Monday, June 4, 2018
Cryptocurrency users are often left to their own devices when it comes to obtaining a wallet they can trade with, and many turn to online key generators which tend to be easy targets for hackers because of their weak security design. To take cryptocurrency transactions mainstream, wallet creation and management will need to become safer for the average user - and that needs to happen fast. Pallet, the cryptocurrency wallet from AMO Labs, has been developed to plug this gap in wallet security so that a cryptocurrency-based economy can really take off.
While blockchain technology can deliver security improvements in theory, Pallet directly addresses the weakest link in practical implementation, which is the dependence on users for secure wallet management. This is why the AMO team designed Pallet to run within a Trusted Execution Environment (TEE), so that even if keys were leaked due to mishandling, hackers will be unable to utilize them outside of the users' physical device. To maintain a cryptocurrency environment at this level of security, Pallet will not be offered as a browser extension, or on devices that haven't updated to at least Android version 5.0 released in 2014.
Pallet brings strong security capabilities to the average cryptocurrency user which are often only available with high-end wallets. However, users of hardware wallets will also be glad to note that the Pallet mobile app can be used in conjunction with various hardware wallets through Bluetooth and NFC connectivity.
CEO of AMO Labs, Dr. SangGyoo Sim said regarding the launch, "Rapid growth in the popularity of cryptocurrencies has not been matched with the urgent security improvements needed in cryptocurrency environments for financial transactions. That's why we've chosen to focus on a solution that can be adopted by the masses to address the widespread security lapse.
For maximum interoperability, Pallet is made compatible with industry standards for blockchain such as BIP-44, BIP-39 and BIP-32. This means that users of this multicurrency wallet will be able to transact securely on a unified platform by importing external wallets - great news for users looking to migrate wallets from other platforms such as the popular MyEtherWallet which was recently found to contain critical vulnerabilities.
Pallet is available on the Google Play Store and supports a variety of coins including Bitcoin (BTC), Ethereum (ETH), as well as AMO used in AMO Lab's car data market. However support for other ERC20 tokens is expected to be added within this quarter, and plans are underway to include additional coins as well. Making a strong entry into the cryptocurrency wallet market, AMO Labs will be following up Pallet's Android debut with an iOS release in Q3, as well as the launch of a new range of hardware wallets, packing even more sophisticated security features.
SOURCE AMO Labs Pte Ltd.