Ultimate Resource On Crypto Hardware Wallets (#GotBitcoin?)
Daimler, the German multinational corporation behind the Mercedes-Benz brand, partnered with European blockchain interface solutions startup Riddle & Code to provide an open car hardware wallet solution, the startup announced in a press release published on July 22. Ultimate Resource On Crypto Hardware Wallets (#GotBitcoin?)
‘Turn Automobiles Into Future Market Places’
Per the release, car wallets have a wide variety of use cases, such as car-sharing, autonomous vehicles, real-time exchange of secure traffic data and with smart city environments to reduce congestion and lower insurance premiums. The startup’s CEO Tom Fürstner declared:
“Autonomous cars must behave consistently to be trusted. Cars are already computing devices. A secure identity ensures that the right authorities have approved code executed inside vehicles and the trustworthiness of data exchanged. RIDDLE&CODE secures this with its cryptographic hardware and uses ledgers to turn automobiles into future market places.”
The wallet in question is reportedly built around the startup’s own secure data storage solution Secure Element 2.0, and allegedly provides a secure blockchain-based identity to vehicles. According to the release’s author, merging this kind of identity with a state-issued vehicle identity
(Registration) Would Enable Unique And Secure Ledger Transactions.
Blockchain In The Automotive Industry
A press release published in February also revealed that Mercedes-Benz has developed a platform based on blockchain technology to increase transparency and sustainability in complex supply chains. Furthermore, in January 2017, Mercedes-Benz has acquired digital payments startup PayCash Europa, spurring rumors that the giant is in the process of launching a payment service of its own.
As Cointelegraph Reported Earlier This Month, Self-Proclaimed
electrification, automation and digitalization global giant Siemens has shown an interest in adopting blockchain-based solutions. In particular, Siemens is exploring the use of blockchain in the transportation industry.
Investment App Abra Expands US Offerings With 60 New Cryptos
Abra is expanding its U.S. offerings, adding support for 60 new cryptocurrencies and doubling users’ bank deposit limits.
The crypto wallet and investment app provider announced Tuesday that U.S. customers are now able to deposit, withdraw or trade bitcoin SV, DAI and cosmos, among many other crypto assets. Additionally, customer withdrawal and deposit amounts will rise to $4,000 per day, $8,000 per week and $16,000 per month.
The service expansion also adds deposit and withdrawal capabilities for at least four stablecoins, including tether, TrueUSD, paxos and DAI, according to the firm.
In coming weeks, Abra will open up access to the new assets for users outside the U.S. as well. The additions bring the total number of cryptocurrencies on offer to over 200. Unlike most exchange services, Abra allows users to freely exchange all in-app assets without trading pair limitations.
The new options will not include Qtum (QTUM), bitcoin gold (BTG), EOS or OmiseGo (OMG), a spokesperson told CoinDesk. Abra announced earlier this year that its U.S. customers would not be able to hold those particular cryptocurrencies from Aug. 29, due to “regulatory uncertainty and restrictions” in the country.
At the time, the firm also said that residents of New York state could no longer use bank ACH or wire transfers, or American Express cards for deposits and withdrawals after the same date. Other U.S. users can currently fund accounts with AmEx, Visa and Mastercard, as well as bank and wire transfers, and crypto.
Ngrave Announces ‘Military-Grade’ Hardware Crypto Wallet
Ngrave has launched what it claims is the first cryptocurrency wallet boasting EAL7-certification — one of the highest security gradings in the world.
Digital asset security firm Ngrave announced sales for its flagship product, the fully offline hardware wallet Ngrave Zero, will launch next month.
The devices will be made available for purchase on Indiegogo from May 26 and are slated for shipping in October.
Ngrave Claims The First EAL7-Certified Crypto Wallet
Ngrave’s co-founder and chief executive Ruben Merre told Cointelegraph that its product introduces “a number of innovations compared to existing solutions,” stating:
“The Ngrave Zero is 100% offline, and features extreme tamper-proofing. It’s the only blockchain wallet with EAL7 security certification, which is the highest security certification in the world.”
The Evaluation Assurance Level (EAL) is an international standard for security grading that was introduced in 1999. EAL7 is the second-highest level of fifteen gradings, only trailing behind EAL7+.
“It never needs to connect to another device or over 4G, WiFi, Bluetooth, NFC, or any other network connection; not even for key generation, syncing accounts or transactions.”
