Hi Everyone, Seed phrase security has been a subject of discussion for a long time now. Though there are varying opinions on the subject but the conflict usually arises due to different security models used by different individuals. The general practice in the space has been to use paper or metal engraving options to secure seed phrase but those too act as a single point of failure when secure storage is concerned. The hardware wallets, no matter whether use a secure element or not can be hacked either through basic glitching or through bigger schemes state enforced backdoors in the closed soured SE used.
The option that Cypherock (Cypherock X1 Wallet) is working on removes a single point of failure when it comes to storage of seed phrases. It uses 2 of 4 (with the option of setting up custom threshold limit) Shamir Secret Sharing to split the seed phrase into 4 different shares. Each share gets stored in a PIN ( hardware enforced ) Card with an EAL 6+ secure element. The user would need any 2 of these 4 cyCards to recover the seed or make a transaction. Ideally they should all be stored at different locations and this added security through distribution makes losing seed phrase highly improbable. We have decoupled storage and computation aspect of a hardware wallet. More information can be obtained from cypherock.com. The purpose of this mail is to get feedback from the community. Let us know if there is any feedback, we would love it. Thanks -- You received this message because you are subscribed to the Google Groups "bitcoinj" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/bitcoinj/e65a4fc5-a32a-4268-ba23-04becfd07c35%40googlegroups.com.
