Turn Old Phones Into Cold Storage Crypto Wallets

[Polina_21]

Now we need not have to throw our old phones, we can use that for holding Cryptocurrencies!! Recently, Parity Technologies released a New version of Parity Signer that can be used as a hardware wallet.

The Parity Signer 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.

The phone should be kept offline all the times and should never be connected to the internet, so that you can keep your funds safe from Hackers and Malware.

Once Parity Signer has been installed, switch on airplane mode and make sure no Wi-Fi, Bluetooth, or any other connectivity is enabled. From that point you can securely create your accounts, offline.

The new version allows users to create Kusama accounts to connect with Polkadot-js apps. For all accounts, users will 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.

The company is warning the users to use the App with Caution -

While we believe Parity Signer’s offline design makes it one of the most secure ways to store your Kusama and Ethereum assets, we recommend using Parity Signer with caution: follow the official instructions and only store small amounts on it. The cryptographic library used in Parity Signer was part of the Trail of Bits audit.

➡ How effective this new App will be? Will it really helps the users to keep the funds safe offline? Please share your opinion on this.


Source:
https://www.coindesk.com/parity-updates-tech-to-let-you-turn-old-phones-into-cold-storage-crypto-wallets
https://www.parity.io/parity-signer-v3-0-beta-is-here/

[1714672433]

1714672433

[1714672433]

1714672433

[1714672433]

1714672433

[1714672433]

1714672433

[mk4]

I really haven't heard of that app, assuming it's legitimate, while it seems it might be better(in terms of security) to use that app rather than using a frequently online personal mobile device, I probably still wouldn't use it. Well, unless I really know how to dissect the phone and take out the unnecessary hardware(wifi chips and such) that could be an attack vector, just to be extra sure.

EDIT: it seems like it's open-source. That's definitely a huge plus.

[The Sceptical Chymist]

would an old ti calculator (those dont have any of that do they?) have the capability to perform such things?

That would be fantastic!  If a thief broke into your house, the probability of it getting stolen would be pretty low.  Then again a Ledger or some other hardware wallet can be tucked away pretty much anywhere since it's so small.  Not so with a TI calculator or even an old smartphone.  Still, this idea intrigues me though I'm not sure how secure it is--but I'm no technical expert.

EDIT: it seems like it's open-source. That's definitely a huge plus.

Agreed.  If it weren't, I'm sure people would already be declaring it a scam.  Having said that, I would not want to be a guinea pig for this app (and I don't even own enough crypto to justify it).  I'll be curious to see if it catches on and what users have to say about it.

[mk4]

Agreed.  If it weren't, I'm sure people would already be declaring it a scam.  Having said that, I would not want to be a guinea pig for this app (and I don't even own enough crypto to justify it).  I'll be curious to see if it catches on and what users have to say about it.

Definitely. Same applies with everything: wallets, exchanges, or any new product. It'd be best to wait for a couple of months first after they detected and fixed the initial potential problems, and after it has gained enough public traction before I use it.

[pooya87]

the problem with phones is that they are connected to the network, not via the internet but you still have to insert a sim card in them and be connected to some sort of network. that could be a security flaw and nowadays with all these back doors that keep being found where they inject stuff in your phone to snoop around, i don't really see phones as a secure medium for storage.
a PC could physically be disconnected from the rest of the world, you can never achieve that with a phone unless you open it up and remove chips!

[joniboini]

the problem with phones is that they are connected to the network, not via the internet but you still have to insert a sim card in them and be connected to some sort of network.

I never see a phone that requires you to insert a SIM card before you can use it. I have one phone (Redmi Note 3) that does not have any SIM card, and I use it for gaming. I can go offline with it without wi-fi or cellular networks, and it works.

[TryNinja]

I never see a phone that requires you to insert a SIM card before you can use it. I have one phone (Redmi Note 3) that does not have any SIM card, and I use it for gaming. I can go offline with it without wi-fi or cellular networks, and it works.

A lot of smartphones do that. Actually, every single iPhone requires you to insert a SIM card to activate it. Phoned were made for this (communicating through the cellular network), so they obviously need to communicate with your courrier to “let them know” about your phone. That’s why phoned can be blocked when stolen.

