VeChainThor to Release Latest Version of their Mobile Wallet
VeChain have announced the latest version of their VeChainThor mobile wallet will be available for download on 2nd August, making improvements on feedback they’ve received. The newest version brings ‘enhanced observe wallet’ functions.
The observe wallet function allows users to create a VeChainThor address and store their private key on an offline hardware wallet or mobile phone that can support the blockchain. Users can check their mobile wallet on their phone for their address balance, node status and VeChainThor rewards with greater security as their private key is offline on a cold wallet.
To use the new, observe wallet functions, you must have two devices with the VeChainThor mobile wallet downloaded. One is for your cold storage wallet and the other a hot wallet used to observe the cold wallet. This double layer provides extra security to users who may like to check their balance periodically to sell alt coins.
The update adds an authorisation process to check the user owns the address. Users will be prompted with a random six-digit authorisation code when setting up the observe feature in the hot wallet. This is placed in the cold wallet which creates the authorisation signature with your private key. Once the authorisation signature is created, this needs to be scanned with the hot wallet to add it as an observing address to finish the process. As no tokens can be transferred from the observing wallet, malicious entities looking to trade steal crypto for cash are prevented.
The added security allows users to view their wallet and balance without direct control. A hacker who gains access to your hot wallet will not have access to your funds to cash out crypto.
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