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Cypherock Product Video
Cypherock is a hardware wallet start-up aiming to accelerate Web3 adoption by building a safe wallet infrastructure to store and manage digital assets. Crypto wallet providers typically incorporate a seed phrase-based recovery system that a user stores on a piece of paper or on a metal sheet. A seed phrase is a series of twenty-four words that represent the private key for a particular wallet and thereby grants access to the wallet to those who have access to the seed phrase. This means that even if the wallet itself is secure but if the seed phrase is compromised, the user’s assets also get compromised in the process.
Cypherock has designed a system through which users never need to write down their seed phrase as a means of backing up their digital assets. Using a hardware architecture consisting of 4 NFC enabled cards—called the X1 cards—and a device that connects with your laptop—called the X1 device. Using this infrastructure, Cypherock users are time times more secure due to avoiding a single point of failure with backing up their seed phrases.
Seed phrases expose crypto assets to trust issues such as, hacks, thefts, fire, and earthquakes and hence it becomes a single point of failure. With Cypherock X1, because the private key does not have a single point of failure, it does not need to be backed up.
Unlike other hardware wallets where a user gets one wallet account per hardware, they can create four different wallet accounts in a single Cypherock X1. This works similarly to a browser, which allows a user to add multiple email accounts. As an example, one wallet can be used for storing just NFTs, and another for storing just Bitcoins.
Insecure wallet backup solutions, like a paper or metal plate, are not needed. Cypherock X1 can also function as a seed phrase backup for other crypto wallets, such as Metamask, Ledger, and Trezor.
Crypto wallets can be managed in the CySync desktop app by storing the seed phrases in the Cypherock X1.
Crypto is safeguarded while alive and only be transferred after death, which is impossible if the user is the only one knowing their keys. With our beneficiary service, the assets can be transferred without Cypherock or any other party ever knowing the amount you HODL in the X1 wallet or controlling the assets. Inheritance features are in development.
