Pandora’s Wallet – Risks and Security For Storage Services

 
SHARE:

Pandora’s Wallet is the latest provider in the industry offering storing services for trading portfolios on exchanges. The services are aligned with the latest cyber security threats and work to ensure that their wallet allows investors to control all aspects of their trading assets since Pandora maintains coin servers.

The growing maturity in the cryptocurrency scenario is evident with the range of services which Pandora has incorporated for its wallet services. Chief of this is the coin servers, and this eliminates the current practice of having to download the entire blockchain. Additionally, the servers will ensure near-localized services in terms of network services and eliminate issues arising out of this, as well as dealing with error compilation.

Client View

Advanced secure

The use of the coin servers enables the provider to support advanced features such as maintenance of nodes thereby allowing users to keep private keys on the devices used. Thus Pandora will not allow access to the private keys which is accessed only by the users. The benefit with Pandora is that the software will sign the transaction with respect to the user’s key and will then send the signed transaction to the services at the time of broadcasting.

Therefore, users themselves can create their own wallet backup and store their private keys in any form of cold storage.

What tips the balance towards this service provider’s wallet is that there it provides a perfect platform for professional traders. When using a different number of exchanges traders are often troubled by the tenure or the life-term of these exchanges as they are exposed to highly challenging processes in the industry. The chances of failure of these exchanges are very high.  With Pandora’s Wallet, such losses can be sustained because all the trader has to do is to move the coins into his wallet from the exchange. This wallet is housed on the personal device of the user and thus holds extensive control over it.

Onus on the user

However, the underside of typical wallet services is that the onus is on the user to install, test the wallet to ensure the needed functionality exists or otherwise and also look for backup of every wallet.  But Pandora is able to overcome these difficulties and allows the trader to download single secure and open-source software so as to manage the complete process. It does not require that multiple software is downloaded.

However, it is the advantage of the user to back up private keys and its use is restricted only to the user. For additional security, the coins can be moved to the cold storage. Currently, a free service package is available for all users who want to test Pandora Wallet and will be charged 0. 02000000BTC after January 15 of next year and support over 50 coins in the first version itself.