Proton has launched its own Bitcoin wallet

Proton, the company behind the eponymous email client, VPN and cloud service, has introduced the open source Proton Wallet wallet. 

"Centralized custodial solutions expose you to the risk of losing Bitcoins due to hacking (Mt.Gox), poor governance (FTX), or even regulatory or legal actions. These services, as a rule, are not intended for transactions with the first cryptocurrency and are legally required to monitor your financial activities," the company noted. 

Therefore, the developers decided to create a wallet for self-storage as "the most independent and least trusted solution."

Proton Wallet uses end-to-end encryption to store keys and metadata. This means that even if desired, the company will not be able to confiscate the user's assets or track his actions. 

To ensure the security of personal information, Proton servers are used, which use an "enhanced version" of the Secure Remote Password protocol for authorization.

A wallet user can have multiple addresses, so the application generates a key for each of them on its own. It is then used to encrypt and decrypt any sensitive data that needs to be stored on Proton servers. 

"The server does not have access to the wallet keys because they are encrypted on the client using the user's key," the blog says. 

Proton Wallet also supports the function of sending bitcoins to an email address "with minimal effort and maximum privacy." 

To do this, the encrypted Proton Mail system is used, which has served more than 100 million accounts since 2014. In this way, the service generates a pool of unused addresses for each wallet in which the email transaction option is enabled. 

How email transactions work in Proton Wallet. Data: Proton blog.

"For example, if an attacker Eve tries to send BTC to [email protected] She will receive a new empty address from Bob's pool, which is different from the one Alice used. This way, Eve will not know anything about Bob's previous transactions," the developers explained. 

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Since Proton does not have the right to store user assets, the team reminded of the importance of recording LED phrases. 

Proton Wallet will initially be available to a limited number of Proton Visionary users. Pre-registration is open for those who want to test the application.

Recall that in June, the manufacturer of hardware wallets Trezor introduced a new flagship Safe 5.

In July, Tangem released a device for storing digital assets in the form of a Tangem Ring.