Trustology, a company established by a group of technologists, has released its very own iPhone- controlled crypto vault which is even secure for banks. Thanks to Trustology, from this Wednesday, everyone is able to download TrustVault on their iPhones. This recent crypto vault happens to be used in order to store ether, which is a cryptocurrency. Soon, ERC-20 tokens and Bitcoin will also be stored with the help of this brand-new crypto vault.
At first glance, you might think that TrustVault is just some regular crypto wallet mobile phone application, but that is not the case. The team of professionals behind the TrustVault has used a combination of HSM, which stands for hardware security modules along with some strict verification processes which turned out to be a complete success.
The CEO of Trustology, Alex Batlin has said that although the TrustVault app looks simple, its massive advantage is immense the strength of service which something the future users must be takin consideration.
Also, if the customer, unfortunately, loses his phone, Trustology gives him an option to recover his account easily. The reason is that the private keys to the crypto wallet aren’t in fact stored on the user’s phone. Because people take part in the setup process, it can’t be said that this is just some regular cold storage solution. The timeframe for your assets to get out can take up to a maximum of two days.
The moment you’re on board with TrustVault, everything is going to be automated and you will be in a position to move your funds in a matter of seconds.
The Process Of Having A TrustVault Account
Just when the TrustVault app was launched, in the iPhone enclave, two keys were made:
- A private cryptographic key
- Right after the private key, there’s a very important bank-grade process which is crucial for knowing who the customer is exactly. This particular process links the key which can’t be extracted to your very own user identity. You have to remember that with this you can’t control your funds, unfortunately.
After this is done, the following motion for you would be to make a key account with the TrustVault app. Your request for creating an account is going to be signed with a mobile phone key which is private. That key will be made in the Hardware Security Module and also in a so-called „policy file.” This file associates the key which is in the user’s iPhone to the key which is located in the Hardware Security Module.
If you’re eager to move your cash, you are obliged to sign a transaction, and you have the possibility do that with the help of a key located in your iPhone.
What Mobile Device Can You Use For The App?
At this very moment, TrustVault can only be used on an iPhone, and the reason is that this is the only mobile device with an enclave, which can in terms of security, support this type of custody service.
Customers will soon be in a position to use the app on their Android phones, but not on every Android mobile device in particular. Google Pixel 3 will soon be available to use the services of TrustVault. This phone has a very secure chip which has been named „Titan M.” In fact, it is even superior to the iPhone, security-wise.