What Is BTCV, or Bitcoin Vault? This tutorial on Bitcoin Vault (BTCV), one of the Bitcoin hard forks, is perfect if you’re seeking a safe option that gives you complete control over your assets.
The decentralized financial ecosystem has been forked multiple times since Bitcoin’s (BTC) debut, each time bringing new features and improvements. Among Bitcoin’s hard forks, the Bitcoin Vault (BTCV) is one. All of Bitcoin’s benefits, plus more protection, were supposed to be available to consumers with the Bitcoin Vault. The creators of the Bitcoin Vault created a system that allows individuals complete command over their money without compromising the cryptocurrency’s adaptability. The ability to reverse blockchain-posted transactions within 24 hours is a feature unique to Bitcoin Vault, making it the first cryptocurrency of its kind.
Bitcoin Vault: Extra Level of Security
The ability to undo a blockchain transaction is one feature of Bitcoin Vault (BTCV), a decentralized cryptocurrency. Protecting customer funds and resolving issues related to hacking, fraud, cryptocurrency, mistakes, bugs, etc. are its primary goals.
The added protection that Bitcoin Vault offers is a major plus, even though it allows users more freedom in managing their money. To be more specific, Bitcoin Vault offers a three-key security solution that lets customers generate three ECDSA keys. These keys serve many purposes on both new and old wallets inside the BTCV ecosystem. A quick transaction key, a cancel key, and a standard key are the three ECDSA keys. Users can initiate and recover wallets using the Standard Transaction Key, and they can cancel transactions within 24 hours using the Cancel Transaction Key. Last but not least, the Fast Transaction key expedites transactions to a few minutes.
Mission and Vision
A new, trustworthy component to the blockchain ecosystem has been released by the creators of Bitcoin Vault. They hope that users will find a place that is open and free. In response to pressing issues encountered by crypto community members, they created the crypto solution. In addition, Among these significant problems are crypto software faults and bugs, such as unauthorised access to user wallets, incorrect amount input, and delivering crypto assets to the wrong wallet. The blockchain has solved several problems, making it a groundbreaking chain.
History and Roadmap of BTCV
On December 12, 2019, the Bitcoin Vault (BTCV) alpha chain was released. On November 17, 2020, with a block height of 58,420, the Bitcoin Vault mainnet went live. Pre-Alpha, Alpha, Beta, and Mainnet are the four distinct phases that Bitcoin Vault has experienced. A new roadmap for 2021 and 2022 was released by the BTCV Development Team in December 2020.
A team of programmers from Poland carried out the hard fork. To alleviate the risks associated with money being stolen or misplaced, they offered a solution. In addition, Improvements to development, security, user experience, goods, marketing, and other areas will all be part of Bitcoin Vault’s future. Development of decentralized applications (dApps), thorough code audits, penetration tests, integration with ledgers and the DeFi ecosystem, and the wBTCV ERC-20 token are all part of it. Launching a website, collaboration in security and science, hackathons, bounty programs, quantum research, etc., are other noteworthy developments. Between the first three months of 2021 and the last months of 2022, the Bitcoin Vault team intends to complete all the tasks outlined in the roadmap.
The six workstreams that make up further BTCV development are development, security, user experience, new product development, marketing, and others.
The Underlying Tech
To accomplish the opposite of on-chain alert transactions, BTC Vault employs a 144-delay block approach. Unspent Transaction Output (UTXO) storage, status, and verification mechanisms were all touched by a modification to the UTXO life cycle brought about by the Bitcoin Vault block structure.
BTC Vault adds a third state dubbed “confirmed” to transactions, which differs from the two states used by UTXO (unspent and spent). Because of this, the ‘confirmed’ status is defined as the duration between UTXO removal and UTXO spending. The specifics of the block height in which it was spent are also recorded. To no one’s surprise, the system will not remove UTXO until it receives a confirmation alert for a transaction. With this function, you can verify a transfer before confirming it. In addition, it affects the balances that users can see.
In addition, Built on top of the open-source technology of Bitcoin Royale, Bitcoin Vault is a Proof-of-Work coin. Since Bitcoin and Bitcoin Vault used the SHA-235 hash mechanism, integrating the two was a breeze. The Bitcoin Vault chain is currently BTC’s secondary chain.
BTCV Ecosystem
Bitcoin Vault has three wallets. Standard Wallet is the most straightforward and least secure. Single-key security permits just ordinary transactions. Two-key Vault wallets use Standard and Cancel transaction keys. Users can cancel transactions with the 2-key Vault. Finally, Bitcoin Vault’s Three-key Vault is the safest wallet. All Bitcoin Vault ECDSA keys—Standard, Cancel, and Fast—secure the wallet. Additionally, users can make rapid, irreversible transactions on the next block.
Three apps—Gold Wallet, Key Generator, and Electrum Vault—allow BTCV trading, management, and storage. Users can create any of Bitcoin Vault’s three wallets with these apps. Gold Wallet is a mobile-only app. The mobile app enables users to create and transact with three wallet kinds. Gold Wallet provides Electrum vault 2FA. Key Generator is application two. In addition, Web apps help users create wallets and make transactions. The keys never leave users’ devices and can only be kept offline, ensuring maximum security. Bitcoin Vault’s desktop app is Electrum Vault. Electrum Vault is like Gold Wallet. It can store, send, and receive BTCV, create wallets, and conduct transactions. The Gold Wallet authenticates all Electrum Wallet transactions.
Users can join the ecosystem by registering on the website. They should pick an OS, download, name, and type their wallet. An individual can then establish and confirm a new seed, choose a password, and move BTC Vault coins. Users can also watch a tutorial video on the website. To ask Btc Vault about its services, post a ticket on its website or email the team. The company uses Twitter, Facebook, Instagram, Telegram, and YouTube.
Benefits and Challenges
BTC Vault (BTCV) has several great features that will help fix many BTC problems caused by bugs or human mistakes. It offers a variety of wallets to its users, secure transactions, quick responses from customer service, and fast transactions overall. The platform is also compatible with mobile devices and desktop computers, making it easy to use.
However, the platform does include a few warning signs. The sites do not provide any assurance that user funds will be secure. In the cryptocurrency industry, rug pulls have recently emerged as a prevalent illegal activity. As an added downside, BTC Vault isn’t open and doesn’t keep track of your daily trades. Among Bitcoin Vault’s detractors is the possibility of hidden fees.
Final Thoughts
In addition, Since the fork mechanism was discovered, the Bitcoin blockchain has continuously evolved. The Bitcoin industry will significantly benefit from a reversible blockchain solution like Bitcoin Vault. From now on, consumers won’t need to freak out anytime an unauthorized or incorrect transaction is made. Despite some platform security issues, the blockchain concept is functional and well-thought-out.