Cypherock is building the world’s first hardware wallet without a seed phrase backup. Removing the single point of failure with seed phrase management is a huge step in improving the overall security for individuals to self-custody their cryptocurrencies. As Cypherock aims to improve the overall web3 experience from a security perspective, working with protocols to support their token, and building native hardware experiences also becomes a core mission in being able to build the best possible self-custody solution in the space.
NEAR protocol granted Cypherock a grant to build the best possible hardware wallet experience. After receiving the grant, Cypherock has successfully implemented token support for NEAR, as well as supported the secure creation and management of NEAR accounts within cySync
- Cypherock’s desktop application. So, what makes Cypherock’s NEAR implementation special?
Seed Phrase Management
With Cypherock X1, NEAR token holders have a hardware solution that does not require a seed phrase backup to be maintained. Cypherock uses a cryptographic threshold scheme, namely Shamir Secret Sharing (SSS), to split your private keys into 1 Cypherock X1 wallet and 4 X1 Cards such that you need only the wallet and any 1 of the X1 Cards to make a transaction. Even if you lose any 3 out of these 5 shards, your funds are still safe.
Additionally, for NEAR token holders that already have a wallet, users have the option of securing existing seed phrases with Cypherock X1. Cypherock X1 has the ability to secure upto 4 independent wallets, so if users want to manage their entire portfolio from one ecosystem, they have the option of importing the seed phrase of their existing wallet into their Cypherock X1 and manage the existing wallet using cySync.
Account Creation and Storage
Registered NEAR accounts are a simple way to send and receive NEAR tokens. With Cypherock’s NEAR implementation, users can directly create and manage their NEAR registered accounts on cySync. Cypherock’s implementation keeps in mind the utmost security, while maintaining a smooth user experience.
To maintain high levels of security, Cypherock X1 stores the registered NEAR account within the device itself. Once a registered account has been created with Cypherock X1, the custom account associated with the account is stored locally on the Cypherock X1 wallet. This is a security measure that has been implemented to avoid any potential of spoofing attacks that may occur when interacting with websites, or any input errors that may be user driven.
While creating a registered account, users will be guided through the process of creating a registered account from within cySync, and two additional security checks which take place on the NEAR blockchain explorer, as well as on the X1 wallet itself to ensure all signature and address related information is accurate.
Additionally, NEAR token holders can create upto 4 NEAR registered accounts. In the case that a user has more than 4 NEAR accounts and is importing their existing NEAR wallet into Cypherock X1, the top 4 NEAR accounts in terms of balances will be displayed directly on cySync.
Send and Receive Near token
One of the goals of Cypherock is to continue to build the best possible experiences for various protocols. With NEAR, the goal is to build further functionality to take advantage of all the protocol has to offer. Therefore, staking and NFT support will become a core focus as Cypherock X1 as a product continues to mature.
Interested in seeing Cypherock’s NEAR implementation for yourself? Buy your Cypherock X1 now