NFC is a set of technology standards that enable mobile devices to establish radio communication with each other when in proximity. Recently Apple released its first NFC enabled device, the iPhone 6, signaling that NFC may yet emerge as an important technology for payment processing in the near future.
Mobile devices are known to have various operating system vulnerabilities that can be exploited either by the interaction between various apps or when the device is lost or stolen. Aegis employs strong crypto protocols that minimize the threat of these vulnerabilities. The wallet implements the SPV node. SPV stands for Simplified Payment Verification. SPV is widely used in android wallets for verification of transactions. It works by connecting a client to a trusted node or by putting its faith in high difficulty as a proxy for proof of validity for transactions.
If a mobile device is lost, stolen or password forgotten, Aegis has secure and private backup and restore features that can be used to retrieve bitcoins without exposing sensitive data to even Aegis themselves.
Other security features include:
On September 17th 2014, the company announced that it had implemented SMS notification for BTC transactions on its app. If a person does not have someone else’s bitcoin address but have their mobile number, the person can input their mobile number and that someone else will receive an SMS telling him to reply with their Bitcoin address. The Aegis Wallet app does not read the SMS or send them to any place.
One of the most exciting aspects of the Aegis wallet is its contribution to the growth of wearable tech. Wearable tech is a practical implementation of ubiquitous computing which has a vision of making technology integral to everyday life. Its smartwatch allows for wear notifications, receiving addresses and balances as well. The watch is also being used in multi-factor authentication.
Could we look forward to Aegis developing wearable tech that combines Google Glass’ capabilities and Bitcoin someday under its aegis? It does sound futuristic in 2014 but not far-fetched. The rate of growth and innovation in wearable tech and digital currencies may yet see a much greater fusion of the two so as to gradually transform fashion wear and even technology as we know and use it today.
Images from Shutterstock.
Last modified (UTC): September 21, 2014 13:26