Features and Functionality of Proton Wallet
Furthermore, Proton Wallet will support two-factor authentication, including hardware security keys, and provide users access to Proton Sentinel, which uses machine learning and AI to prevent malicious login attempts. Proton Sentinel aids in securing users’ accounts if there is a compromise or if an attacker gains access to a user’s login credentials.
Proton will also simplify the process for individuals to purchase bitcoin, with on-ramp integrations available in over 150 countries.
Stay tuned for more updates as Proton continues to broaden the accessibility of its new offering, and be on the lookout for the waitlist if you’re eager to try out Proton Wallet as soon as it opens up to the general public.
As previously stated, Proton Wallet operates on a non-custodial basis, meaning that only users can access their wallet funds. Proton will provide “strong recovery methods” for these keys, which will comprise a recovery seed phrase for the wallet and a recovery phrase for the Proton account. Bitcoins held in Proton Wallet can be accessed even if Proton goes offline.
For executing a bitcoin transaction via email addresses using Proton Wallet, both the sender and receiver must possess the wallet. The sender only needs the recipient’s email address, regardless of whether it’s a ProtonMail address, to send the bitcoin. Additionally, users can transfer bitcoin from their Proton Wallet to any typical Bitcoin address.
“Lightning is quite challenging to implement in a non-custodial manner,” said Yen.
“If you aim to have non-custodial lightning where users open their own channels, that’s a user experience that currently isn’t properly resolved,” he added.
When bitcoin is sent through email addresses, Proton will change Bitcoin addresses each time a user sends or receives bitcoin behind the scenes, thus assisting in preventing the addresses from being associated with a user’s identity.
Proton also announced that it will create a waitlist for those interested in using Proton Wallet.
As Proton Wallet becomes accessible to a wider audience, it will be fascinating to observe how it influences the Australian cryptocurrency scene. With a focus on privacy, security, and usability, Proton Wallet may turn into a preferred choice for Australians aiming to navigate Bitcoin transactions without sacrificing safety or convenience.
Availability and Early Access
Proton Wallet is currently exclusively available to Proton Visionary users, a plan typically reserved for legacy users but now reopened for a brief period, along with “selected Bitcoin community members” as part of an early access initiative.
Source: bitcoinmagazine.com
These early participants can invite friends to join, while the product is expected to be made widely available to all Proton users in the future.
All transactions made with Proton Wallet will take place on the base chain, as Proton has not yet incorporated Lightning for a primary reason.
Proton will utilize its current infrastructure to enhance the user-friendliness of Proton Wallet.
For Australian crypto fans, this early access phase offers a unique chance to be among the first to explore the innovative features of Proton Wallet. With the growing interest in Bitcoin and blockchain technology in Australia, the early access initiative could draw many tech-savvy Australians eager to find a more secure and user-friendly method to manage their digital assets.
“However, adding Lightning support is something we can pursue in the future as we discover solutions to the user experience challenge.”
