Israeli Startup Creates Offline Crypto Wallet with Online Transactions

GK8 which is an Israeli startup has now revealed a cloud storage crypto wallet with on network transfer, said the announcement.

GK8’s technology removes many of the dangers internet-accessible crypto-wallet face like the attacks, hacks, and some of the unexplained losses while preserving their more convenient features such as the receiving and sending digital assets.

In a report, GK8 founder Lior Lamesh told that a “unidirectional connection” links its wallet with the help of blockchain, where it even transfers the assets as conventional wallets do. GK8 one-way signaling does not itself operate over the web.

GK8 says its techniques “bypass core assumptions related to cryptocurrency transfers and eliminate attack vectors to any asset transfer.”

Tromer said: “GK8’s cold wallet solution improves on the state-of-the-art by having essentially unidirectional communication from the wallet to the outside and never accepting raw information from the outside back into the cold wallet.” “This minimizes the attack surface and prevents attacks,” he said.

GK8 secured five patents for its innovations, according to the announcement. A patent abstract associated with Lamesh described the technology as follows:

“The digital wallet device is electronically disconnected from other digital devices and comprising: a cryptocurrency integrated circuit (IC) that is isolated from any computer interface” … “and unidirectional communication hardware for sending said transaction to a communication device for broadcasting said transaction via a network.”

Lamesh revealed that he and the co-founder Shahar began working on the GK8 cold wallet after even finding the security vulnerabilities in the “state of the art” wallets. They were both bothered by the risks of storing the assets online.

GK8 projects secured $4 million in the funding round of seed from a series of an Israeli investment firm, including the Israel Innovation Authority, which is a government-run authority.