The Stellar Development Foundation (SDF) stands as a non-profit organization that supports the growth and development of the Stellar Network. Today, the SDF announced that it had integrated the Stellar network into none other than the Samsung Blockchain Keystore.
Stellar And Samsung Working Together
What this means is Samsung device users will now be capable of securely storing the private keys associated with their respective Stellar blockchain wallets. This, in turn, solves something that’s traditionally been a challenge in the experience of the blockchain user, as they always had to manage the private keys in an easy, secure way. The typical rule of thumb is the higher security you use to protect the key, the more challenging experience it is for the user itself.
With this in mind, the ability for a very secure way to store a private key that’s also user-friendly is something the blockchain community as a whole must do. This is for the simple reason that mainstream integration needs convenience, by hook or by crook, and crypto won’t see mainstream until that’s sorted out.
The Many Pitfalls Of Convenience Over Security
Denelle Dixon stands as the CEO and Executive Director of the SDF, and gave a comment about the matter at large through an interview. Dixon explained that the announcement is something of great excitement for the SDF, as a simple, secure way for users to store and utilize their private keys is paramount to mainstream integration.
Software wallets, in and of themselves, have already been available for some time, with users capable of storing their private keys on these wallets within their respective computers and devices. However, software wallets are inherently dangerous, due to the potential for security vulnerabilities that they share with things like tablets, phones, or computers, as malware can eavesdrop and steal these private keys. Crypto isn’t like a bank. If someone steals your private keys, they have complete control over the funds of a user, and recovering the stolen crypto only occurs in rare exceptions.
Samsung Going For Crypto
Hardware wallets are the answer for this lack of security: A dedicated computer processor that can only be accessed through authorized software. This, in turn, protects the private keys from anything that would try to access it, and Samsung had rolled out this capability earlier this year, integrating it to its S20 Galaxy phones. With this, Samsung integrated a secure processor with its entire goal being to protect your password, PIN, pattern, as well as the Blockchain Private Key. This security, Samsung said, is further integrated into every part of their phone through the use of the Knox platform, ensuring the privacy of one’s data.