Ethereum has been captivating the audience in the world of digital currency, although the project has been making waves in traditional finance as well. Due to its attractive blockchain implementation and the prospect of smart contracts, things have gotten competitive in the digital currency world. But in the end, most users want a secure wallet solution, and Etherli seems to hold a lot of promise, even though it is a web wallet.
Also read: Bitcoin Price Technical Analysis For 03/25/2016 – Break Near? Etherli Multisig Web Wallet with 2FA for Ethereum
Unlike the Bitcoin world, wallet solutions for Ethereum are not as widespread as one might expect. There is the standard Ethereum wallet, and Jaxx is offering a viable alternative for a variety of platforms as well. But Etherli wants to bring something different to the table, as they combine a multisig web wallet with two-factor authentication.
Although web wallets are not the most secure solution – funds are controlled by a third party after all – Etherli is operating in a different manner. By creating a multisignature wallet solution, the end user will hold the majority of keys associated with the address, putting them in full control. However, there is always the question as to whether or not the generated keys are stored in a database on the platform.
Two of the three necessary keys are produced in the client on the user’s computer, whereas the third is produced on the server. This third key is the only one belonging to Etherli while the other two will be in firm control of the end user. This should put most “trustless’ concerns aside, even though some Reddit users are still wondering about the usage of Ethereumjs for the signing process.
The addition of two-factor authentication is a much-needed feature in […]