Zero will use wall charging and QR codes to remove the need for any connections to the device — allowing it to remain ‘air-gapped’ at all times. Merre stated that the wallet also “features multi-layered, military-grade anti-tampering.” The unit is operated using a four-inch touchscreen.
The company has partnered with R&D firm Imec for nanoelectronics and chip manufacturing, and Cosic — a firm known for hacking Tesla vehicles on multiple occasions — for its expertise in apple industrial cryptography.
The firm has received funding from the European Commission, the Flemish government, and the Web3 Foundation, in addition to private investors.
Zero Was Developed Over 20 Months
Merre states that Zero’s development was motivated by the experiences of Ngrave’s co-founding team with poor crypto security, including Ngrave’ CTO Xavier Hendrickx’s loss of 44,000 Ether (ETH) in the 2017 Parity hack:
“Ngrave’s three co-founders asked ourselves if there was an existing solution that we would really and completely entrust keeping our crypto for us. We couldn’t find any solution in the market, so we decided to build it ourselves.”
Ngrave began developing Zero in April 2018. The team built a functional prototype on a raspberry pi and pitched their vision to Imec. “That was the beginning of our collaboration with many world-class teams to build the Ngrave ZERO from scratch,” stated Merr, “It took us a bit over 20 months to fully develop it.”
Ngrave Seeks To Replace Paper Wallets
Ngrave will also launch Graphene, which the company describes as “the first recoverable backup in the industry.”
Graphene comprises “a cryptographic puzzle consisting of two durable stainless steel plates and fully resistant to shocks, rain, fire, and other damage,” and is intended to replace “antiquated” paper wallets.
Merre asserts that Zero “notices when it is under attack and will, in that event, wipe all keys.”
Ngrave will also roll out a mobile app that syncs the accounts from a user’s devices for management, communicating with the hardware wallets using QR codes to maintain the air-gap.
Sales To Launch On Indiegogo
When asked why the firm has chosen to launch via Indiegogo, Merre emphasized the platform’s “huge user base” and “considerable traffic.” Merre added:
“[Indiegogo] helps us in identifying demand that we might otherwise overlook. For example, if the Philippines are a region that is very interested in what we have to offer, we will likely notice this on the platform.”
Ngrave Releases More Details of ‘World’s Most Secure Hardware Wallet’
With less than a week until its launch, Ngrave has unveiled more details of its EAL7-certified hardware wallet, the Zero.
Digital asset security firm Ngrave has released more details of its fully offline hardware wallet, the Zero. As previously reported, the Zero claims to be the first hardware wallet to receive EAL7 certification — one of the highest security gradings in the world.
The Evaluation Assessment Level is graded from EAL1 to EAL7, with the latter representing the fullest battery of testing possible, including design documentation and analysis, functional, and penetration testing.
In The Belly Of The Beast
To achieve such certification, Zero integrates the ProvenCore Trusted Execution Environment (TEE) from Prove & Run. Prove & Run co-owner Christophe Pagezy explained:
“ProvenCore is the first TEE to be formally proven down to the generated code. The proof also covers all of the essential parts of the TEE. ProvenCore provides a distinctively higher security level and a lower cost of security.”
The software is paired with a new, highly secure and tamper-proof microprocessor unit from ST Electronics. The Zero also features a built-in secure element that is wrapped in a tamper-proof sealed metal casing, which also shields against incoming and outgoing frequencies.
A Fresh Approach To Security
In contrast to many hard wallets, the Zero does not rely on one “master seed” that ships with the device, but incorporates elements of biometric data such as fingerprints and even environmental randomness from light levels.
The Zero eschews USB or Bluetooth connections to remain fully air-gapped and remove a potential point of failure.
Instead, communication between the device and its associated mobile phone app occurs solely through the exchange of QR codes, which contain no data about the user’s private keys.
Ngrave CEO Ruben Merre explained why potential customers should seriously consider the wallet:
“Our technology’s firmware and hardware meets the security industry’s most stringent specifications possible. This lets us assure NGRAVE wallet customers they’ll own the world’s most secure crypto cold storage wallet, as independently verified by the world’s best information technology and security standard.”
As Cointelegraph reported, Ngrave recently took on Jean-Jaques Quisquater as an advisor. Quisquater is a pioneering cryptographer and was quoted by Satoshi Nakamoto in the original Bitcoin whitepaper.
NGRAVE Hard Wallet Hits 450% of Crowdfunding Goal Within Two Days
A hardware wallet’s IndieGoGo crowdfunding campaign reached 450% of its target funding amount within two days of launch.
