Trustology Launches Cryptocurrency Storage Platform Controlled Remotely by iPhone
By Mark Lemon – Cryptocurrency Specialist
Trustology, an English-based blockchain start-up has announced the launch of a cryptocurrency storage vault able to be remotely be controlled by an iPhone. The application has first been released in the UK and is available for download at the Apple UK App Store.
The app will initially allow those that buy Ethereum to store through the service with later plans to introduce support for Bitcoin and ERC-20 tokens. This will be the first storage option using an iPhone for investors buying Bitcoin. Apple has in the past prevented cryptocurrency companies from launching apps through their store, but more are making their way to the market.
Trustology have said the app allows the ease of using a mobile phone, but the power is in the TrustVault technology behind it. TrustVault claims to have institutional grade security using a combination of hardware security modules (HSMs) operated by the company using refined verification processes. This is all to ensure safety and security encouraging users to use the service for storage when they sell and buy Ethereum.
Many services like this will store the private keys within the phone itself. Storing the keys this way prevents broadcasting of them over the internet reducing the risk of inception. The TrustVault does not store the private keys on the phone and will broadcast them over the internet, however, Trustology has reaffirmed the strength of the institutional grade security for the safety of users’ assets. If a user was to break their iPhone, they would be able to recovery their funds as the private key is external held.
Trustology will continue to develop their storage service to support further assets and have suggested working on an Android version. Users of Android could soon buy Ether and store remotely within the institutional grade vault security.
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