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A New Mobile and Desktop Wallet That Makes Hacking Harder and Auditing Easier

By Special Guest
Juhi Fadia, Correspondent
July 08, 2019

IOTA, a global not-for-profit foundation headquartered in Germany, recently announced the general availability of their new Trinity mobile and desktop wallet, which in beta testing alone has been proven to support over $1.8 billion of IOTA tokens transacted, with 160,000 downloads. Trinity is now available across platforms including Mac, Windows, Linux, iOS and Android.

The IOTA Foundation's mission is to support the research and development of new distributed ledger technologies (DLT), including the IOTA Tangle. The Foundation encourages the education and adoption of distributed ledger technologies through the creation of ecosystems and the standardization of new protocols, and unlike “blockchain” The Tangle is the data structure at the heart of IOTA and uses a directed acyclic graph (DAG) instead of a blockchain to store its ledger, addressing traditional blockchains’ inability to scale and operate without latency.

When a new transaction is introduced, it is added as a new vertex in the DAG, rather than forcing all participants to agree on the longest chain and discard forks and side branches.

Supporting Industrial IoT (IIoT) systems, the organization says The Tangle uses its own unique technology to solve three fundamental problems with blockchain technology: high fees, scaling and centralization. It is “an open-source protocol connecting the human economy with the machine economy by facilitating novel Machine-to-Machine (M2M) interactions, including secure data transfer, fee-less micropayments, and secure access control for devices.”

While in its early stages today, over time IOTA will enable data-driven infrastructure & new business models across the IIoT including those in Automotive, Oil & Gas, Wind Power & Mining.

The IIoT in the aggregate generates massive amounts of data in manufacturing processes to increase efficiency and profitability. The IOTA distributed ledger uses more scalable, lightweight, and a zero-fee secure communication and transaction protocol, which some say makes it the ideal solution for machine to machine (M2M) communication, payments, and immutable data storage for smart factories, smart cities, the smart grid, and more.

“We continue to hear that that data is the new oil in our IoT world,” said Don DeLoach, founder and CEO of Rocket Wagon Venture Studios. “Many people are starting to realize that the more critical consideration is being able to trust the data. As we move more and more into a cyber-physcial world, so much of our lives will rely on data generated by sensors. How our world functions will increasingly depend on this data, so everything becomes predicated on ensuring that data can be trusted. You can live without oil for some time. You cannot live without oxygen. In that regard, it’s not so much that data is becoming the new oil; it’s that trusted data is becoming the new oxygen. We applaud the work of the IOTA in furthering the IoT community to deliver increasingly efficient and secure data processing and validation.”

“IOTA’s Tangle network addresses some critical obstacles that have prevented practical adoption of distributed ledger technology in the IIoT sector,” said Michael Hathaway, founder and CEO of IronBridge Enterprise and the Koyoti Project. “These include long transaction latency and volatile transaction fees. The lack of flexible token management and security tools presents yet more barriers to adoption. The release of the Trinity wallet offers new tools to address adoption challenges and advance the incorporation of DLT into IIoT infrastructure.”

In an IOTA-enabled smart factory, the organization says, test chambers are configured to log all commands and securely store them with periodic data logging. The data can then be hashed and logged in a database. Only the hash will be stored in the Tangle creating a secure and tamper-proof audit trail. The organization also cites the ability of Tangle to support digital twins, which are virtual models based on trusted data to analyze and simulate real world conditions, respond to changes, improve operations and add value.

The new Trinity wallet simplifies IOTA token storage, with what the Foundation claims are best-in-class security measures and considerable customizability.

“Our industry-leading wallet, Trinity, delivers on IOTA’s goal to provide secure, accessible and community-driven token storage for the international cryptocurrency marketplace,” said Dominik Schiener, co-founder, IOTA Foundation. “We have partnered with our IOTA community to ensure we are addressing the cryptocurrency market’s needs with the utmost levels of excellence.”

The application has been thoroughly reviewed in an extensive auditing process by world-leading cybersecurity firms SixGen and Accessec.

“We are happy to bring our commitment to rigorous security testing and superior wallet security to the IOTA Foundation’s Trinity wallet,” said Ethan Dietrich, CEO, SixGen.  “It is clear the Trinity team takes security very seriously and has applied best practices throughout the wallet's development. SixGen’s in-depth review and testing ensures users can store and send tokens with confidence and peace of mind.”

IOTA Trinity Features

  • Ease of use: Trinity is designed for new and advanced users alike, with an intuitive design and easy-to-use features.
  • Hardware wallet compatibility: Trinity is compatible with the Ledger Nano S, X and Blue hardware wallets. When used in conjunction, Trinity and Ledger provide unparalleled security for storing and accessing your IOTA tokens.
  • Community-sourced design: Trinity delivers bespoke features and innovative design thanks to input and contributions from IOTA’s expert user community.
  • Secure SeedVault digital backup: Trinity uses the recognized security standards of Keepass for encrypted seed backup and features strong multi-level encryption.
  • Global language support: Trinity has been translated into 25 languages for international accessibility, including English, French, German, Chinese, Hindi, Italian, Indonesian, Japanese, Korean, Spanish and others.
  • QR scanning and deep linking: Trinity offers secure and convenient features for prefilling transaction information, streamlining peer-to-peer address exchange and IOTA-based E-commerce.
  • Biometric authentication: An additional security and convenience layer, Biometric authentication provides peace of mind and control when authorizing transfers and unlocking the mobile wallet.
  • Price graphing and fiat conversion rates: Trinity gives users the ability to track price and market changes and easily transact IOTA in fiat equivalents.                                                                                                                                    
  • Node quorum: Trinity queries multiple sources to verify the integrity of network-related information, delivering first-class networking security.

Automatic node management: Trinity offers automated node management to ensure an uninterrupted connection to the Tangle, IOTA’s alternative solution to blockchain. 

Edited by Ken Briodagh
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