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What is Cold Storage in Crypto?
Cryptocurrency has grown in popularity in recent years. Bitcoin is the most well-known, valuable, and well-established virtual currency. For a variety of reasons, cryptocurrency is preferred over traditional currencies. They are easy to use, with low fees, no government regulations, and complete control. Cryptocurrencies are a popular and decentralized option, but they also pose a security risk. It is the responsibility of the owner to keep them secure. A new generation of software has emerged that looks for the digital wallet where virtual currencies are kept. If your cryptocurrency is lost or stolen, there is no one to contact. Many crypto enthusiasts who are concerned about security have turned to cold storage to keep their coins safe.It is widely used by major cryptocurrency exchanges as well as some of the most successful companies operating in the space behind the best cryptocurrency stocks. What is cold storage in Cryptocurrencies? When cryptocurrency is not in use, it is kept in cold storage. Every cryptocurrency wallet, whether it is for Bitcoin or another cryptocurrency, has a private and public key. Cold storage helps to protect your crypto assets against hacker and malware attacks. If a thief attempts to steal the hardware, you can prevent him from gaining access to your funds by creating a PIN code. You can even get your money back by entering a backup code or recovery phrase. Here’s an example: Bitcoin typically allows for instant withdrawals. To reduce the risk of an intruder stealing the entire reserve and breaching security, the operator keeps the bitcoin reserved in cold storage, which means that it is not present on the webserver or computer. As a result, the operator only keeps a limited amount or the desired amount on the webserver. Advantages of Cold Storage: It is an excellent location for storing large amounts of coins for an extended period of time. It can keep money away from the webserver, keeping it safe. Disadvantages of cold storage: There is a chance of external damage as a result of carelessness, but it is recoverable if you have a recovery seed. For beginners, setting this up can be a daunting task. When compared to an online exchange, this is not ideal for quick and daily transactions. Best Cryptocurrency Cold Storage Options The following are some of the most popular cold storage options: 1. Hardware Wallets for Cryptocurrency (safest) A hardware wallet is an electronic device that uses private keys that are stored offline to sign transactions. It also allows you to recover your funds if the device is damaged or lost by using a backup seed key. Hardware wallets are the most secure cold storage option for cryptocurrencies, but they are not cheap. 2. Paper Wallet Paper wallets are an offline way of saving cryptocurrencies. It involves printing the public and private keys on a piece of paper. These printed keys are in the form of QR codes. Every time you need to make a transaction or exchange, you can do so by scanning the code. Since you are storing the keys with you away from the web server, there is the least possibility of it being stolen. It is imperative to note here, that paper wallets are not well-suited for transmitting funds partially. For transferring or spending partial funds, the private key of your paper wallet shall have to be imported into a desktop wallet. Some paper wallet providers offer tamper-proof designs to increase security. Paper wallets are completely safe from malware, viruses, and hacks due to their offline nature. After setting up the paper wallet, you need to ensure that the website code can be run in offline mode. Once the paper has been printed, you can place it in a sealed plastic folder, laminate it, or store it safely in a bank vault. 3. Cryptocurrency Storage on a USB Drive One of the simplest ways to cold store your coins is to use a USB drive as a cold wallet. You can use this to export and save your private keys to a USB drive. However, this option has drawbacks, as anyone with access to your USB could gain access to your crypto coins. 4. Desktop Wallets Desktop wallets are clients that can only be accessed through your computer. In an offline environment, they can be used to export files containing encrypted private keys. The private keys are stored offline on your machine in these pieces of software. However, you are online while receiving or sending funds through them. Digital (hot) wallet vs. cold storage wallet A digital wallet, also known as a hot wallet, is another type of crypto storage that is connected to the internet. Here are some key differences between cold and hot wallets: Security: Cold wallets are more secure than hot wallets. Although hot wallets can provide … Continued
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Fujitsu Leverages World’s Fastest Supercomputer and AI Tech in Joint Field Trial for Safe and Efficient Tsunami Evacuations in Kawasaki City
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During this field trial, participants from the surrounding community will be notified about the arrival time and the flooding height of a predicted tsunami through a special smartphone application developed by Fujitsu. The exercise aims to identify the most effective ways to use the technology to support local communities in sharing information amongst residents and avoid cases of people being left behind during evacuations.
This project represents the latest milestone in an ongoing initiative between the parties. As part of a framework agreement signed between Kawasaki City and Fujitsu in 2014 to promote the creation of sustainable communities(3), the four parties have been engaging in R&D activities as part of the "Joint Project Aiming for Tsunami Disaster Risk Reduction Using ICT in the Kawasaki Coastal Area" since 2017. Verifying the effectiveness of information sharing amongst field trial participants via the app, the parties aim to further promote the practical use of disaster risk mitigation methodologies that leverage the capabilities of AI, high performance computing (HPC), and communications technologies for tsunami flooding forecasts, ultimately contributing to the realization of a safer society.
