Parity was co-founded by Jutta Steiner and Gavin Wood, the Former Ethereum Foundation Security Chief. The company develops tools for the decentralized web, including Substrate, a service that lets users create customized blockchains for decentralized applications.
On October 4 (Wednesday), the company announced that the V3 beta will enable users to store assets, vote for governance proposals and sign transactions offline, with integrations for both the Polkadot and Ethereum blockchains.
Offline, or “air-gapped,” wallets provide the simplest form of protection from hackers and malware attacks. So, the company suggests that smartphones running the application be kept on airplane mode.
However, the company said that “to keep your funds safe, the phone containing your accounts should never be connected to the internet or even be connected to a device that is connected to the internet (such as a computer).” Users should also wipe their phones of biometric and identifying information in a factory reset prior to downloading the app.
The new version also allows users to create Kusama accounts to connect with Polkadot-js apps. For all accounts, users are going to receive a recovery phrase and choose a “pin” to sign transactions. Transfers do not involve private keys, but instead, utilize the industry-standard QR code for two-way communication between hot wallets and cold signers.
Likewise, the app’s code was audited during a recent overview of the entire company performed by Trail of Bits.
Thus, in January 2019, Parity was awarded a $5 million grant from the Ethereum Foundation.