The world's first hardware wallet with distributed architecture for advanced backup and recovery
According to LinkedIn, Cypherock a blockchain company that develops the world’s first hardware wallet with distributed architecture for advanced backup and recovery. Crunchbase stated that Cypherock is a developer of security storage solutions intended for blockchain based digital assets and private keys. The company claims that with its hardware wallet, there won’t be any more capital loss due to theft or forgetting the passwords, or other critical details due to human errors. Cypherock’s hardware wallet is claimed to allow users to backup their seed phrase offline without a single point of failure. The company is backed by Consensys.
Cypherock X1 is the first hardware wallet developed by the company. The company claims that with the X1, users can use Shamir Secret Sharing and EAL 6+ secure elements along with distributed storage to prevent single points of failure with private key security. They don’t have to store their seeds on a single piece of paper, or splitting the seeds and increase the risk of losing their backup. The company claims that Cypherock X1 offers better security than other hardware wallets for users’ seed phrases. The hardware wallet makes it so that without the knowledge of locations of at least 2 cyCards and the PIN set by the owner, it is impossible for the hacker to steal their crypto assets. Users can buy the hardware wallet and use it as their main cold storage device, or send it as a gift for a family or friends.