Background
Recent years have witnessed the development of several different technologies for real time tsunami flooding forecasts that make use of the capabilities of high-speed supercomputers and AI. Barriers to the practical deployment of such technologies remain, however, including how to share relevant information in an inclusive yet effective manner to the public, taking into account individual differences of users and varying levels of digital literacy.
The four parties aim to address some of these challenges by conducting a field trial to test the technology with actual residents of the community in circumstances that replicate the uncertainty of an actual disaster, including the possibility that the AI forecast information itself isn't 100% certain.
Outline of the field trial
Date: March 12, 2022 (Saturday) 8: 15 to 11: 15 JST (held at the same time as the comprehensive disaster prevention drills in Kawasaki Ward)
Place: Kawasaki Municipal Kawanakajima Junior High School and surrounding area (Kawasaki Ward, Kawasaki City)
Participants: local residents and project members
Overview: Field trial to verify the effectiveness of evacuation using AI tsunami flooding forecast data(4)-this data will be delivered to a dedicated app developed by Fujitsu, which residents and organizers will refer to in real time during a simulated evacuation. The field trial will be conducted under the supervision and guidance of Prof. Fumihiko Imamura, Director of the International Research Institute of Disaster Science at Tohoku University and Prof. Takashi Furumura at the Earthquake Research Institute at the University of Tokyo.
Several participants briefed in advance of the field trial (including the possibility that AI forecast information isn't 100% certain) will act as disaster information leaders and receive detailed information including the predicted arrival time and flooding height of the tsunami. Other participants will receive a text message on the app indicating that AI has forecast flooding for their location.
When evacuating, disaster information leaders can check the current location of participants in the same community and alert those who are behind in evacuating by using the app's messaging function.
The field trial will be followed by an online disaster prevention course, in which evacuation actions of the participants will be reviewed.
About the app
The app has two display modes. The first one is a detailed mode, in which AI-generated tsunami flooding forecast data is displayed on a map in different colors corresponding to the arrival time and the flooding height of the incoming tsunami. The second mode is a simple display that only shows a text message warning users in a certain area about the predicted tsunami flooding. The app also includes a messaging function that allows users to check the location of other community members on a map and help one another to communicate and gather safely during the evacuation. Users can further post and share information on points along evacuation routes that are assumed to be damaged and difficult to pass (a function which has been validated in prior field trials(5)) and also share real-time information about the number of people who have successfully evacuated and gathered at evacuation centers.
Future Plans
Based on the feedback from the participants of the field trial, the four parties will further investigate methods to transmit and use AI disaster forecasting to realize safer and more efficient community-based evacuation and promote the use and practical application of AI to support disaster mitigation measures and contribute to the realization of safer local communities.
(1) Kawasaki City :
city located in Kanagawa Prefecture, Japan; Mayor: Norihiko Fukuda
(2) AI that is constructed on the world's fastest supercomputer, Japan's Fugaku :
This AI was built using computational resources of supercomputer Fugaku provided by the RIKEN Center for Computational Science through the HPCI System Research Project (Project ID: hp210220).
(3) a framework agreement signed between Kawasaki City and Fujitsu in 2014 to promote the creation of sustainable communities :
Kawasaki City and Fujitsu in June 2021 further strengthened their collaboration to promote various initiatives utilizing cutting-edge digital technology, focusing on the four priority themes of "health," "safety and security," "environment," and "work and living" that will further increase the value of communities by making them more livable.
"Fujitsu, City of Kawasaki Strengthen Cooperation to Realize a Sustainable "Future City""
(4) AI tsunami flooding forecast data :
Authorization from the Japan Meteorological Agency (JMA) based on the Meteorological Service Act is required when actual tsunami forecast is issued by an organization other than JMA.
(5) prior field trials :
From 2018 to 2020, the four parties conducted experiments to realize tsunami evacuation using smartphone applications.
"Fujitsu Leverages AI Tech in Joint Project to Contribute to Safe Tsunami Evacuation in Kawasaki"
"Fujitsu Optimizes Evacuation Center Management to Mitigate COVID-19 Risk with AI in Joint Field Trial in City of Kawasaki"
About Fujitsu
Fujitsu is the leading Japanese information and communication technology (ICT) company offering a full range of technology products, solutions and services. Approximately 126,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE:6702) reported consolidated revenues of 3.6 trillion yen (US$34 billion) for the fiscal year ended March 31, 2021. For more information, please see www.fujitsu.com.
Press Contacts:
Tsunami Engineering Lab
International Research Institute of Disaster Science (IRIDeS)
Tohoku University
Dr. Daisuke Sugawara
E-mail:[email protected]
Copyright 2022 JCN Newswire. All rights reserved. www.jcnnewswire.comThe International Research Institute of Disaster Science (IRIDeS) at Tohoku University, the Earthquake Research Institute at the University of Tokyo, Fujitsu, and the City of Kawasaki today announced plans to conduct a field trial of AI that is constructed on the world's fastest supercomputer, Japan's Fugaku.
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