Bitcoin Vault (BTCV): What Is It?
This information on Bitcoin Vault (BTCV), one of the Bitcoin hard forks, is for you if you’re seeking for a safe option that also gives you full control over your assets.
The decentralized financial ecosystem has undergone multiple changes as a result of a fork since the introduction of Bitcoin (BTC). The Bitcoin Vault is one of the Bitcoin hard forks (BTCV). With more security features, the Bitcoin Vault sought to give consumers all the benefits that Bitcoin has to offer. The Bitcoin Vault’s creators created a technology that gives customers complete control over their money without compromising the cryptocurrency’s adaptability. Notably, Bitcoin Vault is the first cryptocurrency to offer users the option to reverse transactions that have already been published to the blockchain within 24 hours.
An Additional Level of Security for Bitcoin
As was already mentioned, the decentralized cryptocurrency Bitcoin Vault (BTCV) enables users to undo a transaction on the blockchain. It aims to protect user cash and address issues like bitcoin theft, hackers, fraud, mistakes, or bugs.
Bitcoin Vault offers with an additional degree of protection, which is a huge advantage even though it enables customers the freedom to manage their holdings. In specifically, the Elliptic Curve Digital Signature Algorithm (ECDSA) 3-key security solution was made available by Bitcoin Vault. These keys play various functions in the BTCV ecosystem on both new and current wallets. Standard Transaction Key, Cancel Transaction Key, and Fast Transaction Key are the three ECDSA keys. Users can initiate and recover wallets using the Standard Transaction Key, while they can cancel transactions with the Cancel Transaction Key within 24 hours. Finally, users can complete transactions quickly by using the Fast Transaction key.
Goals and Mission
The creators of Bitcoin Vault have added a safe and secure feature to the blockchain community. Users should be able to experience freedom and transparency in this area, according to the developers. To address the significant issues that the crypto community was facing, they created the crypto solution. Unauthorized access to users’ wallets, sending cryptocurrency to the incorrect wallet, entering the incorrect amount, and other mistakes and faults caused by crypto software are a few of these serious problems. By eliminating a number of problems, the blockchain has emerged as a revolutionary chain.
The Alpha chain of the Bitcoin Vault (BTCV) was introduced on December 12, 2019. On November 17, 2020, Bitcoin Vault’s mainnet went live with a block height of 58,420. Pre-Alpha, Alpha, Beta, and Mainnet are the four distinct developmental phases that Bitcoin Vault has gone through. The BTCV Development Team released a new plan for 2021 and 2022 in December 2020.
The hard fork was put into place by a team of Polish programmers. They offered the remedy as a defense against the risks associated with misplaced, stolen, or lost money. The plan for Bitcoin Vault will cover product improvements, user experience improvements, security improvements, development improvements, and other enhancements. It includes development of dApps, comprehensive code audit, penetrations, ledger integrations, DeFi ecosystem integration, and the wBTCV ERC-20 coin. Other noteworthy achievements include the introduction of a website, a partnership between security and science, hackathons, bounty schemes, quantum research, and so on. From the first quarter of 2021 until the end of 2022, the Bitcoin Vault team aims to complete each task on the Road Map.
Six workstreams have been established for further BTCV development: development upgrades, security upgrades, user experience upgrades, new product development, marketing efforts, and other activities.
The Foundational Tech
The reverse functionality of on-chain alert transactions is accomplished by Bitcoin Vault using a 144-delay block technique. Unspent Transaction Outputs (UTXOs) had their life cycle modified by the Bitcoin Vault block structure, which had an impact on how they were stored, tracked, and verified.
Bitcoin Vault adds a third state known as “confirmed” in place of the traditional UTXO’s two states of unspent and spent. The period of time between the removal of UTXO and the spending of UTXO is hence the “confirmed” status. Additionally, it notes the specifics of the block height that it was in. As anticipated, the system holds off on removing UTXO until it receives a confirmed transaction alert. This function enables transfer confirmation prior to transfer confirmation. It also has an impact on the balances that users can see.
The Bitcoin Royale open-source code was used to create the Proof-of-Work coin known as Bitcoin Vault. Because they both employed the SHA-235 hash function, Bitcoin Vault’s implementation of merged mining with Bitcoin was simple. The Bitcoin Vault chain now supports the main Bitcoin chain. As an additional proof-of-work (AuxPoW) consensus method, Bitcoin Vault can be verified by Bitcoin’s PoW.
Ecosystem of BTCV
Bitcoin Vault provides three different wallet types in total. The simplest and least secure is the Standard Wallet. It only supports the execution of normal transactions and is secured by a single key. The Two-key Vault is a different kind of wallet that is protected by the Standard and Cancel transaction keys. The 2-key Vault makes transaction cancellation simple for users. The most secure wallet is the Three-key Vault, which is provided by Bitcoin Vault. Standard Transaction Key, Cancel Transaction Key, and Fast Transaction Key are the three ECDSA keys used by Bitcoin Vault to secure the wallet. Aside from that, users can execute quick, irreversible transactions on the subsequent block that becomes accessible.
Three different applications—Gold Wallet, Key Generator, and Electrum Vault—also let users trade, manage, and store BTCV. Users can build any of the three wallets that Bitcoin Vault provides using these applications. An software called Gold Wallet was created exclusively for mobile devices. Users can create any of the three types of wallets and conduct various transactions using the mobile application. The Electrum vault uses a gold wallet for two-factor authentication (2FA). The Key Generator is the second application. Users can create wallets and carry out transactions using a web application. Because the keys can only be retained offline and never leave the users’ devices, it offers the highest level of security. Electrum Vault is a desktop application that comes with Bitcoin Vault. The Gold Wallet serves the same purpose as Electrum Vault. It has the ability to build wallets, transfer and receive BTCV, and carry out transactions. All Electrum Wallet transactions can be verified using the Gold Wallet.
By registering on the website, users can access the ecosystem. They should select their desired wallet type, download their preferred wallet, and name it. Following that, a person can generate and validate a new seed, decide on a password, and then move Bitcoin Vault currency. In addition, visitors can watch a tutorial video on the website. Anyone with a question about Bitcoin Vault’s services can email the team or post a ticket on the company’s website. Additionally, the business is active across all social networks, including Twitter, Facebook, Instagram, Telegram, and YouTube.
Advantages and Drawbacks
In its strategy to address various cryptocurrency problems brought on by human error or software failure, Bitcoin Vault (BTCV) offers notably advantageous features. It offers users a large selection of wallet options, quick and secure transactions, and quick customer service responses. The platform also facilitates simple accessibility on desktop and mobile devices.
On the platform, there are a few warning signs, though. The security of money invested on the sites is not guaranteed. Rug pulls are now a frequent illegal practice in the cryptocurrency industry. Additionally, there is no record of day-to-day trading operations in Bitcoin Vault, which lacks transparency. Some detractors claim Bitcoin Vault might have unstated costs.
Since the fork mechanism was discovered, the Bitcoin blockchain has continued to change. A crucial cryptocurrency utility will be a reversible blockchain like Bitcoin Vault. Users won’t have to become anxious any longer whenever an incorrect or illegal transaction is made. Although there are certain security issues with the platform, the blockchain idea is clever and practical.