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Proton, the company behind the e-mail client, VPN, and cloud service of the same name, has introduced an open source Proton Wallet.
"Centralized custody solutions expose you to the risk of losing bitcoins due to hacks (Mt. Gox), poor governance (FTX), or even regulatory or legal actions. These services, as a rule, are not intended for transactions with the first cryptocurrency and are legally required to monitor your financial activities," the company noted.
Therefore, the developers decided to create a wallet for self-storage as "the most independent and requiring minimal trust solution."
Proton Wallet uses end-to-end encryption to store keys and metadata. This means that even if you wish, the company will not be able to confiscate the user's assets or track their actions.
To ensure the security of personal information, Proton servers are used with an "enhanced version" of the Secure Remote Password protocol for authorization.
A wallet user can have multiple addresses, so the app generates a key for each of them independently. It is then used to encrypt and decrypt any sensitive data that needs to be stored on Proton servers.
"The server does not have access to the wallet keys, since they are encrypted on the client using the user's key," the blog says.
Proton Wallet also supports the function of sending bitcoins to an email address "with minimal effort and maximum privacy."
For this purpose, the encrypted Proton Mail system is used, which has served more than 100 million accounts since 2014. In this way, the service generates a pool of unused addresses for each wallet that has the email transaction option enabled.
How email transactions work in Proton Wallet.
"For example, if the attacker Eva tries to send BTC to bob@gmail.com, it will get a new empty address from Bob's pool, which is different from the one Alice used. This way, Eve doesn't know anything about Bob's previous transactions," the developers explained.
Since Proton does not have the right to store user assets, the team reminded us of the importance of recording seed phrases.
Proton Wallet will initially be available to a limited number of Proton Visionary users. Pre-registration is open for those who want to test the app.
"Centralized custody solutions expose you to the risk of losing bitcoins due to hacks (Mt. Gox), poor governance (FTX), or even regulatory or legal actions. These services, as a rule, are not intended for transactions with the first cryptocurrency and are legally required to monitor your financial activities," the company noted.
Therefore, the developers decided to create a wallet for self-storage as "the most independent and requiring minimal trust solution."
Proton Wallet uses end-to-end encryption to store keys and metadata. This means that even if you wish, the company will not be able to confiscate the user's assets or track their actions.
To ensure the security of personal information, Proton servers are used with an "enhanced version" of the Secure Remote Password protocol for authorization.
A wallet user can have multiple addresses, so the app generates a key for each of them independently. It is then used to encrypt and decrypt any sensitive data that needs to be stored on Proton servers.
"The server does not have access to the wallet keys, since they are encrypted on the client using the user's key," the blog says.
Proton Wallet also supports the function of sending bitcoins to an email address "with minimal effort and maximum privacy."
For this purpose, the encrypted Proton Mail system is used, which has served more than 100 million accounts since 2014. In this way, the service generates a pool of unused addresses for each wallet that has the email transaction option enabled.
How email transactions work in Proton Wallet.
"For example, if the attacker Eva tries to send BTC to bob@gmail.com, it will get a new empty address from Bob's pool, which is different from the one Alice used. This way, Eve doesn't know anything about Bob's previous transactions," the developers explained.
Since Proton does not have the right to store user assets, the team reminded us of the importance of recording seed phrases.
Proton Wallet will initially be available to a limited number of Proton Visionary users. Pre-registration is open for those who want to test the app.
