Cheetah Mobile's SafeWallet digital wallet has been endorsed by the Ministry of Industry and Information Technology. What is the strength behind it?

On May 20, the "2018 China Blockchain Industry White Paper" released by the Information Center of the Ministry of Industry and Information Technology showed that as of the end of March 2018, the number of companies with blockchain technology as their main business has been growing rapidly. From equipment manufacturing to industrial applications, the blockchain industry chain has gradually become clear.

At the same time, with the continuous advancement of regional chain technology, it is constantly penetrating into daily life at the application level. Although the implementation of blockchain technology can achieve the effect of "trust transmission" or "trust spillover", and has a significant role in "reducing costs and improving efficiency", the risks caused by the abuse of blockchain technology cannot be ignored.

The People's Bank of China issued an ICO ban in September last year, but this seems to be unable to curb the craze for cryptocurrency speculation. After several stages of crazy market growth, digital currency investors with the mentality of getting rich overnight flocked in. But how many people have achieved financial freedom through digital currency investment as they wish? In the eyes of professional investors, the current market has become a bubble, and there are even more dangerous "air coins". This kind of "air coin" is invested by teams rather than companies. In the absence of market supervision, this kind of token without the support of real projects may make investors lose all their money.

Like investors, although the circulation and sale of tokens have been expressly banned by China, the number of virtual currency exchanges has continued to increase. Some Chinese teams have obtained the qualifications required to establish virtual currency exchanges in local areas by registering overseas. Many exchanges have also added a new function, namely over-the-counter trading, which means that the exchange only provides investors with an information release platform for buyers and sellers, allowing domestic investors to purchase virtual currencies with RMB. Through over-the-counter trading, domestic investors can easily buy and sell various digital currencies with RMB using various payment methods such as Alipay, WeChat Pay, and bank transfer. This trading behavior is essentially an irregular trading model generated by the lack of market supervision. In addition, many exchanges have also issued their own tokens. Binance, Huobi, and OKEX have all issued their own virtual currencies, and their circulating market value has exceeded US$1 billion. However, there is currently no clear regulatory system worldwide. Therefore, token exchanges are also facing many questions about suspected market manipulation. For example, the rollback incident in March this year is the most powerful proof. Due to the non-publicity and non-transparency, it is actually difficult for investors' digital assets to be effectively protected when placed in exchanges.

The development of the blockchain industry and the current market situation of virtual currencies have given rise to new digital asset storage methods. Under the multi-node blockchain technology, what kind of asset storage method can meet the needs of users? This time, the Ministry of Industry and Information Technology directly "flipped" Cheetah Mobile's SafeWallet digital wallet.

Generally speaking, a digital wallet can create one or more cryptographic addresses. Each cryptographic address corresponds to a key pair: a private key and a public key. As the only certificate of digital encrypted property, the public key and address can be derived through the private key. Therefore, in the world of digital currency, the private key is the most important key to open the door to digital property.

The core feature of the blockchain technology used by the SafeWallet digital wallet is decentralization, which allows users to hold their own private keys and passwords, and store assets on the blockchain instead of centralized servers, making it impossible to implement operations such as "transaction rollback" complained by the above investors. SafeWallet is not easily attacked by hackers like exchanges, and the data cannot be tampered with, so users don't have to worry about the wallet service provider stealing. However, although encrypted digital assets use cryptography and verification technology to achieve the security of digital assets, users only need a private key to own the digital assets in their accounts. Although door locks are indestructible, many people often ignore the proper storage of keys. The biggest reason for the theft of various encrypted digital assets is that the user's personal computer or mobile phone is hacked, resulting in the theft of wallet keys or account passwords. In 2016, the largest crowdfunding project of a well-known exchange was hacked, and hackers obtained more than 3 million digital currencies. In 2017, a wallet software with a strong team background had a contract vulnerability, resulting in the loss of nearly 1 million digital currencies. It can be seen that paying close attention to blockchain threat intelligence and checking for updates in a timely manner is also one of the foundations of digital wallet security.

The SafeWallet three-layer security defense system emphasized in the "White Paper" can create a safe wallet for virtual currency investors where digital assets will not be lost.

In terms of user operation security, SafeWallet provides secure backup of private keys and mnemonics as well as a secure password retrieval mechanism.

In terms of asset security, SafeWallet can display asset balances in real time, instant transaction notifications, receiver address security detection, comprehensive security audits, and email notifications.

In terms of device security, SafeWallet provides mobile phone security defense to protect investors' input security, uses AV-TEST-certified mobile security technology to detect viruses, and helps users eliminate all potential risks.

For ordinary users, the threshold for using digital wallets is still very high. In response to users' demand for ease of use and convenience of digital wallets, SafeWallet supports the most optimized transaction fee algorithm to help users reduce transaction fees and shorten confirmation time. In addition, users can view the exchange rate of digital currencies in real time to understand the value of their digital assets in a timely manner.

This time, Cheetah Mobile has entered the forefront of the development of blockchain technology, launched the SafeWallet digital wallet and obtained the support of the Ministry of Industry and Information Technology. The strength hidden behind it should not be underestimated. It will continue to play an important role in integrating blockchain technology into the field of mobile security.

This article is for commercial promotion only and does not represent the position of Wabi.com. Cryptocurrency is a high-risk industry. Please invest with caution. We are not responsible for any losses!