BitMart, a premier global digital asset trading platform, recently listed Bitcoin Vault (token symbol: BTCV). Bitcoin Vault is developed to provide an extra level of security based on a three-private-key security structure. It features all the convenience of Bitcoin while adding important features allowing user transparency and freedom. Bitcoin Vault is the answer to issues faced by the crypto community over the last decade.
On September 10, 2020, to better help BitMart users know more about VaultBitcoin and its team, we held a Telegram AMA with the topic of “BTCV listed on BitMart". We are pleased to have Eyal Avramovich, Founder of BTCV, join the AMA and share valuable insights with our community members.
If you miss the AMA live, check our AMA recap below for more details:
[ABOUT THE GUEST SPEAKER]
My name is Eyal Avramovich. I am a serial entrepreneur with a lot of experience in ground-breaking technologies. I have worked in many countries exploring the best innovations and solutions for my customers. For a few years, I have been interested in the crypto space and the possibilities it offers, but was disappointed to see that some solutions miss the mark. That is why I decided to develop my own coin and blockchain that is based on existing foundations but tweaked just enough to provide the highest level of security and peace of mind.
[AMA]
BitMart Admin:
Q1. Could you please introduce a bit about yourself? Why did you start BTCV?
Eyal:
My name is Eyal Avramovich. I am a serial entrepreneur with a lot of experience in ground-breaking technologies. I have worked in many countries exploring the best innovations and solutions for my customers. For a few years, I have been interested in the crypto space and the possibilities it offers, but was disappointed to see that some solutions miss the mark. That is why I decided to develop my own coin and blockchain that is based on existing foundations but tweaked just enough to provide the highest level of security and peace of mind.
BitMart Admin:
Q2. Would you please briefly introduce BTCV?
Eyal:
The Bitcoin Vault project is an innovative coin and blockchain built on the Bitcoin protocol, meaning that it is mined with the same SHA-256 function as Bitcoin and using the same miners. But what is most unique about the coin is that we are developing the three private keys allowing users to cancel transactions within 144 blocks, raising security in this space.
BitMart Admin:
Q3. You just mentioned “three private keys”, Could you explain more about it?
Eyal:
Bitcoin Vault is based on a three-key privacy system. Users use the first key to access their wallets. Transfers are secured by a 144-block delay by default. This means that any payments made over the system need to be confirmed in the blockchain over a 24-hour period. This raises the sense of security for users, because if they noticed that someone has hacked into their wallet, they will have a 24-hr window to cancel the transaction by using the second unique key. The third key overrides the system and confirms transactions over the next available block – usually within 10-20 minutes. We called it Bitcoin Vault, because just like a bank vault, your funds are safe and secure. If institutions will feel safe, there will be a bigger adaption of cryptocurrency. And most of the use cases of Bitcoin are as a store of value, similar to a vault. Usually, consumers can wait 24 hours to get confirmations.
As of a day to day use with an extra level of security, you can use the third key on another device. It makes the effort of hacking multiplied.
The second key should be kept offline. Only in the case of a theft, it can be used one time, then the key is compromised. In this case, you will retrieve the funds and you will send them immediately to a new wallet with new secured keys.
BitMart Admin:
Q4. What kind of problem are you trying to solve with BTCV?
Eyal:
Over the last few years, we have noticed an increasing number of hacks and theft in the crypto world. And this kind of crime is set to increase as the value of Bitcoin continues to rise and crypto becomes more mainstream.
24-hour transactions are a good solution for customer-supplier relationships such as mining pools, exchanges, crypto banks, crypto-based services. You trust them that they will not take your transaction back. And it protects them against hacking. Exchanges have most of the coins in circulation and it’s most important to secure them.
If you want to send BTCV quickly, use the 3rd key stored on a second device for transactions within a few minutes.
BitMart Admin:
Q5. How is the progress of BTCV global marketing?
Eyal:
We are approaching this issue in stages, fully aware that there are many hurdles ahead of us. There isn’t any proven guide of what works in this particular industry, but we are working with our guts and experience. Therefore, I can tell you that we have taken a multi-faceted approach with our marketing strategy. One is to gain the trust of exchanges. This is a double-edged sword. While it’s good to be on exchanges – with real-life traders – we cannot rush into these kinds of commitments, which could cause certain problems further down the line. What we are doing is spacing out these announcements and choosing partners that make sense to our long-term business strategies. Another aspect of our marketing goals is to get more and more users interested in the product. At the end of the day, we created Bitcoin Vault to be used as digital gold and electronic cash, not as a way to make money on exchanges! We enjoy the fact that users find innovative uses for BTCV as a payment system as well as a secure way to store their savings.
BitMart Admin:
Q6. Consensus is everything in blockchain, so how does BTCV gain recognition of the market?
Eyal:
I’m glad you have picked up on this issue, because we have gone to great lengths to nurture a system of consensus within the BTCV community. That is why we have adopted the Decentralized Digital Mining Standard (DDMS) introduced by the World Digital Mining Organization Inc. (WDMO). This standard gives voice back to the mining pools, who have a vote in shaping the future of the currency. We believe that there is too little being done in this space which places importance on issues such as “democracy”, “consensus”, “members’ rights” and so on. That is why this particular topic is close to my heart. I helped create BTCV, but now it’s in the hands of the community to keep it going.
BitMart Admin:
Q7. What is your future plan? Any major progress to be expected?
Eyal:
Our plan is to have Bitcoin Vault fully accepted by the community as one of the major players in the space. Despite the fact that the first Bitcoin was mined over 11 years ago, this crypto space is still in its infancy. My dream is to have produced a product that can improve people’s lives.
[END]
[About The Project]
Bitcoin Vault is developed to provide an extra level of security based on a three-private-key security structure. It features all the convenience of Bitcoin while adding important features allowing user transparency and freedom. Bitcoin Vault is the answer to issues faced by the crypto community over the last decade.
[Useful Links]
- Whitepaper: https://www.bitcoinvault.global/pdf/whitepaper/bitcoin-vault-whitepaper-en.pdf
- Official website: https://www.bitcoinvault.global/
- Telegram: https://t.me/Bitcoin_Vault
- Twitter: https://twitter.com/vaultbitcoin
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