imminent deployment of advanced security features for the XDC protocol and digital asset to extend the Protocol’s security to the user interface and private key management.
As part of this integration, support for XDC is being added to the Bitfi 2 hardware wallet, installation of Bitfi’s proprietary single-factor authentication for XDC web application, and single-factor authentication for master node security.
The XDC Protocol is the only permissioned, fully institutionally compliant blockchain protocol that can integrate with financial institutions’ legacy systems, seamlessly bridging legacy systems with blockchain capabilities. XDC is ISO-20022 compliant with advanced smart contract capabilities and is fully interoperable with Ethereum.
XDC is supplying a critical solution to institutions that now face rapid fintech disruption and may not survive without adapting to this reality. Although there is an alarming need to deploy blockchain capabilities, institutions are also met with complex and daunting regulatory compliance requirements impeding progress. XDC greatly exceeds the capabilities of other institutional blockchains that provide payment settlement and was developed to meet regulatory requirements on day one, enabling accelerated deployment. XDC is currently in use by institutions and is expected to grow rapidly within the largest and most liquid market in the world.
The utilization of the XDC Protocol and its features will be supported by Bitfi 2 proprietary technology to ensure the highest possible security for institutional users and masternode operators. A single XDC node requires 10MM staked XDC, currently valued at $600,000 USD of capital to operate, and this cost is expected to increase in the near future. As such, XDC node operators are a target for cybercriminals and are susceptible to physical attacks. This integration effectively eliminates these risks.
For institutional use, conventional cold storage wallet solutions are inadequate. Cold storage technologies protect assets from cyberattacks, but users must closely guard physical hardware. Access to cold storage devices allows private key extraction with forensic tools. Bitfi 2 technology addresses all attack vectors by using computational key derivation without the need to store private keys or any data in memory. The necessary private key is calculated at time of transaction and is then instantly wiped, overwritten, and hardware is formatted to its original state. This technology was developed by Bitfi and is the only such solution available.
The single-factor authentication technology allows ultra-secure access to servers and web applications without the need for passwords. When access is needed, Bitfi 2 receives a request, and the user enters their user-created salt and phrase, which is used as input to calculate a private key. The private key validates the public key on a server, and the user is given instant access. For institutional users, this solves the age-old problem of unauthorized access. Since access is cryptographically signed, there is no need to verify identity or perform follow-up checks to see if login was performed by the authorized user or someone else.
About Bitfi
Bitfi is a global security company that is developing new technology for holding and securing digital assets to surpass cold storage. Bitfi 2 devices do not store private keys, making it the world’s only wallet that cannot be lost, stolen, or confiscated. www.bitfi.com
About XDC Network (XinFin)
XinFin Foundation is a non-profit decentralized autonomous organization (DAO); which liaises with various international governments and financial institutions in order to reduce the existing gap in global infrastructure. www.xinfin.org
About XDC
XDC is a native asset of the XDC blockchain protocol with smart contracts, 2,000 transactions per second throughput, 2-second transaction settlement with finality, and full Ethereum interoperability. The XDC Protocol is specifically designed and optimized for institutional use and meets their complex regulatory compliance needs. www.coinmarketcap.com/currencies/xinfin-network
Forward-looking statements
Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to the Safe Harbor provisions. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “future,” “plan,” or “planned,” “expects,” or “projected.” These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company’s control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing and marketing products, intense competition, and additional risk factors.
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Kendra Bentley
Bitfi Corporation
VP Operations
press@bitfi.com
SOURCE: Bitfi Corporation
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