DINNGO, a Singapore-based exchange, looks to solve the problem of deciding between cold and hot wallets with the help of Bluetooth integration.
Cold storage wallets are the most superior security solution for storing massive amounts of funds. Since they are disconnected from the Internet, it is impossible for hackers to get to the funds unless they physically steal the wallet itself. Its advantage also becomes its disadvantage, as getting a cold wallet online is not only cumbersome, but also vulnerable.
A hot wallet, on the other hand, is designed to be as accessible as possible and holds usually very little funds. Typical features of a hot wallet are being mobile friendly, always connected, and typically relying on third-party network nodes.
But this convenience comes at the risk of having several more points of compromise. The node the wallet is connecting to could be malicious. Moreover, hot wallets are typically on mobile devices, which are easier to physically steal or compromise through hacking.
Using Bluetooth to connect the two wallets is a solution that the Singapore-based DINNGO is currently working on, before the launch of their private and public sale.
As the company’s CEO, Hsuan-Ting Chu, commented:
‘We see an obvious gap in the market with what is currently on offer to crypto investors and traders. We want to provide a secure, efficient and reliable exchange that can deliver all the peace of mind that comes with a decentralized exchange and the user experience of a centralized exchange. The way our mobile app integrates with our cold wallet is unique, and we think it can change the way people trade crypto’
The sale of tokens will be used to raise funds for marketing as well as the deployment of the platform. The native DGO token has been split into two rounds, with the private round already 70% sold out.
For public investors, the DGO sales will begin on September 16th, when users will be able to register in order to get onto the whitelist. DGO is classified as a utility token, allowing users to save 50 percent on transaction fees while using this token. Moreover, users will be able to unlock premium trading functions within the exchange, as well as to get access to airdrop campaigns.
The exchange is expected to launch with the beta version of the trading platform sometime in the fourth quarter of 2018, with an official launch slated for sometime early 2019.