In the world of cryptocurrency, secure storage solutions will always be in very high demand. It seems unlikely that demand will diminish, even though very few reliable hardware solutions exist today. The new Parity Signer V2.0 software kit can, in theory, turn any major mobile phone into a hardware wallet without the need for additional hardware.
Parity Signer 2.0 Has Plenty of Potential
It is evident cryptocurrency users will seek out secure storage solutions. At the same time, none of these ideas should come at the cost of convenience. Contrary to popular belief, wallet security and convenience are not mutually exclusive, although it is not the most straightforward combination either.
Despite the challenge, the Parity Signer team has come up with a solution that offers the functionality advanced cryptocurrency users are looking for – a hardware wallet where the funds are under their full control at all times. To date, devices such as the Ledger Nano S, Trezor, and KeepKey all provide this type of technology, though at a cost. The devices are not exactly cheap, and there can be notable delays in terms of receiving the unit itself.
To address this problem, Parity Signer is now capable of turning any old – or current – phone into a cryptocurrency hardware wallet. It is done through a software solution, which makes it rather convenient to set up. The application is now available to both iOS and Android users, which can breathe some new life into your old, unused smartphone.
As is always the case, cryptocurrency users need to be aware of how software solutions can influence their devices in due time. In the case of Parity Signer V2.0, it is still a beta release, and there can be bugs and issues along the way. As such, it is not necessarily advised to store a lot of money into this particular application until it receives a full-fledged release in the future.
It is also interesting to note how this particular application supports different currencies and their respective testnets. More specifically, supported currencies include Ethereum, Ethereum Classic, The Ropsten Testnet, and so forth. Additionally, users can see a security notification to warn them if their device is secure or not at any given time. It is a unique feature which can elevate Parity Signer to a whole new level, although the overall adoption of this tool has yet to be determined.
As one would come to expect, this solution is designed to run on devices that no longer connect to the internet. A throwaway phone, or a spare device could be of great value in this regard, although a very cheap “extra” phone might be worth looking into as well. This is still an experimental solution first and foremost, yet it can provide a lot of benefits to those not willing to spend extra money on a hardware wallet.