Part of the concern for first-time users of cryptocurrencies is the security of their property. Unlike the currency in circulation that can be kept in a physical line wallet, digital money must be obtained in an unknown data wallet. In addition, with the increasing selection of block chains, network hackers find that data wallets have become a more and more eye-catching overall goal. Unfortunately, in terms of production safety, cryptocurrency users must not only learn how to maintain their property, but also ensure that their login passwords and mnemonic phrases are not easily lost or stolen.

By definition, mnemonic phrases-also known as seed phrases-are the most effective way to repair lost private keys. Then, the 100-word secret repair phrase becomes a master key, which forms a full private key for the user's wallet, which in turn gives them data encryption funds to browse. Each data encryption detailed address in the user's wallet has its own unique private key, which is necessary for the authorized transaction to determine the right to use the property stored in the wallet.

Unfortunately, the double-edged knife here is that anyone who gets the repair can easily copy the user account and spend all the assets on it. So part of the challenge for first-time users of cryptocurrencies is how to ensure security and privacy from beginning to end.

As a result, many users maintain their seed phrases based on data encryption, add an English word to them, and divide the seed phrases of several of their words into many parts. or save part of the fix code in a different place. However, this method is not extreme, and vice versa, it is also very inconvenient. Because people are not extreme and can do something wrong, they tend to look for very simple solutions, so maintenance seed phrases become an important obstacle to the continuous use and choice of cryptocurrencies. To get rid of this hindrance, a hardware company has clearly proposed a new alternative to ease the dilemma of mnemonic phrases.

Release an innovative model

In the new cold wallet mode, the user's private key backup data is no longer based on the seed phrase. As a result, the key is quickly copied on a set of three credit cards. More importantly, the private key is generated in the wallet processing chip according to the entropy from the hardware configuration random number generator, which efficiently avoids the mnemonic settings used by most wallets at this stage. In this mode, if the wallet is lost or stolen, the property will still belong to the user because they will have two or three other wallet cards. One card can be used as the most important data encryption wallet, the second card can be quickly hidden, and the third card should be put in the safe or given to relatives. Even if one of the cards is lost or stolen, it doesn't matter, because each card has a password set.

In addition, in this mode, it is almost impossible to change the password according to combat effectiveness or conjecture countermeasures, because the system software can be set up so that when the password is entered incorrectly, after the sixth attempt, the delay time of the next attempt is increased by 1 second for each unsuccessful attempt, up to 45 seconds. The advantage is that, unlike wallets guaranteed by seed phrases, such modern alternatives bring additional security to new and experienced users.

Content of Patent Licensing Agreement

Tangem, a company that now owns and markets cold wallet technology with hardware configurations to protect cryptocurrency assets, is implementing this model. The research team has a simple and secure user experience in the 170 countries where the company operates. Tangem is the first company to successfully complete the theory of nuclear-free wallet.

In posting this solution, Andrey Lazutkin, Tangem Technical Director, shared:

"the password world is used to using mnemonic phrases and points out that they are indispensable. People thought this was a problem from the beginning because it raised the entry threshold for beginners and increased the risk of losing cryptocurrencies. This is why we have established our patent security private key preservation agreement. Backup data cannot be obtained from the product and needs to be applied by wallet users who know the login password. This is a simple and secure solution.

Tangem realized that without stability, the security in the hardware configuration wallet is nothing. Because a mechanical failure requires the user to back up his private key, this opens the door to other system vulnerabilities. Each card has a small computer chip that has been verified by EAL6-level Common Criteria, which is the same level of protection as the processing chip commonly used in diplomatic passports. As a result, the card will not be affected by dust, water and hackers, and its useful life will exceed 25 years. Based on the composition of security components (SE) chips and NFC antennas, this expertise in buying and selling encrypted currencies authorized by smartphones basically avoids the probability of all other common failures caused by "nothing to get rid of".