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Author Topic: WHAT ALTCOINS DO YOU EXPECT IN A HARDWARE WALLET ?  (Read 116 times)
rohanagarwal94 (OP)
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February 23, 2020, 07:54:33 AM
 #1

Hi,
I am Rohan and we are building a hardware wallet, where we have removed single point of storage with seed phrase. This prevents the loss of funds due to an accident or threat by using distributed storage along with hardware enforced pin protection.

I want to know from the community which coins would you like to see on a hardware wallet? And are there any coins in particular that the community loves and is not able to find them on the hardware wallets in the market?

If you want to know more about the wallet (Cypherock X1) we are working on, please check the thread: https://bitcointalk.org/index.php?topic=5225800

Over $4 billion dollars worth of crypto assets have been stolen or hacked in 2019 alone. And this has happened despite the current generation of hardware wallets. On one hand we use hardware wallets to store private keys securely offline in tamper resistant hardware, but on the other hand, we expose the same set of private keys through seed phrase which we have to write down on a piece of paper. It opens up to problems such as trust issues, single point of failure, hacks, thefts, environmental damages like fire, earthquake, eternal fear of loss, and so on.



Introducing Cypherock X1 Wallet

Cypherock X1 brings in a first of its kind solution where a single point of failure with seed phrase storage is avoided by decoupling the storage and computation aspect of a hardware wallet into two parts -
X1 Wallet
cyCards.

The Cypherock X1 uses 2 of 4 Shamir Secret Sharing (with the option to change the threshold in future) along with tamper-resistant hardware to secure the user’s private keys. Simply put, it is like Multi-sig but for the wallet recovery phrase.The seed phrase gets divided into 4 shards using the 2 of 4 SSS scheme and each of those shards gets stored in a unique cyCards. The cyCards can store upto 3 Wallets (read: Seed Phrase), each of which will be able to support multiple coins.


More on Cypherock X1:
- The code for the X1 wallet will be open source
- Each shard will be stored in a EAL6+ tamper resistant secure element chips. As comparison, an iPhone has the same level of security chip for securing fingerprints.
- Nothing will be stored in the X1 Wallet on which the computation will be done.
- Keys can be recovered by tapping any 2 out of the 4 cyCards on the X1 Wallet. Each cyCard can also be protected by a PIN just like any other hardware wallet. The recovered keys are stored in a volatile memory on the X1 Wallet which gets wiped out as soon as the operation is done.
- The user can store 3 wallet recovery phrases in a single product.
- The cyCards can be distributed around different places to increase security of the funds and protect against $5 wrench attacks.

An example on how it works?

1) The user enters/generates the mnemonic phrase on the device or adds any other sensitive information like passwords.
2) The user then, taps four cyCards on the device to make 4 shards of the seed phrase.Any 2 of 4 will be needed to recover keys or perform a transaction.
3) The cyCards can be stored at different locations or kept with different people for security.
4) It can solve the issue with inheritance too with proper management of keys. (Comment to know more on this).
5) To conduct a transaction, tap 2 cards on the device. The keys will be generated on the X1 Wallet for the transaction in a volatile memory which will be wiped off once the transaction is done (no current generation wallet has this). This allows for the hardware to have similar security as of multi-sig with the possible support of every asset.

Device Videos

Securing Seed Phrases with Cypherock X1: https://youtu.be/eD3CZMPumCk
Trezor Hack and Transaction Using Cypherock X1: https://youtu.be/19u2mKaHRoM

Specifications:

X1 Wallet:
Dimensions: 52mm * 26mm *12mm
Weight:  50g
0.96-inch OLED screen   
Core wallet chip: Nordic nRF52840
NFC chip: PN5321

cyCards:
EAL 6+ Secure Element

Supported blockchain assets:
1)Bitcoin (BTC)                              
2)Ethereum (ETH)
3)Bitcoin SV (BSV)
4)Bitcoin Cash (BCH)
5)Vechain (VET)
6)Cardano (ADA)
7)XRP
8)Tron (TRX)
9)EOS
10)Dash (DASH)
11)Stellar (XLM)
12)Litecoin (LTC)
13)Ethereum Classic (ETC)
14)Dogecoin (DOGE)
15)Tether (ERC20)
16)Chainlink (LINK)
17)0X (ZRX)
18)Maker (MKR)
19)Basic Attention Token (BAT)
20)ERC20 Tokens


Important Links

Website: https://cypherock.com
Pre-Order: https://shop.cypherock.com
Telegram: https://t.me/cypherock
Twitter: https://twitter.com/cypherockwallet
Facebook: https://www.facebook.com/cypherock
YouTube: https://www.youtube.com/channel/UCw9Z7JbcoJKZ4GYf82QWRIw

We are confident that the user will be satisfied with the product and  that’s why we are offering a full refund, no questions asked, if you Pre-order the device at more than 50% off.

TLDR
Problems
1. Every wallet is physically hackable. The hack by Kraken on both the Trezor hardware
wallets is a recent example. And hence it is not advisable to store the private keys in a
single place.
2. Seed phrases or crypto wallet backups are written on a piece of paper which are prone
to loss and theft. Your seed phrases on the paper expose your crypto to trust issues,
hacks, thefts, fire, earthquake, eternal fear of loss and others.
3. Crypto inherently has an inheritance problem. You have to safeguard your keys while
you are alive and only transfer them after you are dead which is impossible if you are the
only one knowing your keys.

Solution
1. A first of its kind hardware wallet that never stores your private keys in a single place and
has similar security to that of a multisig wallets for all Cryptocurrencies.
2. A first of its kind seed phrase backup solution that allows you to store your seed phrases
offline in tamper-resistant hardware without a single point of failure.
3. The users should have a way to transfer their crypto assets to their loved ones without having to trust a single entity to avoid any single point of failure. The method should be safe and easy enough as the beneficiary might not understand the basics of using Bitcoin and other cryptocurrencies.



Greatchu
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February 23, 2020, 08:06:55 AM
 #2

Some coins in top 50 on coinmarketcap aren't supported by any hardware wallet yet so why can't you just head there? Top altcoins are people's favourite any way, coins like Tezos, Engin  and few exchange coins like BNB, Huobi and Okex aren't on hardware wallet yet and they are well supported

rohanagarwal94 (OP)
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February 23, 2020, 08:17:10 AM
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Some coins in top 50 on coinmarketcap aren't supported by any hardware wallet yet so why can't you just head there? Top altcoins are people's favourite any way, coins like Tezos, Engin  and few exchange coins like BNB, Huobi and Okex aren't on hardware wallet yet and they are well supported

Well I understand your point, but the question was more about what coins the people from the community want to store in their hardware wallets. For example: People might not want to move each and every coin into cold storage. Some of the exchange coins are Ethereum based tokens, so they would just get integrated with ERC20 support. I am talking about coins that have their own chain.
rohanagarwal94 (OP)
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February 23, 2020, 08:43:31 AM
 #4

I think XMR is a popular coin for hardware wallet. Is it possible to add custom coins to the hardware wallet for example MCC?

I have heard that a lot. People really love XMR. The device firmware  and the desktop app will be open source, if the community wants a particular coin to be add they can open a PR and it would be upon us to sign the firmaware and push it to the final release.
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