If you are looking for something secure with the opportunity to have complete control over your assets, then this guide on one of the hard forks performed on Bitcoin – Bitcoin Vault (BTCV) – is for you.
After the launch of Bitcoin (BTC), the decentralized financial ecosystem has received several upgrades in the form of a fork. One of the hard forks performed on Bitcoin is the Bitcoin Vault (BTCV). The Bitcoin Vault aimed to provide users with all the advantages Bitcoin offers with additional security features. The developers of the Bitcoin Vault built a platform where users can fully control their funds without affecting the flexibility of the cryptocurrency. Notably, Bitcoin Vault is the first cryptocurrency that allows users to cancel transactions posted to the blockchain within 24 hours.
Bitcoin Vault: Extra Level of Security
As mentioned above, Bitcoin Vault (BTCV) is a decentralized cryptocurrency that allows users to reverse a transaction on the blockchain. It seeks to secure the users’ funds and solve the problems of cryptocurrency theft, hacks, frauds, errors or bugs, etc.
Though Bitcoin Vault gives users the freedom to manage their assets, it comes with an extra layer of security, which provides a big advantage. In particular, Bitcoin Vault introduced a 3-key security solution that allows users to create three Elliptic Curve Digital Signature Algorithm (ECDSA) keys. These keys perform different roles in the BTCV ecosystem on pre-existing or new wallets. The three ECDSA keys are Standard Transaction Key, Cancel Transaction Key, and Fast Transaction Key. Standard Transaction Key allows users to initiate and recover a wallet, while Cancel Transaction Key enables users to cancel transactions within 24 hours. Finally, the Fast Transaction key allows users to perform transactions within a few minutes.
Mission and Vision
Bitcoin Vault developers have introduced a safe and secure feature to the blockchain sphere. They want users to enjoy a space where they can experience transparency and freedom. They developed the crypto solution to address major challenges faced by members of the crypto community. Some of these major issues include unauthorized access to users’ wallets, sending crypto assets to the wrong wallet, inputting the wrong amount, and other errors, and bugs resulting from crypto software. The blockchain has become a revolutionary chain by reducing several issues.
History and Roadmap of BTCV
Alpha chain of Bitcoin Vault (BTCV) was launched on December 12, 2019. The mainnet of Bitcoin Vault went live on November 17, 2020, with a block height number of 58,420. Bitcoin Vault has undergone four different developmental stages, namely: pre-Alpha, Alpha, Beta, and Mainnet. On December 2020, BTCV Development Team launched a new roadmap covering 2021 and 2022.
A group of Polish developers implemented the hard fork. They provided the solution as a cure to the dangers of lost, stolen, or misplaced funds. Bitcoin Vault’s roadmap will cut across development upgrades, security upgrades, user experience upgrades, products, marketing activities, and other upgrades. It features wBTCV ERC-20 token, ledger integrations, DeFi ecosystem integration, dApps development, full code audit, and penetrations. Other notable developments include a website launch, security and scientific partnership, hackathons, bounty programs, quantum research, and so forth. The Bitcoin Vault team plans to achieve every item listed on the Road Map starting from the first quarter of 2021 to the end of 2022.
Further BTCV development has been divided into six workstreams: development upgrades, security upgrades, user experience upgrades, developing new products, carrying out marketing activities, and other activities.
The Underlying Tech
Bitcoin Vault uses a 144-delay block method to achieve the reverse feature of on-chain alert transactions. The Bitcoin Vault block structure tweaked the life cycle of UTXOs (Unspent Transaction Output), and the change affected the storage, transaction status, and method of verification.
Contrary to the standard of UTXO which has two states, the unspent and spent, Bitcoin Vault introduces a new state called ‘confirmed’. Therefore, the ‘confirmed’ status is the time interval between the removal of UTXO and the spending of UTXO. It also records the details of the block height it was spent in. As expected, the system waits for a confirmed transaction alert before removing UTXO. This feature allows for confirmation of transfer before confirmation. It also affects the balances visible to the users.
Bitcoin Vault is a Proof-of-Work coin built using the Bitcoin Royale open-source code. Bitcoin Vault implemented merged mining with Bitcoin, which was easy because they both used the SHA-235 hash function. Bitcoin Vault chain now serves as an auxiliary chain to BTC. Bitcoin’s PoW can validate Bitcoin Vault as an auxiliary proof-of-work (AuxPoW) consensus mechanism.
In total, Bitcoin Vault offers three types of wallets. The Standard Wallet is the most basic and less secure. It is secured with only one key and allows the execution of standard transactions only. Another type of wallet is the Two-key Vault, which is secured by the Standard and Cancel transaction keys. Users can easily cancel transactions using the 2-key Vault. Finally, Bitcoin Vault offers a Three-key Vault which is the most secure wallet. All the ECDSA keys of Bitcoin Vault secure the wallet, namely: Standard Transaction Key, Cancel Transaction Key, and Fast Transaction Key. Asides from that, users can perform fast and irreversible transactions on the next available block.
Further, users can trade, manage, and store BTCV on three different applications: Gold Wallet, Key Generator, and Electrum Vault. These applications allow users to create any of the three wallets offered by Bitcoin Vault. Gold Wallet is an application built only for mobile devices. The mobile application allows users to create any of the three types of wallets and carry out different transactions. Gold wallet serves as two-factor authentication (2FA) for the Electrum vault. The second application is the Key Generator. A web application allows users to set up a wallet and perform transactions. It provides the utmost safety because the keys never leave the users’ devices and can only be kept offline. Bitcoin Vault has a desktop application called Electrum Vault. The function of Electrum Vault is synonymous with the Gold Wallet. It can store, send, and receive BTCV, create wallets and perform transactions. The Gold Wallet can authenticate all transactions on the Electrum Wallets.
Users can join the ecosystem by registering on the website. They should choose an operating system, download the wallet, name the wallet and select their preferred wallet type. After this, an individual can create and confirm a new seed, choose a password and finally transfer Bitcoin Vault coins. Besides that, the website provides a tutorial video for users to follow. Anyone with a query about the services of Bitcoin Vault can submit a ticket on the company’s website or email the team. The company is also active on all social media, including Twitter, Facebook, Instagram, Telegram, and YouTube.
Benefits and Challenges
Bitcoin Vault (BTCV) offers notable beneficial features in its plot to solve several cryptocurrency issues resulting from human errors or software malfunction. It provides users with a wide range of wallet options, fast, and secure transactions, and rapid response to customer service. Additionally, the platform supports easy accessibility on desktop and mobile devices.
However, there are a few red flags on the platform. There is no guarantee for the safety of invested funds on the platforms. Recently, rug pulls have become a common illicit activity in the crypto space. Additionally, Bitcoin Vault also lacks transparency, there is no record of day-to-day trading activities. Some critics speculate Bitcoin Vault might have hidden fees.
The Bitcoin blockchain has continually evolved since the discovery of the fork mechanism. A reversible blockchain like Bitcoin Vault will serve as an essential tool in cryptocurrency. Henceforth, users won’t have to panic whenever a wrong or illegal transaction is performed. Though there are security concerns about the platform, the blockchain concept is effective and thoughtful.