On November 12, 2019, throughout the Make investments: NYC occasion, bitcoin pockets and change Evercoin introduced the launch of a brand new, mobile-first pockets: Evercoin 2. The brand new product is offered for each iPhones and Android gadgets and was developed in collaboration with influential, security-oriented producer Yubico.
Evercoin 2 makes use of the specs of the fashionable YubiKey 5Ci authentication system however is bought with proprietary software program with a purpose to operate with the Evercoin bitcoin change. Which means customers who already personal a YubiKey can prolong its performance to handle BTC keys on the Evercoin platform by merely downloading the software program. Additionally, new customers who select to buy the Evercoin 2 can nonetheless make use of the encrypted password supervisor and social media/electronic mail authentication options for which the YubiKey is finest recognized.
“Anybody who already owns a YubiKey 5Ci ought to completely obtain Evercoin as a result of it is like getting a free pockets,” Evercoin Co-Founder Miko Matsumura advised Bitcoin Journal.
Evercoin 2 vs HTC Exodus 1s vs BitBox02
The brand new mobile-native pockets is a direct competitor with HTC’s Exodus 1s cellphone, which was launched in October 2019 throughout The Lightning Convention and likewise integrates a pockets.
Nonetheless, there are three main variations between the gadgets. Firstly, Evercoin 2 can be utilized on any cell phone with a Lightning or USB-C connector (not like the HTC Exodus 1s, which is a standalone merchandise with mounted and software program). Secondly, the Evercoin 2 provides extra key and password storage choices for social media, electronic mail and different accounts than HTC’s product. Lastly, solely the HTC cellphone is natively able to working a full Bitcoin node.
Matsumura hinted full-node function could also be added to Evercoin 2 in the future.
“The Evercoin cellular consumer interface does not assist this use case but, however since Evercoin is absolutely non-custodial, the consumer has full management over their very own personal keys,” he stated.
One other mobile-friendly system with which the Evercoin 2 competes is Shift Cryptosecurity’s BitBox02, which has a male USB-C connector. It additionally permits full-node connectivity. Nonetheless, the Swiss-made product doesn’t supply non-Bitcoin key storage options and is just suitable with Android telephones which assist the connector.
The Evercoin 2 Safety Mannequin
The collaboration between Evercoin and Yubico has led to a patent submitting for pockets backup and restoration. This manner, customers will have the ability to get their cash again, even when their telephones or YubiKey gadgets break or get misplaced.
In an official weblog publish, Evercoin defined that the safety mannequin is predicated on a 2-of-2 multisig. The noncustodial change holds one in every of the keys, and the different one will get despatched to the consumer through electronic mail. None of them can entry the funds with out the different.
So long as the consumer doesn’t lose the key, the bitcoin could be recovered by contacting Evercoin. This may be useful if the cell phone or YubiKey-powered Evercoin 2 system will get misplaced or damaged. Nonetheless, it’s nonetheless unclear what occurs if the consumer’s electronic mail will get hacked and the hackers contact Evercoin assist to acquire the second key and steal the funds.
“Along with defending your personal key from hackers like every pockets, the Evercoin 2 additionally protects you from your self,” added Matsumura. “By offering a protected, noncustodial and simple method to again up and restore your pockets, we stop customers from dropping all their cash as a result of everybody sometimes makes errors.”
At press time, there isn’t any point out of the value of an Evercoin 2 cellular pockets. Nonetheless, the YubiKey 5Ci prices $70 on Yubico’s web site, and the system solely requires software program from Evercoin so as to add Bitcoin compatibility.
Nonetheless, Evercoin formally launched its product as the “most secure pockets and change,” so it’s going to be fascinating to see upcoming critiques from safety specialists.