Now, about the app mentioned in the OP: isn’t Parity that company/thing/app/whatever that made people get $160 mil stuck due to a code flaw or something like this?

[nydiacaskey01]

Sounds like a very nice idea however, I wonder what version of Android are they supporting. Is it going to work even if the phones android version is old example if the Android version is Gingerbread, some apps in Google Playstore does not support lower android version so question is, is it still going to work if android version is low? Right now latest version of Android is Oreo I think.

[Polina_21]

the problem with phones is that they are connected to the network, not via the internet but you still have to insert a sim card in them and be connected to some sort of network. that could be a security flaw.

As we need to keep the phone in Airplane mode, it will suspend radio frequency signal transmissions and disables all sort of connection ability of the device. Since everything is off, the sim card inserted would not cause any problem.

Now, about the app mentioned in the OP: isn’t Parity that company/thing/app/whatever that made people get $160 mil stuck due to a code flaw or something like this?

Where did you see this news or message that $160 mil stuck due to code flaw? Can you please share the source link? I have not read anywhere about that.

Sounds like a very nice idea however, I wonder what version of Android are they supporting. Is it going to work even if the phones android version is old example if the Android version is Gingerbread, some apps in Google Playstore does not support lower android version so question is, is it still going to work if android version is low? Right now latest version of Android is Oreo I think.

I do not know the exact version of android but it is supported on Android and iOs. You can install it from here -

Android Play store
iOs app store
Signed APK from GitHub

You can check here to know how to get it, use it and update it.

[abel1337]

I never see a phone that requires you to insert a SIM card before you can use it. I have one phone (Redmi Note 3) that does not have any SIM card, and I use it for gaming. I can go offline with it without wi-fi or cellular networks, and it works.

A lot of smartphones do that. Actually, every single iPhone requires you to insert a SIM card to activate it. Phoned were made for this (communicating through the cellular network), so they obviously need to communicate with your courrier to “let them know” about your phone. That’s why phoned can be blocked when stolen.

Now, about the app mentioned in the OP: isn’t Parity that company/thing/app/whatever that made people get $160 mil stuck due to a code flaw or something like this?

Additional to the info, It is depending on where did that iPhone came, If it came from a telecom with a sim card plan, It would be necessary to use the sim card that is registered on the phone. The reason of it is the security of the telecom that the user will pay the whole plan and they have the power to lockdown, You can use other brands of sim cards on that kind of phone. It is how it works in our country. But if you bought a factory unlocked iPhone, It means it came directly from Apple, you can possibly use every kind of sim card in every country.

I don't know if it is how it works on other smartphones like android but on the iPhone, it is the thing that telecommunication doing to us.

note: I have a device that is on a plan, I did some experiments and I can't bypass the security.

➡ How effective this new App will be? Will it really helps the users to keep the funds safe offline? Please share your opinion on this.

Will start to find my old android phone and going to try this. I hope it works for testing purposes.

[TryNinja]

Where did you see this news or message that $160 mil stuck due to code flaw? Can you please share the source link? I have not read anywhere about that.

Apparently it was not a code flaw, but a mistake on their end.

In November 2017, Parity lost nearly $160 million worth of ethereum when a novice developer accidentally deleted a code library that made Parity’s wallets work. It claimed that 587 wallets containing 513,774.16 ethers have been blocked. The issue was believed to be a hack at first, but later proved to be an error on the part of the developer.

And the worst part about this:

Last month, Parity said the only way to recover the funds was via a hard fork to the ethereum blockchain, and proposed a number of methods to implement the change.

https://blocktribune.com/parity-technologies-still-seeks-answers-160-million-eth-lock/
https://www.google.com.br/amp/s/www.coindesk.com/parity-floats-fix-160-million-ether-fund-freeze

[notblox1]

We can use old smarphone even now if we turn of wi-fi, internet access and remove sim-card.
Why would we need that Parity App anyway I don't understand?
We could just install Electrum app for example.

[hugeblack]

As a general rule, using phones to store Bitcoins is dangerous.
Using older phones "even with internet shutdowns" does not mean they are safe for two reasons:

 - A lot of old phones suddenly break down and stop working.
 - Hardware vulnerabilities: Many of them relate to hard and cannot be solved.

