Cryptocurrency hardware wallet manufacturer D’CENT has created the world’s first cold wallet capable of storing tokenised game items.
The D’CENT wallet supports ERC-721 standard, which is typically used to create unique tokens on the Ethereum blockchain platform. This is commonly used by blockchain-based games to offer items with unique values and qualities.
Hundreds of games exist on the Ethereum platform, from massive multiple online games to role playing games. CryptoKitties is the most popular example of this. The platform allows users to breed, trade and collect virtual kittens with their own unique “cattributes”, such as fur type, pattern and eye shape, which shape its appearance.
“We have yet to see in the current market, a cold wallet that can support ERC-721-based tokens,” said Sangsu Baek, CEO of D’CENT. With prices for the rarest of CryptoKitties having climbed above the $150,000 mark last year, there appears to be a gap in the market for securing game items.
The company has confirmed that the D’CENT ERC-721 standard wallet will go on sale at the end of April.
It follows the D’CENT Hardware Wallet, the first wallet on the market that supports Bitcoin smart contracts, which facilitates, verifies and enforces contracts.
The D’CENT Hardware Wallet features high-level security, with data encryption, an embedded secure operating system and stand-alone private key generation, and users can expect the same from the company’s next offering.
What is a cold wallet and how can it keep your cryptocurrency safe?
Cold wallets are typically used to improve the safety of cryptocurrencies and tokens. These hardware storage devices are offline, meaning that the cryptocurrencies that they hold cannot be stolen without the thief gaining physical access to the wallet.
Cryptocurrency losses are usually a result of poor security practices on online cryptocurrency exchanges. Hackers gain access to connected wallets, known as ‘hot wallets’ and steal the funds within them.
Investing in a cold wallet helps to avoid this by putting the safety of your crypto funds in your own hands.
While the recent case involving QuadrigaCX – in which the exchange’s owner took the password to a cold wallet storage to his grave left users without access to their cryptocurrencies – has led to doubts over the efficacy of cold wallets, experts insist that this type of storage provides one of the most secure ways to hold funds. Just don’t forget your password.