The NGRAVE ZERO, claimed to be the world’s most secure hardware wallet, launched its crowdfunding campaign for €25,000 ($27,850) on May 26. In the first two days it smashed this total four times over, and is now well on its way to number five.
The campaign, which was launched through the IndieGogo crowdfunding platform, is set to run for another 28 days. The campaign offers a number of perks for backers who donate above certain amounts. These range from a single ZERO wallet, through bundles including the Graphene accessory, to multiple wallet bundles and even every future product NGRAVE launches for those wishing to donate €2,500 ($2,785) or more.
Crypto Crowdfunders Support Tech Without Reward
These perks generally represent a substantial savings compared with the suggested retail price. For example, a single NGRAVE ZERO is offered to those donating €228 ($254), and the retail price is listed as €398 ($443); a savings of 42%.
Interestingly, only 33 of the 430+ backers at time of writing had opted for a perk, representing €11,760 ($13,000) or around 10% of the total raised. This means that 400 people have chosen to donate €106,500 ($118,600) without receiving anything in return.
It must be noted that some of those choosing a perk may also have over-donated for their reward tier. Otherwise the average donation for those choosing no perk was enough to bag them a ZERO wallet on release.
Security Rating Is In The Details
As Cointelegraph reported, the NGRAVE ZERO is the first cryptocurrency hardware wallet to receive the top EAL7 security rating.
In contrast to other cold wallets, which connect to their mobile phone or desktop apps via USB or Bluetooth, the ZERO communicates purely through QR codes. The benefit of this is that this method does not reveal any information about the wallet’s private key.
The Graphene accessory is billed as “the coldest backup available,” and comprises a cryptographic puzzle made of two everything-proof stainless steel plates. Together these plates allow you to store and retrieve your private key, although individually they reveal no information to an attacker.
NGRAVE also recently brought on board renowned (and Satoshi Nakamoto-cited) cryptographer Jean-Jacques Quisquater in an advisory role. He described the ZERO as:
“… the most advanced solution, really exceeding the state-of-the-art as publicly known today.”
Ngrave Launches Physical Encrypted Private Key Backup
The crypto security firm has launched officially its new key backup for crypto hardware wallets, Ngrave Graphene.
Digital asset security firm Ngrave announced the launch of a recoverable, encrypted private key backup engraved on a steel plate for cryptocurrency hardware wallets.
According to the announcement on June 10, Ngrave Graphene is now available to the public after raising more than $159,000 from a crowdfunding campaign on Indiegogo.
Ngrave Graphene has a “cryptographic puzzle” design focused on resisting electric shock, rain, fire, heat up to 1,660 degrees Celsius (3,020º F).
The puzzle consists of two plates that contain the owner’s secret key with values on the plate arranged differently for each customer. Both plates are required to recover the key.
Ruben Merre, co-founder and CEO of Ngrave, told Cointelegraph that Graphene removes the “remaining pitfalls of status quo” backup solutions:
“For one, it removes the durability issue of paper wallets or even of electronic backups that can degrade or stop functioning over time. The Graphene is a durable solution made out of stainless steel, so it can withstand a house fire and other extreme circumstances. Also, it removes the ‘single-point-of-failure’ issue of existing metal wallets.”
Major Features Of The Crypto Private Key Backup
Merre stated that it all started with a question the company asked itself and whose answer is for the entire industry: “Which solution would we fully entrust with our very first, until our very last Bitcoin?”
“The Ngrave Zero is a physically tamper-proof hardware wallet with no online attack vectors. It features top security certification for firmware updates. We also realized that, for the device to be fully secure, we needed to include usability as a layer of security. If you can make mistakes when managing your crypto on your secure hardware wallet, you might even be able to lose them by doing something wrong. So, we made the device as intuitive and foolproof as possible.”
The crypto security firm will soon launch the ability for custodians designated by the keys’ owner to recover those keys, even after that owner has died.
Partnerships With Chip Manufacturing Hubs And Research Groups
Ngrave Graphene uses cryptographic protocols like EAL7 and partnered with Imec, a research and development hub for nanoelectronics and chip manufacturing, and COSIC, a research group for applied industrial cryptography, to develop its security features.
Developer Successfully Hacks Bitcoin Wallet To Win A Contest
A Bitcoin developer managed to crack a BTC wallet as part of a contest launched through Twitter.
