Is NGRAVE wallet just another overhyped blockchain product or is it the most secure hardware wallet ever?
In this article, we dive into why wallet security matters and explore NGRAVE’s new cold storage solution.
In the blockchain world, security is of utmost importance. Yet, seven major exchanges have been penetrated in 2019 alone. Hacks and security breaches are rampant and seemingly out of control no matter how tight a platform’s security is.
As long as cryptoassets are online, they are always at risk. In line with that, many investors are seeking better ways to safeguard their funds, which has led them to turn to cold storage. But even that has its limitations.
Most industry-standard hardware wallets like Trezor and Ledger have imperfect backup mechanisms. You either have to memorize a seed phrase, which many people find inconvenient, or write it down on a piece of paper, which is liable to loss, theft, or damage.
What NGRAVE is offering is a novel way to secure crypto funds using three solutions called ZERO, GRAPHENE, and LIQUID. Let’s explore them one by one!
NGRAVE’s flagship product is an electronic hardware wallet that is 100 percent offline. From activation, to sending and receiving transactions, NGRAVE ZERO will never be connected to the internet.
It is manufactured with state-of-the-art technologies to render it tamper-proof the instant it leaves the factory. The hardware is designed in such a way that if someone were to crack it open, the device would have permanent marks, and likely wouldn’t function anymore.
This safeguards customers from compromised fulfillment operations, where third-parties could potentially intercept a device and modify them in route to insert backdoors. With NGRAVE wallet, even the manufacturers themselves cannot create a backdoor, and neither can the NGRAVE tech staff.
To illustrate how statistically impossible it is to crack the code of an NGRAVE wallet key, a brute-force attack would require 1078 attempts (similar to the approximate number of atoms in the universe) to succeed.
The device enables users to create as many wallets as they can through an advanced randomization algorithm. Each wallet will have their own matching private and public keys.
NGRAVE’s wallet generation process include user’s fingerprint or other biometrics (optional), environmental parameters like lighting, and other security-enhancing user interaction flows. Once a wallet is generated, NGRAVE assures that the created key is completely unique and will never be replicated.
Only the user will know the generated key because everything would be done offline and with user interaction.
After the private key is set up, a user can store it in NGRAVE GRAPHENE, a secure cold storage product made of titanium alloy that can withstand extreme temperatures up to 1,669 degrees Celsius. Furthermore, it is water-resistant, corrosion-resistant, and shockproof.
GRAPHENE consists of a two-part cryptographic puzzle, where one part needs the other in order for it to be precise. This adds a double layer of security when stored separately.
NGRAVE also offers solutions to recover the second part in the event of loss or theft, as well as passing over ownership of your keys to heirs.
NGRAVE LIQUID is the mobile app companion that serves as an indirect link to the blockchain. It gives users a real-time overview of their portfolio and enables them to send and receive payments without compromising their private keys.
Communication between the ZERO wallet and the LIQUID mobile app occur via QR codes that contain non-secret information only. Therefore, user private keys never transfer to the app.
NGRAVE calls itself “the coldest wallet” that exists. With all three solutions combined, users will be able to maximum security for their funds, send and receive payments seamlessly through a mobile interface, and recover their wallet safely when the need comes.
- What is Bitcoin Cold Storage?
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