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COMPLETELY SECURED CRYPTO WALLET WITH BLOCKCHAIN TECHNOLOGIES

  • Unique Paper ID: 160285
  • Volume: 10
  • Issue: 1
  • PageNo: 80-83
  • Abstract:
  • A big challenge in E-Transaction is to get the secured platform and an anonymous environment. If someone is having there on decentralized banking system then securing a private key from potential hacker is really a Big-Deal. No-One can rollback the transaction’s done by the stolen keys, when the receiver acknowledges it. If somehow, we can manage the secured platform and anonymous environment then biggest climax is to get the taxation free and Untraceable transactions. So, for getting the technical solution of these incredible issues is the cryptocurrency wallet, hardware or a combination to manage the keys. by evaluating several wallets and transaction modules by different services there is the most common issue among them is lack of a secure and convenient backup and recovery process. To Overcome these issues, we have purposed one brand new cryptographical scheme to safely back up a hardware wallet relying on besides channel by human visual verification on the wallet. So not only the verification part but also, we have introduced a practical mechanism to protect the funds is splitting the money between two wallets with small and large transactions. Specifically, we have created a hierarchical wallet that we call deterministic sub-wallet to achieve this goal. Simply we have introduced a multi-layered architecture for cryptocurrency wallets based on a Secured-and-Safety strategy to protect private keys with a balance between convenience and security. The private keys can be protected by any of the users in three restricted layers with different protection mechanisms. That make the e-transactions end-to-end secured. Getting a Secured transaction from hackers is not really a big deal. But to get the transaction taxation free is the really the one. Several countries imposed taxation up to 30% to 40% taxation on crypto transaction’s. So, for that we have also created a secondary scheme for that and that is called tokenized transactions. In a tokenized transaction, the asset owner would first create digital tokens representing the underlying asset and then offer them for sale on a blockchain-based platform. Investors can then purchase the tokens using cryptocurrency or other forms of payment. The ownership of
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Cite This Article

  • ISSN: 2349-6002
  • Volume: 10
  • Issue: 1
  • PageNo: 80-83

COMPLETELY SECURED CRYPTO WALLET WITH BLOCKCHAIN TECHNOLOGIES

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Impact Factor
8.01 (Year 2024)
UGC Approved
Journal no 47859

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