Blockchain and It Advantages
The benefits of the blockchain technology are numerous over the fiat currencies. Bitcoin, being the first generation of blockchain presented some great advantages over the fiat currencies. Some of the advantages are:
- Security (through private keys instead of passwords)
- Transparency (as all transactions from a wallet address are visible to all)
- Low transaction cost (no matter the distance which eases cross-border payments or transactions)
- Time (the blockchain has reduced the time it takes for a transaction to be completed from weeks to minutes)
- Decentralization (to further prevent funds from takeover by cyber criminals or hackers because no full file is stored in a location)
The Etherium and other blockchains came after with improvements over the pioneer as the second generation blockchain. Some of the improvements are:
- Smart contracts (which eliminates intermediaries and allows participating parties to interact directly, it also allows other projects to be built on it in compliance with certain defined rules e.g. ERC20)
- Time (from minutes to seconds. The second generation blockchains are way faster than the first generation blockchain)
Despite the great advantages that the first and second generation presented over the traditional currencies, they still have a loophole that has caused the loss of billions of dollars’ worth of cryptocurrencies to cyber criminals or hackers. The security of all funds stored on the cryptocurrency wallet is largely dependent on private keys which grant access to the wallet. It is therefore always advised that the private keys to the wallets must not be stored anywhere online as it is susceptible to hacks. There have been experiences of different exchange wallets being hacked and billions of dollars’ worth of cryptocurrencies stolen with no way of being traced. There was another story of another man who showcased his bitcoin credit card on the television and in a matter of minutes all his funds gone.
Another disadvantage of the blockchain technology that is still limiting its expansion and growth is that it is not yet easy to loosely convert cryptocurrencies into fiat money. It is not yet available to spend cryptocurrencies as with fiat currencies.
ECOMI – The solution to the blockchain security challenges
The ECOMI Ecosystem is a secure digital economic ecosystem supported by Ecomi Technology Pte. Ltd.. ECOMI aim to bring blockchain technology to the mainstream in one user-friendly platform. It offers the many benefits of decentralization, privacy, and control in the palm of your hands, made possible with our Secure Wallet and ECOMI One cards. At the core of ECOMI is a desire to create a range of usable and functional products, which will be achieved using a mixture of existing technologies, proprietary tools, and numerous standing partnerships.
Ecomi comes with a series of solutions to the challenges of the blockchain by giving its users the ability to store their private keys offline through sophisticated technologies which cannot be hacked.
Ecomi produces a hardware wallet card (which looks more like a credit card to help users withdraw their cryptocurrencies anywhere in the world) and hardware cold storage called Ecomi One and Secured wallet. Ecomi also creates Ecomi application which houses the Ecomi exchange (which helps to easily and seamlessly change cryptocurrencies into fiat currencies), helps to connect, backup and allows the retrieval of private keys which are stored on the secured wallet).
The secure wallet is a physical cold storage that helps users to securely store their private keys. The secured wallet comes with a lot of security features such as secured elements, host registration, host login, security channel, hierarchical deterministic wallet, secure firmware updates and security protocols.
The host registration and host login on the secured wallet consists of a series of challenge-response mechanism which prevents an attack from any man in the middle. The secured wallet card grants the host device access to the wallet after a successful verification. In a case where the secured wallet is lost, there is a recovery seed that is generated by the application during the setup. This seed is written down by the user into a recovery card supplied with the secured wallet card. With this recovery seed, a user can pair the host device with a new secured wallet to recover the private keys.
Ecomi One is card sized to hold all user’s cryptocurrencies and fiat currencies, as well as NFC, enabled debit, credit, and loyalty card. It is acceptable where debit cards can be used. The Ecomi One can be used anywhere in the world to make transactions.
There is an in-wallet exchange that allows for seamless exchange between cryptocurrencies and fiat currencies all through the Ecomi Application. It allows cryptocurrencies to be spent the same way fiat currencies are spent. Users can set a default cryptocurrency to be converted to fiat currency. All users are to go through KYC procedures.
The Ecomi platform allows decentralized Applications (D’Apps) to be built on it.
For further information on ECOMI, you can read:
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