I started working with Bitcoin and Crypto while pursuing my Bachelors in CS, got into a well-paying job in Samsung as software dev, left it to work on my Crypto security startup, Cypherock, with the aim of eliminating fear of loss of Crypto for mass adoption. : Bitcoin
Hello everybody, I am Rohan Agarwal! I heard the phrase ‘Bitcoin’ for the first time round 2013-2014 however it didn’t creep up on the high of my thoughts till 2017.
It was throughout my school days in 2017 when I was largely working on android apps and attending hackathons to fulfill the aggressive edge in me that I met my pal and CTO of Cypherock – Vipul by way of a mutual pal. During the similar time, I went down the crypto rabbit gap after being bugged by the thought of decentralisation. During the 2017 bull run, I was constantly researching and buying and selling Bitcoin, Ethereum and varied cryptocurrencies while conducting workshops, writing blogs about the house.
At the top of the 2017 bull market, I discovered that one of my mates could not get better his restoration phrase saved protected on paper due to an unlucky home hearth. At the similar time, one other one of the colleagues had saved his 24 phrase mnemonic phrase as a screenshot on his telephone which got misplaced when the telephone was corrupted. That’s when I realized the want for a safe pockets + with a restoration answer that caters to each knowledge loss and knowledge theft issues with out a single level of failure.
To facilitate mass adoption, it is critical that –
Regular, non tech savvy folks ought to have the opportunity to use and safe crypto with out the fear of dropping it.
The answer to safe and get better crypto must be a non-custodial answer and the help must be open to all property.
This was the perception that gave beginning to Cypherock. Current wallets safe the crypto however the unencrypted seed phrase on the paper turns into a single level of assault. We imagine that seed phrases deserve the similar degree of security that your personal keys have.
So, we used 2 of four Shamir Secret Sharing (with the possibility to change the threshold in future) alongside with tamper-resistant to safe your personal keys. Simply put, it is like Multi-sig however for your pockets restoration phrase. Practically, it’s a lot simpler to use than multi-sig, if applied accurately. Even Coinbase makes use of Shamir Secret Sharing to safe their very own property.
More on what we developed
– Each shard might be saved in a EAL6+ tamper resistant safe component chips. As comparability, your iPhone has the similar degree of security chip for securing fingerprints.
– Nothing might be saved in the X1 Wallet on which the computation might be carried out.
– Keys might be recovered by tapping any 2 out of the four cyCards on the X1 Wallet. Each cyCard may also be protected by a PIN identical to your pockets. The recovered keys are saved in a unstable reminiscence on the X1 Wallet which will get worn out as quickly as the operation is finished.
– You can retailer three pockets restoration phrases in a single product.
– The cyCards might be distributed round totally different locations to improve security of the funds and shield in opposition to $5 wrench assaults.
What this implies is with out the information of location of atleast 2 cyCards and the PIN, it is unattainable for the hackers to steal your property. We’ll have the opportunity to help a number of blockchains (learn: cash) utilizing this alongside with different digital property like your passwords, secrets and techniques, non Blockchain personal keys and so on. You can safe the playing cards by distributing it amongst trusted folks or retaining it safe in totally different locations that solely you already know of.
It has been a hell of a trip to present an optimum answer for the mnemonic phrase/seed phrase restoration situation, with out compromising the security of the consumer or the possession of the property.
We lately got backed by Consensys which was a excessive level for us. It has been a enormous journey for us coming from India, the place blockchain or the associated is not that huge with customers but.
The product is in the testing section and we’ve started with the pre-orders. You can guide one right now with >50% off and when you don’t like it, we will provide you with a full refund, no questions requested.
Small Example to present how it works:
You enter/generate your mnemonic phrase on the machine or another delicate info like passwords.
You faucet 4 cyCards on the machine to make four shards of your phrases.You’ll want any 2 of them to get better your keys or carry out a transaction.
The cyCards might be saved at totally different areas or saved with totally different folks for security.
It can clear up the situation with inheritance too with correct administration of keys. (PM or remark to know extra on this).
To conduct a transaction, faucet 2 playing cards on the machine. The keys might be generated on the X1 Wallet for the transaction in a unstable reminiscence which might be wiped off as soon as the transaction is finished (no present technology pockets has this). This permits for the to have comparable security as of multi-sig with the potential help of each asset.
Any suggestions appreciated.
TLDR: With the dream of making storage of seed phrase a simple answer for everybody, started out with Cypherock and in the course of came upon a answer for eradicating single level of failure and a method for simple crypto inheritance. Would love any assist from the group to take this additional.
If anybody would love to see the machine functioning, they’ll refer to the following movies: