VeChain, a versatile enterprise-grade L1 smart contract platform, recently announced the launch of v1.1.0 of its VeChainThor mobile wallet. According to the announcement, the wallet will be ready for download in less than a week — on August 2nd. The project also mentioned several new improvements coming with the update, sharing that the intention is to optimize several functions based on the feedback that the project received since the wallet’s original release.
This time, the main update is the enhanced observe wallet function, which will make it better and easier for users to monitor the state of their assets.
VeChain’s wallet to receive a new update
The so-called observe wallet function was originally designed for users who wish to create their own VeChainThor address and store private keys on offline phones that have the wallet installed on them. Alternatively, they can also use hardware wallets that support VeChainThor’s blockchain.
The function also allows users to be able to check their address balance, VTHO rewards, node status, and similar details. The benefit here is that all of this can now be observed on the offline device instead of having to use their everyday phones while keeping the private keys safe in cold wallets.
The observe wallet function was designed for users to check their own addresses, but in order to increase security, the developers have decided to introduce a new, simple authorization process that will arrive with the new update. The process will allow the user to verify that they are, in fact, the owner of the address that they wish to observe.
How does it work?
Following the v1.1.0 update, any and all addresses that are currently being observed will be securely removed. Users will then have to complete the authorization process before adding the wallet addresses to the list of observable addresses again. VeChain also noted that the process is very simple, and the instructions will show up in the wallet itself, guiding the users when they are ready to complete the process.
The process of storing the private keys offline is called a Cold Wallet. A Cold Wallet can be anything, meaning any device that doesn’t have a constant internet connection. It can be an old smartphone, or any other kind of hardware that can be used as offline storage. The device needs to have the wallet installed on it.
Using a device that you do not require for everyday use is a great way to keep the money safe and out of reach, especially since you can connect it and use it at any time.
To learn more visit our Investing in VeChain guide.
Read More: VeChain is About to Launch v1.1.0 of its VeChainThor Mobile Wallet