VeChain Launches VeKey, a Private Key Management Tool
VeChain has announced the launch of its VeKey Based Threshold Signature Turnkey Solution. The tool is meant to eliminate the risk of single points of failure in the management of digital assets by using off-chain multi-signatures.
Citing the rather recent case of the death of Gerry Cotten, the CEO of QuadrigaCX, it is expedient that enterprises maintain a more robust, flexible, yet secure means of recovering private keys and managing their digital assets in the case of any eventualities. Gerry, for example, was the sole custodian of the private keys of the cold wallet holding about $145 million worth of digital assets belonging to customers. His death meant the funds were lost, forcing the company to file for bankruptcy.
VeKey eliminates this challenge by ensuring that no single entity (VeKey holder) has absolute control over the assets of the organization. Private keys are broken down into multiple encrypted parts which are stored in separate VeKey devices. Once the predefined number of VeKeys are gotten, the private key can be recovered.
VeKey Based Threshold Signature Turnkey Solution is an easy-to-use, certified Solution for the secure storage of private keys and the management of digital signatures and identities. Through the Solution, private keys can be broken down into multiple encrypted parts and stored in separate VeKey devices.
VeKey features hardware-based encryption, attacks detection, memory access control unit, SPA/DPA anti-attack and random number generation. Thus, providing enterprise clients a high level of security when it comes to private key and digital asset management.