Bitcoin and Lightning Network project developer, John Cantrell, explained how he was able to successfully hack a BTC address by checking around a trillion seed combinations over the course of 30 hours. The feat was accomplished as part of a contest launched on Twitter by Alistair Milne — the CIO of the Atlanta Digital Currency Fund.
Milne published hints to a 12-word Bitcoin wallet seed over the course of several days. Cantrell succeeded in brute forcing the mnemonic with only 8 out of the 12 words, ultimately claiming the 1 BTC prize contained inside.
Developer Rented Several Graphics Cards
Cantrell decided to rent several graphics cards through GPU marketplaces and Microsoft’s Azure cloud computing service after realizing that his Macbook could only check 1,250 mnemonic combinations per second using his self-written CPU seed solver.
The Developer Explained:
“I was worried about other people doing the same and is why I included a .01 BTC miner fee. I didn’t think even this would be enough and thought there could be a ‘race to zero’ where people continually increased the fee trying to get the miners to include their transaction in the next block.”
Developer Who Successfully Hacked Bitcoin Wallet Ensures Bitcoin Is Still Safe
John Cantrell ensures people that Bitcoin is still safe despite the fact he successfully hacked a Bitcoin wallet.
John Cantrell, Bitcoin and Lightning Network project developer, recently revealed he had successfully hacked a Bitcoin address. His article, however, received a number of responses with many concluding Bitcoin isn’t secure. Cantrell felt people missed the point of the exercise so, in a tweet thread on June 19, explained and ensured people that despite hacking a wallet, Bitcoin is still safe.
Takes Forever To Crack The Wallet
According to Cantrell, bitcoins stored in a wallet generated from a 12-word mnemonic is secure. The only reason why he was able to hack the Bitcoin wallet was because the wallet’s owner publicly exposed eight words from his 12-word mnemonic seed. He explained:
“It would take the same system that brute forced the last 4 words of his mnemonic 837 quintillion millennium to brute force all possible 12 word mnemonics […] if you know as few as 5 words. To brute force all 12 words (just to break even on your $100B investment, assuming you can actually liquidate all the BTC) still takes 422 TRILLION YEARS.”
The only way Bitcoin is not secure is when seed words are revealed. “Your bitcoin is safe. 2^128 is a REALLY big number. Just don’t let anyone near your seed words,” he concluded.
Contactless NFC Hardware Wallet Authorizes Crypto Transactions With A Tap
A new cryptocurrency hardware wallet stores private keys securely and fully isolated, while NFC technology enables authorization of transactions through a mobile device.
Keycard is a new credit-card sized hardware wallet featuring near-field communication (NFC) to authorize cryptocurrency transactions. At launch, it features integration with combined private messenger/wallet/DeFi browser, Status App, although further integrations are planned.
The Keycard team has also released an open application programming interface (API) and software development kits (SDK) for Android, iOS and Go, so that developers can build Keycard functionality into any app requiring authorization or other user authentication.
Secure Storage And Communication Of Private Keys
Security is key. In fact, when it comes to cryptocurrency security, it is literally all down to the private key used to access your account. One of the most secure options for storing private keys is using a hardware wallet, and there are certainly an increasing number to choose from.
However, the method for sharing keys and/or authorizing transactions between the hardware wallet and mobile or desktop front-end differs greatly between devices. From early USB connected wallets, through wireless versions featuring Bluetooth, and even the recently announced NGRAVE which communicates only through visual QR codes.
The Keycard uses NFC to allow transaction authorization by simply tapping the credit-card sized wallet against your mobile device. The keys meanwhile, remain safely stored on the device itself.
What’s The Status?
The Keycard is produced by the Status Network, who also develop the Status App which it integrates with at launch. The Status App combines private messaging functionality, an Ethereum wallet supporting ERC-20 and ERC-721 tokens, and a decentralized Web3 browser.
However, the launch of the API and SDKs allow the technology to be readily implemented in a host of wallets and other applications. Whether it is to store private keys and authorize transactions, or as part of a two-factor authentication system.
Keycard project manager Guy-Louis Grau believes that the use of such technology should become the industry standard:
“As a project with an open source API, we believe the Keycard model will be an industry standard for all sorts of products that expect normal people to interact directly with their cryptocurrency. Tapping a Keycard against your phone as an added layer of authorization and ownership of your private keys should be the norm anytime someone wants to login, send money, store value and more.”
Another benefit over the ever more complex technologies employed by other wallet manufacturers to secure private keys is the price, as an NFC-enabled Keycard costs just $32.
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