How is it different from other hardware wallets?
All of the other hardware wallets today store your Crypto private keys inside a single hardware. The problem is every hardware is hackable and has a price to hack (Eg - Trezor hack). As more and more people start storing their Crypto private keys on hardware wallets, the hackers become more motivated to attack the hardware wallets. Cypherock X1 solves this by not storing the Crypto private keys in a single place. It uses ultra secure smartcards used in the banking industry to store your Crypto private keys in such a way that the hacker will need the locations of atleast 2 Cards and the PIN to get access to your Crypto private keys. Even if hypothetically the hacker is able to compromise the locations of the cards, it is extremely difficult to hack through the PIN since these bank grade smartcards have been used in the Banking industry since the last 50+ years. You can watch the demo here on how the product works - https://youtu.be/YPKGh3y8s7o
All of the other hardware wallets require you to store a seed phrase on a piece of paper which is extremely risky for your Crypto private keys. Cypherock X1 does not require you to store your seed phrases anywhere since the Crypto private keys itself does not have loss and theft risks anymore due to the unique 2-of-4 architecture.
There is no way to carry out inheritance of your assets safely and securely with other hardware wallets. Cypherock enables World’s first Inheritance service with your Cypherock X1 wallet that allows you to transfer your Crypto to your nominee without compromising privacy and control. Even we as a company will not be able to access your Crypto. The inheritance service is going to be launched soon.
Why do I need a hardware solution over a software solution?
Why 2-of-4 Shamir's Secret Sharing (SSS) scheme is chosen?
Why not use multisig over SSS for removing a single point of failure?
Can I backup my other wallets using Cypherock X1?
How many wallets can I generate/backup?
Cypherock X1 allows you to store up to 3 wallets per device. Each wallet can store multiple coins.
Can the company somehow steal the digital assets of the user?
It is not possible for the company to steal the digital assets of the users. You can use Cypherock X1 without internet access. The device would need to be connected to an internet connected device just for broadcasting the transaction. The private keys need not ever come in contact with an internet connected device.