Parity releases a new version of the app, turning the phone into an offline wallet

According to Coindesk's October 3 report, Parity Technologies has released a new version of Parity Signer, a mobile app that turns old smartphones into cryptocurrency offline wallets.

On Wednesday, the company released a beta version of Parity Signer version 3.0, which will allow users to store assets, vote for the chain management solution, sign the transaction online, and integrate the Polkadot and Ethernet Square blockchain.

Screen Shot 2019-10-03 at 7.53.07 PM (Source: coindesk )

Offline wallets protect the holders from hackers and malware. Parity recommends that users keep their flight mode when running the app.

The company stated:

To keep your money safe, mobile phones containing your Parity account should not be connected to the Internet, or even connected to other Internet devices (such as computers). Users should also clear the identification information on the phone before downloading the app.

The new version of Parity allows users to create Kusama accounts to connect to the Polkadot-js app. The user will receive a recovery phrase and select the Pin code to sign the transaction. The transfer does not involve the use of a private key, but rather two-way communication between the hot wallet and the cold signer by utilizing industry-standard QR codes.

Parity was founded by Jutta Steiner, former security director of the Ethereum Foundation, and Gavin Wood. The company is primarily a decentralized web development tool, and the company has developed Substrate, a tool that allows users to create custom blockchain services for decentralized applications.

In January of this year, Parity received a $5 million development grant from the Ethereum Foundation.