SwissFortress Introduces the First Soft Wallet to Combat Crypto Hacks

Digital security company  SwissFortress The company has introduced a cutting-edge solution to tackle the growing number of cyber threats in the cryptocurrency field. Their newly launched soft wallet is engineered to reduce vulnerabilities in crypto by eliminating central databases.

SwissFortress asserts that their technology features the revolutionary ‘sent to name’ function, which allows transactions to be conducted without sharing identifiable information at any stage. They emphasized that this process is complemented by a rigorous 'Know Your Customer' (KYC) protocol to ensure user anonymity and regulatory compliance.

CEO Amer Vohora disclosed to Metaverse Post, 'Our goal is to usher in a new era marked by a redefined approach to digital identity and asset management for both individuals and organizations. The essence of our redesign is to facilitate true data decentralization, eliminating personal data retention within the ecosystem.'

Vohora remarked that this initiative is a response to the rising demand for more robust digital security solutions.

He elaborated, 'The on-chain addresses provided by SwissFortress are generated dynamically through direct communication between the wallets involved in the transaction. Consequently, only the sending and receiving wallets are aware of the addresses they are utilizing. Third-party observers are blind to which identities did or didn’t receive funds. This operates on our BIP-47 architecture, which allows for reusable pay codes for Bitcoin.'

Addressing Crypto Vulnerabilities Through Anonymity of User Data

The firm argues that the current landscape of digital security is hindered by outdated infrastructure, leading to compromised digital identities and transactions, as highlighted by recent events. friend.tech  breach.

Cumulatively, the losses attributed to crypto hacks and scams have surpassed $656 million. SwissFortress believes that existing crypto wallets, while functional, fall short in providing comprehensive protection for user data.

To address these vulnerabilities, SwissFortress has corrected intrinsic flaws in current systems and incorporated advanced protective measures into its platform.

Vohora explained that their platform's latest address auto-generation feature, named FortressID, is designed to resolve issues related to compromised digital transactions while preserving user privacy and maintaining integrity in chain analysis.

'By combining the atomic swap protocol with FortressID, we can effectively tackle the challenge of establishing reliable global liquidity. The hardware wallet guarantees these features, offering users cold-storage level protection for their keys,' Vohora informed Metaverse Post. 'Our custody system addresses prevalent issues of off-chain theft, fraud, and governance, as evidenced by historical incidents like Mt.Gox and more recent issues with FTX.'

Furthermore, the firm has rolled out a hybrid cryptographic protocol that supports both on-chain and off-chain transactions. This cutting-edge technology will facilitate the movement of funds between accounts, utilizing the same underlying framework that Bitcoin miners employ for transaction verification.

'We provide self-custodial key backup and MPC key backup for our production launch, which extends beyond just crypto wallets into traditional banking applications,' Vohora noted.

Even if the platform's physical identity credentials were compromised, Vohora insisted that deciphering users’ on-chain transactions would remain a formidable challenge.

'The only way to deceive the system would be to mislead the real-world verifier. Once proof is established, recipients of transactions possess irrefutable proof of their interactions with the private keys of the authenticated entity,' he highlighted. 'In our system, phishing is simply not an option.'