Business News Report Technology
August 24, 2023

SwissFortress Launches World’s First Soft Wallet To Tackle Crypto Hacks

In Brief

In an exclusive to Metaverse Post, SwissFortress claimed that it has integrated the world’s first “sent to name” feature for shielding user’s identifiable data during cryptocurrency transactions.

Digital security company SwissFortress has unveiled a next-gen solution to quell the rising tide of cyber threats within the cryptocurrency domain. The company launched a “soft wallet” to mitigate crypto vulnerabilities and hacks by eliminating centralized databases. 

The company asserts that it has integrated the world’s first “sent to name” feature for cryptocurrency transactions, through which transactions can occur without exchanging identifiable data during the entire process. SwissFortress said the process is supplemented by a robust “Know Your Customer” (KYC) procedure to ensure anonymity and compliance.

“We aim to establish an epoch defined by reimagined digital identity and asset management for individuals and corporations alike. The core of our redesign lies in enabling genuine data decentralization, devoid of personal data retention within the ecosystem,” Amer Vohora, CEO of SwissFortress told Metaverse Post. 

Vohora said the move comes after an escalating demand for fortified digital security mechanisms.

“SwissFortress’s on-chain addresses are computed dynamically via peer-to-peer communication between a sending and receiving wallet. As such, the only wallets that know what addresses they are using are the sending and receiving wallets,” explained Vohora. “3rd party observers can’t know which identity did or didn’t receive funds. This is based on our BIP-47 architecture, which provides reusable pay codes for Bitcoin.”

Mitigating Crypto Vulnerabilities Through User Data Anonymity 

The company claims that the current digital security landscape suffers from obsolete infrastructure, leading to compromised digital identities and transactions, as evidenced by the recent friend.tech breach.

The cumulative losses from crypto hacks and fraudulent schemes have exceeded $656 million. SwissFortress contends that while current crypto wallets serve their purpose, they lack the necessary robustness to safeguard user data comprehensively.

In response to these shortcomings, the company has rectified inherent flaws within existing systems and incorporated protective measures into its platform’s fortified framework.

SwissFortress’s Vohora said the platform’s new address autogen feature – FortressID, aims to solve the problem of compromised digital transactions while maintaining end-user privacy and not breaking chain analysis. 

“Our combination of the atomic swap protocol and FortressID resolves the challenge of establishing trustworthy global liquidity. The hardware wallet ensures these functionalities, providing users with cold-storage level security for their keys,” Vohora told Metaverse Post. “The integration of our custody system tackles the long-standing issues of off-chain theft, fraud, and governance, seen historically with cases like Mt.Gox and more recently with FTX.”

In addition, the company has introduced a hybrid cryptographic protocol that facilitates on- and off-chain transactions. The technology will enable the transfer of funds between accounts while leveraging the same technological framework used by Bitcoin miners for fund verification.

“We offer self-custody key backup and MPC key backup for production launch, extending traditional technology’s potential beyond crypto wallets to integration in banking apps,” said Vohora. 

Vohora said that even if all the platform’s in-real-life credentials were compromised, decoding users’ on-chain transactions would remain an insurmountable challenge.

“The only way to fool the system is to fool the IRL verifier. Once proof is established, transaction recipients hold irrefutable evidence of interactions with the private keys of the authenticated entity,” he said. “Phishing in our system is impossible.”

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

More articles
Victor Dey
Victor Dey

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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