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Frequently asked questions:

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?

The Cypherock X1 device has chosen a hardware based approach to protect you from all kinds of online malware & physical attacks. This is possible since the whole device is offline at all times and there is no single point of failure in storing your Crypto private keys. Additionally by using the cyCards, you don’t need to rely on a paper or metal sheet, that leaves your seed phrases or 24 recovery words completely exposed to prying eyes. Instead, the cyCards are protected by a PIN you set that can be either stored in different geographic locations or given to people you trust.

After extensive user feedback, 2 out of 4 Shamir’s Secret Sharing was found to be the most optimal for most of the users we talked with. We may offer a custom m-of-n scheme in the future.

Multisig is way too complex to set up for most of the users and is blockchain dependent. Not every blockchain has multisig support. Shamir’s Secret Sharing provides similar security as that of Multisig for all the Cryptocurrencies. In fact, if you want you can still carry out multisig transaction with your Cypherock X1 wallet. You read more about it on our blog -https://www.cypherock.com/blogs/post_multi_sig_shamir

Every software, hardware & paper wallet can be secured and backed up using Cypherock X1. Though Cypherock X1 is a hardware wallet, it can also be used as a backup solution for user’s existing wallets. Check out the demo - https://youtu.be/eD3CZMPumCk

Cypherock X1 allows you to store up to 3 wallets per device. Each wallet can store multiple coins.

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.

Your funds are safe as long as any 2 cyCards are safe. Your Crypto is never stored on the X1 wallet. The thief would need a minimum of 2 cyCards and the PIN that is set by you to get their hands on your Crypto. The geographical distribution of the secrets stored in the cyCards makes this practically impossible. If your X1 wallet is stolen or lost, your Crypto is still safe and secure.You can buy another X1 wallet device from us and it will work the same as the old one. Your Crypto is safe on the cyCards even if you lose your X1 wallet device.

It is recommended to set a PIN for your wallets in Cypherock X1, especially if you plan to use the Cypherock X1 for making transactions. However, setting a PIN is optional and if you are using Cypherock X1 for just storing your seed phrases, then you may not set a PIN protection for your wallets.

The cyCards store your Crypto private keys in such a way that atleast 2 cyCards are needed to construct back your Crypto private keys. Your Crypto private keys are safe even if you lost any 2 of the 4 cyCards. And for a hacker to compromise your funds, he needs to know the physical locations of atleast 2 cyCards and the PIN set on top of the wallets on the cyCards.

The recommended method for storing cyCards is to keep them separate at different locations or distribute them among your trusted individuals. As an example, you can keep one at your home, another one in your office, another in a bank locker and the last one with your parents or any other trusted guardian.

As long as you have access to atleast 2 cyCards, your funds are secure. In case you are not able to locate all of your cyCards, it is advised to buy another set of 4 cyCards to transfer the wallets from the remaining cyCards to this new set of cyCards, set a new PIN for these wallets and then destroy the old set of cyCards to be sure that no hacker can access your Crypto private keys.