Remember that guy from San Francisco who lost $250 million because he forgot the password to his Bitcoin wallet? We do, and we’re also happy to hear he has “made peace” with the loss because oh boy that’s a doozy of a digital security nightmare and the world felt his pain. Many of us have forgotten passwords, just not at a half-billion-dollar loss. One that might hit closer to home: You upload sensitive files to cloud storage platforms that are generally secure and then, oops, data breach — at which point you’re at the mercy of internet sleuths.
Here’s where we send in the cavalry: A Singaporean startup called UKISS Technology wants to make online safety more secure and easier for everyone, whether you’re a Silicon Valley whiz or someone who’s still (discreetly) Googling “what is a blockchain” in the middle of a conversation. UKISS’s revolutionary hardware wallet, Hugware, is the first wallet that doesn’t require recovery phrases, which, honestly, is ecstatic news for those of us who sometimes stare at an ATM for several long minutes because we’ve totally blanked on our own credit card PIN.
First of all, if you’re new to all of this, you might be asking, what is a hardware wallet and how can it safeguard your assets and valuable information? Well, it’s a cryptocurrency wallet that stores private keys in a secure hardware device. Private keys are crucial for access to cryptocurrency funds and authorizing transactions, which is why storing them offline will protect assets from cyber theft. Basically, while it might be less of a hassle to store all of your personal data and passwords online, it’s safer to have it offline in a physical “wallet,” like Hugware. Old school? Maybe. Will it allow you to sleep better at night? A hundred percent.
Now, let’s talk specifically about how Hugware works.
Hugware comes with two simple keys: the Authentication-Key and the Recovery-Key, or the A-Key and the R-Key. If you’re already panicking because you’re worried you’ll be completely screwed if you lose one of the keys — don’t! The beauty of Hugware’s dual-key system is that the R-Key is actually the backup for the A-Key, meaning that the wallet is literally designed for scenarios where you lose one of your keys.
Think of the A-Key as your primary key. This is the one you plug into your computer to create new accounts, perform crypto transactions, and decrypt files. Essentially, the A-Key gives you full access to your cryptocurrency wallets and encrypted files.
If you (*knock on wood*) lose or damage your A-Key, you don’t have to rip out your hair and scream up at the sky at the realization that you’ve just permanently locked yourself out of all of your accounts forever. Enter the R-Key, which restores access to all of your information. You can also use it to perform transactions, but you cannot create new accounts. The R-Key is really where Hugware really stands out from the competition. While other hardware wallets require you to remember complicated 24-word-long recovery phases that you scribble down on a piece of paper and hope your dog doesn’t casually eat one day, all you need to recover your information with Hugware is the R-Key.
But UKISS’s innovative technology doesn’t just stop at the Hugware keys. Their app, the UKISS Wallet, lets users manage their assets while on-the-go. Additionally, they have a slew of digital security applications lined up as part of their UKISS Suite, two of which have already been revealed. U-Archive allows users to fully encrypt large folders before transferring them to the cloud. For those of you who are looking for extra extra security, especially with files you use frequently, you can keep your most sensitive documents safe from curious busybodies by encrypting them with U-Hide. And yes, all of this information can only be accessed by someone who has the correct Hugware keys (i.e. you).
Sounds too good to be true? Maybe this is a scam in itself? Perhaps, but we promise it’s not. Rest assured that these keys operate using safe and secure technology that has been patented across the globe, including in the United States, Europe, China, India, and Southeast Asia.
Each UKISS Hugware device comes with a five-year warranty, and a unique Certificate of Authenticity that will be recorded on a blockchain.
Do I really need to be this concerned about my online security?
The short answer: yes, you should.
The long answer: according to the Aite-Novarica Group, 47% of Americans experienced financial identity theft in 2020, and in the U.S. alone, losses from identity theft cases added up to $502.5 billion in 2019 and increased to $712.4 billion in 2020. In Singapore, there were 46,196 reported scam cases in 2021, which was approximately a 24% increase from in 2020.
As we live and work more in digital realms (e.g. the metaverse), our personal information, identity and currency are even more valued, by individuals who are developing more advanced techniques of cracking, stealing and copying data.
And even if you yourself are already an expert on all things crypto and online security, chances are your partner or parent or someone else in your life isn’t, making them particularly susceptible to a data breach or phishing scam. Hugware was created for users in either camp, and is intentionally designed to be simultaneously easy and user-friendly (and also, it looks really cool).
“As cybercriminals grow increasingly sophisticated in their malicious tactics, it is time to empower each individual with state-of-the-art security solutions that seamlessly integrate with daily life,” shares James Gan, Chief Executive Officer, UKISS Technology. “The Hugware and Suite of Digital Security Applications were designed to decentralise security control with ease, and change the game for consumers seeking greater authority over their data privacy and asset security.”
Note: Coconuts Media is not a financial services company, does not provide financial advice, and is not a qualified expert in the storage of digital assets—financial or otherwise. This article is part of a paid partnership with UKISS and is for educational purposes only.
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