The signal-to-noise ratio here in the forums can get a bit out of balance. To restore that a bit we will be making a series of posts over the next days that will explore more in depth the main security solutions we are implementing in CryptBit.
We realize that some of the tech in CryptBit can seem somewhat esoteric to the average user. Our goal is to make these solutions user oriented to the average user, so handling your crypto in a much more hardened and secure fashion becomes the rule, and not the exception. To this end we will be taking some time to explain how these different security layers fit together and the reasons behind them.
Please note several of our devs do not have English as first languages. Please cut them some slack when reading their posts if their method of explaining things reflects this.
Post 1: The 2FA layer
At the heart of the CryptBit Suite both locally and in the cloud is the 2FA layer. Most people use 2FA in exchange log-ons already. Our 2FA will act as a master layer atop all crypto wallets on your local device, as well as all wallets you choose to maintain in the cloud. Once you have authenticated via CryptBit 2FA you will have immediate access to all wallets hence single layer 2FA.
2FA is simply the best security implementation currently in wide use that ensures the person accessing your wallets is actually you. With 2FA in place, is no longer enough to access your wallets remotely, or steal them, or steal your device, or confiscate it. CryptBit will be implementing more advanced layers of security as options as well but right out of the gate, 2FA is an obvious and user friendly solution that until now has not been available in this form.
When you activate CryptBit on your system you can either automatically or manually assemble your wallets under your 2FA. You will also have the option to add a master password. Once the 2FA layer is activated it will remain operational so long as you have the minimum balance in your Cryptbit wallet. Should your wallet balance fall below this level, the 2FA layer is deactivated and you once again have access to all you wallets - without the CryptBit security layer.
We are currently aiming for a late October release of the 2FA system. Our work behind the scenes on CryptBase.com is moving along more rapidly than expected, and it may well be that we enable trial functionality for testing purposes already on individual accounts for a select group of the early registrants.
Our motivation for all of this is to make security a much more consistent part of the daily operating habits of the average crypto user. As crypto users, we all have a shared vision of where things are going evolutionary speaking - concerning personal assets, crypto, and the growing obsolescence of government-backed currency solutions. At the current time however, crypto security for the average user cannot be said to have kept pace with this evolution. Much less the evolution of the darker forces and their technology - the various people who would like access to your personal crypto both the criminals and the authorities
It was out of this recognition that CryptBit was conceived, and so it is fitting that a simple, easy to use 2FA layer is our first developmental priority.
In our next post well be taking some time to look at CryptBase.com