With regard to the application, it seems safe. I'll try it for small transactions.

[creepyjas]

Questions:

Does it work with iPhones?
How safe and secure it is?
Has anyone already tried to do this?

Feedbacks please?

[Harlot]

Plus you have to worry about the integrity of that old phone you want to use just for cold storage. There is a reason why that person isn't using that phone anymore aside from them having a new phone the old one would have some issues ranging from being laggy to a unreliable battery, once it gives up then you have no choice but to repair it and if I were you I won't trust my cold storage phone to be handed onto anyone just to fix it. This isn't really an ideal alternative for any hardware wallets out there as I would rather buy a new and reliable hardware wallet then to risk it just to utilize my old phone.

[nydiacaskey01]

Plus you have to worry about the integrity of that old phone you want to use just for cold storage. There is a reason why that person isn't using that phone anymore aside from them having a new phone the old one would have some issues ranging from being laggy to a unreliable battery, once it gives up then you have no choice but to repair it and if I were you I won't trust my cold storage phone to be handed onto anyone just to fix it. This isn't really an ideal alternative for any hardware wallets out there as I would rather buy a new and reliable hardware wallet then to risk it just to utilize my old phone.

Problem with hardware wallet (ledger or trezor) is they are too small and the possibility of it to be misplaced is high, unlike using an old Iphone like an Iphone 6 and if its lost or stolen, you can use the find my iphone feature, same with using an android phone, I heard they also have almost the same function so at least you will have a peace of mind in case you iphone dedicated for Cryto transactions are lost or stolen.

[SM23031997]

Don't know how long that old device work as keeping that thing charge every time will be a big hustle. Don't think anyone would use a working phone as a hardware wallet.
I will better go to the market and sell the old device to buy a new hardware wallet.

[ranochigo]

Problem with hardware wallet (ledger or trezor) is they are too small and the possibility of it to be misplaced is high, unlike using an old Iphone like an Iphone 6 and if its lost or stolen, you can use the find my iphone feature, same with using an android phone, I heard they also have almost the same function so at least you will have a peace of mind in case you iphone dedicated for Cryto transactions are lost or stolen.

Hardware wallets are mainly designed to be protected mainly against digital attacks (malwares, etc), not physical attacks. They are supposed to be stored securely and safely. Using the location feature requires an internet connection and cold storage are supposed to be isolated from the internet to reduce the attack vectors as much as possible. I don't think using a phone would be suitable as a cold storage, especially given their poor security track record.

[pooya87]

Plus you have to worry about the integrity of that old phone you want to use just for cold storage. There is a reason why that person isn't using that phone anymore aside from them having a new phone the old one would have some issues ranging from being laggy to a unreliable battery, once it gives up then you have no choice but to repair it and if I were you I won't trust my cold storage phone to be handed onto anyone just to fix it. This isn't really an ideal alternative for any hardware wallets out there as I would rather buy a new and reliable hardware wallet then to risk it just to utilize my old phone.

Problem with hardware wallet (ledger or trezor) is they are too small and the possibility of it to be misplaced is high, unlike using an old Iphone like an Iphone 6 and if its lost or stolen, you can use the find my iphone feature, same with using an android phone, I heard they also have almost the same function so at least you will have a peace of mind in case you iphone dedicated for Cryto transactions are lost or stolen.

having such features should actually discourage you from using a smart phone as your "cold" storage because it is defeating the main and only purpose of such wallets which is being "cold" or in other words being cut off from the rest of the world. if your phone is still capable of broadcasting anything (such as your location) it can broadcast a ton of other things too. being closed you won't have any way of knowing what it sends either.

[DireWolfM14]

The idea is intriguing, but why assume all the risk with such little reward?  Almost any functional smart phone with an intact screen can fetch a minimum of $50 on ebay, or when used as a trade-in for a discount on your new phone.  For the same price, or even less you can have a very secure hardware wallet. 

The Trezor One is $49, the Nano S is about $40, and you can often buy a KeepKey for $25.  With prices like that for safe, secure hardware wallets it seems silly to trust a device that could stop functioning at any moment, is thief magnet, could connect it's self to internet...