MyCrypto, a company that develops products for digital asset investors, has announced the launch of an “Invisible Ink Paper Wallet.”
According to a blog post published by MyCrypto, its new wallet is the “answer to the industry’s rampant theft of user assets,” which could potentially discourage many potential new users from adopting cryptocurrencies.
A “Black Swan” That Can’t Be Ignored?
The firm's latest release 'includes' a comment from prominent bitcoin advocate, Andreas Antonopoulos.
MyCrypto’s Invisible Ink Paper Wallet will remain, in my opinion, a relentless anomaly that refuses to go away — a black swan that cannot be ignored or extinguished.
According to MyCrypto’s blog post, the Invisible Ink paper wallet is one of the “easiest and safest mechanisms” to “securely store” cryptoassets. Taylor Monahon, the CEO of MyCrypto, highlighted an important issue in the crypto space: “A lot of users in this space get their private keys stolen because they write them down improperly [or inaccurately], don’t store it in a secure location," or it somehow gets compromised due to mismanagement.
Rebranded To “Allow For Broader Cryptocurrency Usage”
Monahon claims: “With the Invisible Ink Paper Wallet, nobody can steal your funds because nobody can physically see the private key.” MyCrypto’s blog further notes that "the product, internally labeled 'PEWconnect' (Paper Ethereum Wallet), was rebranded to allow for broader cryptocurrency usage in the future — limiting the paper wallet to Ethereum would be unfortunate.”
Explaining how users of the Invisible Ink wallet can “reveal [their] private key,” which MyCrypto's joke does not recommend, users can apply one of the following, if they managed to get their hands on some of these:
- “ICO Saltwater,”
- “CryptoKitty Urine,”
- “Unicorn tears,”
- “EVM Oil,”
- “Headlight fluid”
What’s A Paper Wallet?
While paper wallets with invisible ink would be highly impractical - especially if you have to reveal the ink with Cryptokitty urine -actual paper wallets have been around for a fairly long time, although many users are still unfamiliar with them, as the majority of crypto investors still use hot, or online wallets.
According to Investopedia, a paper wallet is an “offline mechanism for storing Bitcoins.” Investopedia’s blog also mentions that the “process [of creating a paper wallet] involves printing the private keys and Bitcoin addresses onto paper.”
It adds: “A paper wallet is considered an extremely secure way to keep Bitcoins safe from cyberattacks, malware, etc. A paper wallet involves ‘printing’ and storing Bitcoins in an offline mode. But it's important to remember that it’s not the Bitcoins that are being printed out like regular currency.”