Articles, EviVault Technology, News, Uncategorized
Why choose a Cold Wallet NFC HSM to secure your cryptocurrencies?
Sep
secure your cryptocurrencies with a cold wallet NFC HSM by Jacques Gascuel: This article will be updated with any new information on the topic.
Secure your cryptocurrencies offline by Cold Wallet NFC HSM
Did you know that password managers and hot wallets can be hacked, leaked or stolen? In this article, we will show you a better solution: the cold wallet NFC HSM. It is a physical wallet that uses NFC technology to store and manage your private keys and recovery phrases offline. It is simple, efficient, durable and secure. Read on to find out more!
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How to secure your cryptocurrencies with a cold wallet NFC HSM is the topic of this article. Cryptocurrencies are digital currencies that offer many benefits, but also pose risks, especially in terms of security. To avoid losing or having your funds stolen, there is a solution: the cold wallet NFC HSM. It is a physical wallet that uses NFC technology to store and manage your private keys and recovery phrases offline, without internet connection or contact with a third party. The cold wallet NFC HSM uses patented technologies by Freemindtronic, an Andorran company specialized in security and protection of computer systems and information systems. These technologies are EviSeed and EviVault. In this article, we will explain why you should use a cold wallet NFC HSM to secure your cryptocurrencies and how to do it.
Why you need a cold wallet NFC HSM to secure your cryptocurrencies
If you own cryptocurrencies, you know that it is essential to protect your private keys and recovery phrases, which are the only means of accessing your funds. These sensitive data are often stored on online services, such as password managers, clouds or exchange platforms. These services offer some convenience, but they also pose significant risks:
- You depend on a third party that can be victim of an attack, a flaw or a closure. If the service is compromised, you can lose access to your cryptocurrencies or have them stolen.
- You do not have full control over your data, which can be exposed to leaks, thefts or legal requests. If someone accesses your private keys or recovery phrases, they can transfer your cryptocurrencies to another wallet without your consent.
- You do not have the guarantee that your data are encrypted end-to-end, which means that they can be read or modified by the service or by a third party. If your data are stored in plain text or with weak encryption, they can be easily decrypted by a hacker.
These risks are not hypothetical. They are real and have already caused many losses for cryptocurrency users. Here are some statistics that show the dangers of storing cryptocurrencies online:
The statistics on the security incidents of password managers and hot wallets
- A study by Verizon in 2021 showed that 81% of global data breach notifications were related to a password issue.
- A survey conducted by Google in 2020 revealed that only 15% of users used an online password manager.
- A report by CipherTrace published in 2020 stated that thefts and frauds related to cryptocurrencies reached 1.9 billion dollars in 2020.
- A study by Chainalysis published in 2019 reported that exchange platforms suffered 11 major attacks in 2019, resulting in the loss of more than 283 million dollars in cryptocurrencies.
- An analysis performed by Independent Security Evaluators in 2017 found that five of the main password managers presented critical vulnerabilities that allowed attackers to access the stored passwords.
The recent example of the hacking of LastPass and the thefts of cryptocurrencies
A recent example shows the dangers of storing recovery phrases or private keys online. LastPass, a password management service, had two major security incidents in 2022. A hacker accessed the source code, technical information and vaults of customers. Several experts linked these incidents to a series of cryptocurrency thefts. More than 150 victims lost more than 35 million dollars. These experts said that the victims had used LastPass to store their recovery phrases.
These incidents prove that virtual password managers are not good for securing cryptocurrencies. They do not encrypt or protect your data enough. They can also suffer from attacks or flaws that expose or change your data.
For more details about these incidents and their link to the crypto thefts, you can check these sources:
- Experts link LastPass security breach to a string of crypto heists by Jess Weatherbed on The Verge
- Experts Say LastPass Data Breach Led to A Ton of Crypto Heists by Adam Rowe on Tech.co
- LastPass Vaults Linked to Major Cryptocurrency Heists Exceeding $35M on EconoTimes
Therefore, you need a safer and more reliable solution to store and manage your cryptocurrencies: the cold wallet NFC HSM. It is a physical wallet that uses NFC technology to store and manage your private keys and recovery phrases offline, without internet connection or contact with a third party. The cold wallet NFC HSM uses patented technologies by Freemindtronic, an Andorran company specialized in security and protection of computer systems and information systems. These technologies are EviSeed and EviVault.
In the next section, we will explain how the cold wallet NFC HSM works and what are its advantages.
How the cold wallet NFC HSM works and what are its advantages
The cold wallet NFC HSM is a physical wallet that uses NFC (Near Field Communication) technology to store and manage your private keys and recovery phrases offline, without internet connection or contact with a third party. The cold wallet NFC HSM uses patented technologies by Freemindtronic, an Andorran company specialized in security and protection of computer systems and information systems. These technologies are EviSeed and EviVault.
EviSeed is a technology that allows you to backup your recovery phrases in an encrypted way on the NFC HSM support of your choice. EviSeed also generates a QR code containing your encrypted recovery phrase, which you can print, share, send or save between NFC HSM supports by scanning the QR code encrypted in RSA 4096. You can also exchange your encrypted recovery phrases in NFC Beam or proximity between phones by wifi or Bluetooth.
EviVault is a technology that allows you to store and manage your private keys on the NFC HSM support of your choice. It is designed to protect your sensitive data and transactions from unauthorized access or alteration. It can be used as a secure element for authentication, encryption, digital signature or blockchain applications.
The cold wallet NFC HSM offers several advantages over other cold wallets:
Simplicity
You do not need to write or engrave your recovery phrases or private keys, just scan them with the application developed by Freemindtronic that embeds the EviSeed or EviVault technologies dedicated to securing blockchain and cryptocurrency keys on your NFC Android smartphone and transfer them to the NFC HSM support of your choice.
Efficiency
You do not need to memorize or type your recovery phrases or private keys, just scan them with your smartphone to restore your wallet.
Durability
The NFC HSM support that you choose to store your recovery phrases or private keys can be resistant to water, fire, shocks and scratches. It does not deteriorate over time. It does not require battery or internet connection.
Security
The NFC HSM support uses a patented segmented key technology, which means that your private keys are divided into several parts that are distributed between the support, the application and your smartphone. Thus, even if one of the elements is compromised, your cryptocurrencies remain protected.
To use a cold wallet NFC HSM to secure your cryptocurrencies, you must follow these steps:
- Download the application developed by Freemindtronic that embeds the EviSeed or EviVault technologies dedicated to securing blockchain and cryptocurrency keys on your NFC Android smartphone.
- Create or import your cryptocurrency wallet on the application.
- Scan your recovery phrase or private key with the application.
- Choose the NFC HSM support on which you want to save your recovery phrase or private key: an EviVault compatible Keepser or an EviSeed compatible SeedNFC.
- Transfer your encrypted recovery phrase or private key to the NFC HSM support.
- To restore your wallet, scan again the NFC HSM support with the application.
To sum up, a cold wallet NFC HSM is a simple, efficient and durable way to secure your cryptocurrencies. Freemindtronic, an innovative and patented company, created this solution. You have full control over your private keys and recovery phrases with a cold wallet NFC HSM. You do not depend on an online service. It protects you from hackers, thieves or losses. You should use a cold wallet NFC HSM to protect your cryptocurrencies if you own them. You can order it on Freemindtronic’s website or from its partners.
