Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the new Bitcoin wallet released by privacy email firm Proton.
Proton Bitcoin Wallet
The privacy and security email firm Proton has recently unveiled their new product, the Proton Wallet, which will work as a self-custody Bitcoin-only wallet. The Switzerland-based email firm said the Proton Wallet will make it easier for existing and newcomers to begin using Bitcoin, while also allowing them to hold digital assets. They also believe the wallet will help users get accustomed to using Bitcoin and use it as a means of payment outside the control of centralised institutions.
Proton has long since been famed for its use of embedded end-to-end encryption as part of Proton Mail, which helps to secure email correspondence. With the Proton Wallet, users will have access to Bitcoin self-custody and it will be accessible to all users. The Wallet will have features such as Bitcoin via email which will be secured through Proton Sentinel.
Proton was created back in 2014 by a team of scientists who met at the European Centre for Nuclear Research. The encrypted email service was thus created and boasts over 100 million users. Throughout its lifetime Proton has accepted payments and donations in Bitcoin, and has also stressed the importance of financial freedom when its initial crowdfunding funds were temporarily frozen by PayPal. At the time it killed the company, but Proton persevered and nowadays they have a Bitcoin treasury policy. They have confirmed that Bitcoin is held as part of their financial reserves and the launch of Proton Wallet only further enhances the line of the company in taking a significant step to protect users’ financial freedom.
While Proton Wallet is still in its early access stage, it is available on the web, Android, and iOS to users on the Proton Visionary plan. This plan is being made available again for a limited time and users with early access will be able to invite up to ten friends to join. There is a waiting list for all others. While Proton Wallet will only support Bitcoin at launch, in the future it may expand to support other currencies, including FIAT, based on user feedback.
The team announced the Proton Wallet on their blog, and noted:
"Our long-term vision is for Proton Wallet to be a digital wallet that gives you full control of your digital assets. While the type of assets that you can hold in Proton Wallet may evolve over time as we add more capabilities in response to community demand, Proton Wallet is starting as a self-custodial Bitcoin wallet."
Part of the key features included in the new wallet will include: “Bitcoin via Email.” This aims to make use of Proton's wider infrastructure and large email user base. The aim will be to make it easier for users to send and receive Bitcoin, and as long as both the sender and recipient have a Proton Wallet, only the recipient’s email address is required. The Proton Wallet will also automatically rotate Bitcoin addresses for every transaction, meaning easy linkage of transactions will be prevented.
"Proton Wallet is a non-custodial wallet, and we utilize end-to-end encryption to ensure that we never have access to your Bitcoin, even when you are executing transactions via Proton Wallet. Unlike Bitcoin exchanges, Proton never pools your Bitcoin with the coins of other users in a centralized place where they could be accessible to a hacker. As a Proton Wallet user, your encryption keys, and consequently your Bitcoin, belong exclusively to you. And you’re not dependent on Proton in any way to keep access to your Bitcoin. Each wallet has a recovery seed phrase that’s only known to you (Proton never sees it). Even if Proton were to entirely disappear someday, you would still have access to the Bitcoin in your Proton wallet with your recovery phrase."
While the system will be self-custodial and end-to-end encrypted, users will be in full control over their encryption keys. Nobody else will be able to access their stored Bitcoin, not even those working for Proton, and therefore there is no chance of a hacker stealing a 'pool' of users Bitcoin. Robust recovery methods ensure access to Bitcoins even if Proton Wallet is offline. The Wallet will have built-in two-factor authentication and Proton Sentinel’s advanced machine learning and AI tools will protect against malicious login attempts.
They closed out the blog post in a very firm manner, noting:
"Proton is not a crypto company. We do not speculate in crypto, we are not a crypto exchange, and we do not participate in crypto lending. Nevertheless, we believe in the principle of giving you control of your financial freedom.
In the last 50 years, society has transitioned from cash payments to digital payments that big banks and Big Tech can monitor, which has eroded our privacy. These trends have handed immense power to central institutions and intermediaries whose interests are not aligned with the individuals they serve.
With Proton Wallet, anyone can have a free, secure, and easy-to-use Bitcoin wallet that gives you complete control over your digital assets."
Have a great day.
Peace. CryptoGod-1.
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