Frequently asked questions:
Cypherock X1 allows users to be able to view the seed phrase of any of the wallets that are currently being secured. Therefore, having the X1 Vault and any one of the X1 Cards in possession, a user can view the seed phrase and transfer assets to another Crypto wallet of their choosing, which is BIP39 compatible. Here is the video guide for the same. To view the seed phrase, you don't even need to connect it to the cySync desktop app. You can view the seed phrase by connecting the device to a power bank as well.
There are a few cases and features that take care of our users even if the company goes bust:
- Cypherock X1 is an open-source product that lets developers build on top. So, even if we go bust the software survives for eternity. Here is the link to the codebase.
- Cypherock X1 allows users to be able to view the seed phrase of any of the wallets that are currently being secured. Therefore, having the X1 Vault and any one of the X1 Cards in possession, a user can view the seed phrase and transfer assets to another Crypto wallet of their choosing, which is BIP39 compatible. Here is the video guide for the same. To view the seed phrase, you don't even need to connect it to the cySync desktop app. You can view the seed phrase by connecting the device to a power bank as well.
- In case Cypherock goes out of business and the user also breaks the X1 Vault, we will soon be releasing an open-source Android and IOS app that will allow the user to tap their X1 cards directly on an NFC-enabled smartphone to recover the seed phrase by entering the PIN and using any 2 X1 Cards. Here is a prototype video of the same.
If your X1 Vault is broken or lost, your funds are still safe as long as you have 2 of the 4 X1 Cards. Although, you will need to buy a new X1 Vault. You will be needing any 2 of the 4 X1 Cards in order to restore your recover old lost X1 Vault into the new X1 Vault. Here is the video tutorial for the same.
If your X1 Card is broken or lost, your funds are still safe as long as you have at least the X1 Vault + 1 X1 Card or 2 X1 Cards. It is highly recommended to buy a new set of X1 Cards and replace them with the existing cards since you will not be able to add new wallets to Cypherock X1 if you don't have all of the 4 cards.
In case, you lose or break two or three X1 Cards, it is recommended to use one X1 Card with your X1 Vault to view your seed phrase and record it for safety purposes. You can buy a new Cypherock X1 and restore your wallet accounts on it. Here is the video tutorial if you lost only X1 Cards and here is the video tutorial if you also lost the X1 Vault along with the X1 Card.
Cypherock X1 is manufactured in India.
If a malicious person gets access to either your X1 Vault or X1 Card, your funds are safe because none of the individual components have the complete private key to compromise your assets. Unlike other wallets, Cypherock X1 never stores your private keys permanently in a single place.
If a malicious person gets access to more than one component, your funds are still safe if you have set up PIN protection over your wallet. Therefore, it is highly recommended to set up a Wallet PIN. You can read more about PIN protection here.
The easiest way to transfer the assets from another wallet to Cypherock X1 is by importing the seed phrase from your other wallet into Cypherock X1. Here is the video tutorial to do the same. Once the seed phrase is imported, you can then add coins on cySync app to view them. The other way is to create a new wallet on the Cypherock X1, adding coins on the cySync app to generate the receive address of each of those coins & tokens and then transferring each one of the coins from your existing wallet into your new Cypherock X1. This method is more expensive but it is the most secure.
Yes, Cypherock has an affiliate program and it offers one of the highest affiliate commissions in the industry. Once you order a Cypherock X1, you have an option to automatically become a Cypherock affiliate. Alternatively, you can sign up to become an affiliate here.
To prevent the scenario where a rogue employee from Cypherock themselves pushes a malicious software update, unlike other wallets, Cypherock X1 is designed such that the private keys are never permanently stored on upgradable hardware. X1 Vault is an upgradable hardware that stores 1 key shard out of the 5 and the 4 X1 Cards once shipped cannot be upgraded even by Cypherock, which stores the rest of the 4 key shards each. Additionally, Cypherock is open-source and has its software builds reproduced by Wallet Scrutiny to ensure that the firmware running on the hardware is the same as what Cypherock claims in its open-source codebase.
If you forget the PIN you had set over your Cypherock X1, since this is decentralized product, even the Cypherock team cannot recover the assets on behalf of you. If you think you can forget the PIN, it is recommended to back up the PIN somewhere. Backing up a PIN is still 100 times more secure than backing up a seed phrase, since if a malicious person gets access to the seed phrase your assets can be compromised. But if he gets access to the PIN, he will still not be able to compromise the assets without getting access to at least 2 of the 5 components physically.
No, the private keys are always offline in Cypherock X1. Even if your PC has been infected with a virus, it is not possible for the virus to compromise your Cypherock X1.
Cypherock X1 does not have an IOS / Android app currently. We are in the process of launching a mobile app soon.
Shamir's Secret Sharing (SSS) is used to secure a secret in a distributed way. The secret is split into multiple parts, called shares/shards, which individually should not give any information about the secret. In our case, the secret is the private keys to your wallet.