ProtonThe Swiss tech company ProtonVPN and ProtonMail, which create privacy-preserving tools for online communication, will launch Proton WalletA self-held Bitcoin wallet.
It will allow users to easily send bitcoins via email.
“Bitcoin’s value to society has been hindered by the difficulty of transacting and security concerns, and we designed Proton Wallet to specifically address both,” Andy Yen is the founder and CEO at Proton. He shared a statement with Bitcoin Magazine in a recent press release. “Proton Wallet’s ability to support Bitcoin via email now makes Bitcoin transactions as easy to use as PayPal, while preserving the decentralized and non-custodial nature of Bitcoin.”
Proton Wallet has been added to the suite of tools designed for Proton users who want to maintain privacy while using the internet.
Proton has a lot of reasons for creating this new product.
Proton wallet is personal for Proton
Proton wouldn’t exist without Bitcoin.
“This summer is actually the 10 year anniversary of Proton,” Bitcoin Magazine interviewed Yen.
“In July 2014, we had our original crowdfunding campaign, and halfway through the campaign, PayPal actually froze our funds. So, Proton actually had a near-death experience at the very beginning,” He added.
“We added a bitcoin donation link when the crowdfunding campaign got shut down, and that’s when we started receiving our first bitcoin. It was at that moment 10 years ago that we first realized the true power of Bitcoin and what it can enable.”
Yen spoke about how pleased the Proton team was that Credit Suisse had taken over the management of its business fiat funds. collapsed in March 2023.
“Credit Suisse had that moment of limbo where we were not sure if they were going to get bailed out or not,” Recalled Yen “The fact that we had a big portion of our reserves in bitcoin was actually something that was prudent to do because it more or less ensured the long-term sustainability of the business.”
Dingchao, director of Proton Wallet – the first employee – is grateful to Bitcoin for playing a part in Proton’s past. And he hopes that it will play a similarly important role for Proton’s users around the world.
“We want to reduce the world’s dependence on centralized financial institutions,” Lu said in a press release that was shared by Bitcoin Magazine. “By giving users control of their own encryption keys and their own digital assets, we’re offering financial freedom, improved privacy and safety to millions of people around the world.”
Lu shared with us that Proton had also experienced the financial Benefits of owning bitcoin – it has been accepted as a payment method for many years.
“We’ve been taking Bitcoin payments since we launched out of beta back in 2016,” Bitcoin Magazine published an interview with him.
“That has been working well for us. The Bitcoin price has gone up something like 100 times since those early days, and we’ve held onto our Bitcoin,” He added.
Detail Details
Proton will use its infrastructure to improve the user experience of Proton Wallet.
Proton Wallet is required by both sender and recipient to complete a Bitcoin transaction. Senders need to have only the email address of the recipient, regardless if it is a ProtonMail or not.
Proton, behind the scene, rotates Bitcoin address each time the user receives bitcoins. This prevents the addresses to be linked with a particular user.
Proton Wallet, as mentioned above, is not custodial. This means only the users can access the money in the wallet. Proton offers “robust recovery methods” The company hasn’t yet specified how they will retrieve the keys. Bitcoins stored in Proton Wallet are retrievable even if Proton is offline.
Proton Wallet transactions will be on the Base Chain, because Proton does not yet have Lightning implemented.
“Lightning is very difficult to do in a non-custodial way,” The Yen.
“If you want to do non-custodial lightning and you want to have people open up channels of their own, that’s a user experience that at the present moment still isn’t really solved,” He added.
“But Lightning support is something that we can add in the future as we find ways to work around the user experience problem.”
Proton’s on-ramp will make buying bitcoin easier in 150 different countries.
Proton Wallet also offers two-factor authentication including hardware security key support. It will give users access to Proton Sentinel which uses machine learning and AI in order to stop malicious login attempts. Proton Sentinel protects users in case their accounts are compromised, or an attacker gains access to login details.
What is Proton wallet?
Proton Wallet can only be used by Proton Visionary customers, a Proton plan This is normally reserved for Legacy Users, but has now been opened for a short time. “select Bitcoin community members” As part of an Early Access Program.
Participants can invite others to join. In the future, the product will become available to Proton’s users.
Proton shared in a press release with Bitcoin Magazine that it would be releasing a waiting list to those who are interested in getting started with Proton Wallet.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com