Despite the rocky start to the year, cryptocurrencies are becoming more widely accepted. Perhaps the latest move to prove this, is a smartphone that is being released that is aimed at securing your investments from even the most skilled hackers.
The German cybersecurity firm Sikur, is responsible for the release of this smartphone, and it was unveiled for the first time yesterday at the Mobile World Congress in Barcelona. The phone has the features of a normal smartphone with one added bonus – a built in cryptocurrency software wallet.
In order to test the security of the phone, the company went as far as hiring professional hackers to try and break into the phones system. According to the company, none of the attempted cyber attacks were successful, despite trying for two months.
They also plan on additionally releasing their own secure cryptocurrency platform outside of the phone, with Cristiano Lop, the CEO saying;
“At the end of second quarter of 2018 we will deliver a crypto wallet inside out platform, expanding the wallet use beyond SIKURPhone, it means that our customers should be able, through a physical device, to securely store their cryptocoins.”
The phone is not cheap though, and will set you back nearly $800; but if you a keen crypto enthusiast, it might be the perfect phone for you. The pre-sale begins today, with the first scheduled deliveries in August 2018. You have to be quick though, as the company have revealed that there are only 20,000 units available at the above price.
One of the main drawbacks for investing in cryptocurrencies is the lack of security that surrounds them. They are incredibly vulnerable to hacking and over the past few years, there have been a number of high profile attacks. Most notable is perhaps the Coincheck hack, where $530 million worth of crypto was stolen from the Japanese exchange. Experts believe that more are to be expected as well, with Nicholas Colas, the co-founder of DataTrek Research saying;
“I think [the attack] does highlight the fact that the industry still has a long way to go in terms of basic issues of security. This is certainly not the first, nor will it be the last, such hack attack on cryptocurrencies.“