With the speedy payment spring up, such as Alipay, WeChat, Wristband, we have gradually reduced the demand for traditional wallets or card packs. The reason behind this phenomenon is that traditional wallet lies in fund management and transaction. When there are more convenient alternatives, it will be naturally decreased.
According to statistics, as of July 31, 2018, a total of 1,707 digital cryptocurrencies have been issued, and totally market value registered US $289.531 billion. Under the huge market demand, digital currency also embraces a new type wallet to support transactions and management.
Digital wallet undertakes the most important task is to manage the security key, as someone hold the key can control digital currency. Through wallet, you can view digital money assets, transactions and even more details. In 2014, the MTGOX event was boiling over. It is the biggest Bitcoin trader in the world, handling more than 80% of all Bitcoin transactions and declaring bankruptcy after losing nearly a million ones. For a moment, the security of the exchange was questioned.
There is an old saying in China, ‘Containing in the mouth afraid of melting, holding in the hands afraid of falling, see in the eyes afraid of losing’. Then how do I protect you?
Unlike centralized electronic wallets such as Alipay, decentralized wallets are managed by the private keys. As you create a wallet, it will automatically generate a private key, which represents the corresponding address in its ownership and control rights. Through the private key you can calculate the public key, and even can work out the wallet address. Once the private key is let out, the asset will be left to others. At the time of the transaction, the private key is used to generate the signatures to prove funds ownership, and the transaction information is stored in the blockchain. If blockchain is a ledger, then the wallet address is equivalent to the account number in it.
Different customers have different needs for wallets. For beginners, a simple, easy-to-use wallet that performs basic core functions is a must. For users who have large amounts of money, they often pay more attention to security part. The top priority task is protect their funds from illegally stealing.
There are two main difficulties in the existing decentralized digital wallets.
First, the operating environment may be contaminated, namely potential virus may pose a threat to the wallet. Only relying on the traditional account encryption methods, it can not be fully removed. Second, decentralized wallet transactions are public and cannot be anonymous. Given the blockchain harboring opening features, some people will be more concerned about trading information on accounts, and they intend to speculate on the market’s direction by observing the fund flow.
The Trias wallet with supporting their own ecosystem is under development, and some improvements have been made in response to the above problems.
First of all, Trias wallet will add Trusted Execution Environment (TEE) to ensure the wallet security and reduce the risk of virus intrusion. In a nutshell, the idea of TEE technology is that when performing sensitive operations or more secure command such as fingerprint matching or private key signed payment, the original system security level is not enough to eliminate virus. However, the TEE technology provides a completely isolated running space to protect sensitive data from malicious attacks.
In order to solve these problems, Trias migrates the smart contract and blockchain code into the hardware trusted execution environment, and the trusted computing technology ensures the wallet security.
Second, on the basis of hiding address, we use technologies such as zero-knowledge proof and ring signature to further hide the transaction information to achieve completely anonymous transactions. Zero-knowledge proof allows to verify the validity of the transaction without knowing the specific transaction details. In this way, it can not only preserve the mutual distrust between different parts in the blockchain, but also protect the privacy of the transaction.
The zero-knowledge proof featured by conciseness ensures that the verifier only need a few computations to complete the whole processes. Meanwhile, non-interaction ensures that only a small amount of information can be exchanged between the certifier and the verifier. In addition, ring signature can realize untraceability, even independent nodes in blockchain system can not know the transaction sender.With the development of digital currency, its wallet tends to become a more convenient and secure digital asset management platform.
The Trias encrypted wallet integrate security, anonymity and functionality into one account. It is based on public chain not only can be used as the connector of machine trustworthy, but will be the future development tendency.