Shamir's Secret Sharing based Wallet - Cypherock X1

[rohanagarwal7]

Do people really use hardware wallets for long term? Most of the people I know use them for more security in their hot storage and use other methods for long term cold storage.

Yes, you would be surprised at how many actually.

Admittedly Dave and the people he discusses crypto with is a very small sample size. Has there been any real research done into what / how people are using hardware wallets for.
Long term? Short term? Both?

Very hard data to gather to be honest. But if you manage to find it, please do share it here.

[rohanagarwal7]

Cypherock Cover, the  scheme that makes the  simple stuff   unfeasibly large and bulky.

Speaking of inheritance itself. Split SEED phrase into SSS blobs using 2 of 3 scheme.  Encrypt each blob with your hardware based  pgp key (How the setup such keys is described here). Give one of the encrypted  blobs and   HW security key to your nominee.  Include one of the remaining  encrypted blobs into you legal will with  assigned   nominee as the lawful beneficiary under will. Instruct lawyer to hand over this will to nominee after your passing.As simple as that. A simple and reliable  inheritance plan that doesn't require Cypherock Cover.

You don't know how difficult that is for 99% of the people to do what you just described. So many ways you can screw things up and prevent the assets from being inheritable. Not to forget how expensive it can be to update this setup over time relative to our solution.

[rohanagarwal7]

Would you mind sharing the rough estimates of the costs for both of the plans?

We are going with $25/wallet/year for silver plan which includes just PIN recovery and $100/wallet/year for gold plan which includes estate recovery also.

Am I correct in assuming that there aren't any inactivity checks for nominee #1?

Yes

^{- Not sure if I'm just being pessimistic, but I do have mixed feelings about the second nominee option.}

You can choose not to have nominee #2. Its optional.

Does the executor have a similar set of requirements to the nominees?

Its a little different. Unlike the nominee, the helper won't know upfront that he is a helper. It is again optional.

[satscraper]

Cypherock Cover, the  scheme that makes the  simple stuff   unfeasibly large and bulky.

Speaking of inheritance itself. Split SEED phrase into SSS blobs using 2 of 3 scheme.  Encrypt each blob with your hardware based  pgp key (How the setup such keys is described here). Give one of the encrypted  blobs and   HW security key to your nominee.  Include one of the remaining  encrypted blobs into you legal will with  assigned   nominee as the lawful beneficiary under will. Instruct lawyer to hand over this will to nominee after your passing.As simple as that. A simple and reliable  inheritance plan that doesn't require Cypherock Cover.

You don't know how difficult that is for 99% of the people to do what you just described. So many ways you can screw things up and prevent the assets from being inheritable. Not to forget how expensive it can be to update this setup over time relative to our solution.

Time is flying  and who knows what will happen with Cypherock  (and as consequence with all its so called inheritance scheme) let's say in 25 years

Solution I have proposed is in the hands of people rather than of 3rd company .

Besides it is more cost effective. In my estimation it requires 3 flash drives/SDcards ( two of them as a backup just for the case) ~ $8-10  to keep SSS blob and  two pgp HW key (again one for backup, ~$60) and of this for all period, let's take  25 years. Your solution for the same period will cost $25 x 25 + cost of hardware (silver plan) or $100 x 25 + cost of hardware (gold plan)  

[rohanagarwal7]

Besides it is more cost effective. In my estimation it requires 3 flash drives/SDcards ( two of them as a backup just for the case) ~ $8-10  to keep SSS blob and  two pgp HW key (again one for backup, ~$60) and of this for all period, let's take  25 years. Your solution for the same period will cost $25 x 25 + cost of hardware (silver plan) or $100 x 25 + cost of hardware (gold plan)  

You should add the legal costs to this.

[satscraper]

Besides it is more cost effective. In my estimation it requires 3 flash drives/SDcards ( two of them as a backup just for the case) ~ $8-10  to keep SSS blob and  two pgp HW key (again one for backup, ~$60) and of this for all period, let's take  25 years. Your solution for the same period will cost $25 x 25 + cost of hardware (silver plan) or $100 x 25 + cost of hardware (gold plan)  

You should add the legal costs to this.

Adding the legal will  cost nothing  to users who already have their wills. To include into the  will just an envelope with SSS blob will cost nothing.

Here you are the cost for hardware needed.

2GB Flash Drive - $5.68 . And you can get even cheaper if buy such things in pack. Just do a search.

Security Key C NFC (for setting up pgp key) - $29.00

Looks much cheaper than your hardware, isn't it.  

And besides, no 3^rd party.

[SFR10]

Its a little different. Unlike the nominee, the helper won't know upfront that he is a helper. It is again optional.

Thank you for the above explanations, but I still need clarification about how the executor can help a nominee in the estate recovery process.
^{- Despite not getting the whole picture yet, I think it'd be better to assign someone willing to act as the helper than assigning someone who might end up not helping the nominee at all.}

[rohanagarwal7]

Thank you for the above explanations, but I still need clarification about how the executor can help a nominee in the estate recovery process.

Think of the executor as someone who has technical know hows but does not have have financial skin in the same. This is could be your family friend. Again it is optional and you can completely choose against nominating someone here.
After careful scrutiny, Cypherock X1 has been listed on the official Bitcoin.org website - https://bitcoin.org/en/wallets/hardware/?platform=hardware&step=5