Use It As a
Cypherock X1 is a first of its kind hardware wallet that offers air gapped storage of private keys separate from the offline X1 wallet. The private keys are never stored on the X1 wallet and never in a single place, which makes it more secure than a regular hardware wallet when it comes to making Blockchain transactions. The private keys are generated completely offline and then broken into 5 unique secrets, each of which is encrypted and stored on the EAL 5+ secure elements on the X1 wallet and the 4 X1 cards. To make a transaction, the user just needs to fetch and tap any 1 out of the 4 X1 cards on the X1 wallet. This enables Cypherock X1 to offer security similar to that of offline multisig for all the Blockchains without the added complexity of multisig wallets.
No Single Point of Failure
Even if someone gets a hold of one of the X1 card or the x1 wallet, it is impossible for the hacker to get hold of the assets. To make a transaction, any 1 out of the 4 X1 cards are tapped onto the X1 wallet. Following which, the private key is reconstructed in the X1 wallet and deleted as soon as the transaction is signed. The private keys are never permanently stored in the X1 wallet and hence there is no single point of failure in private key storage.
A Better Wallet Infrastructure
Multisig wallets provide great security for the safety of the funds by eliminating single point of failure. But it comes with its own risks due to its complex process. Additionally, not every Blockchain supports multi-sig today and even if it does, not every blockchain has a standard and battle-tested multisig implementation which has resulted in millions of dollars getting hacked in the past (Courtesy - Parity Hack). On the other hand, single signature wallets store the private keys in a single place increasing the risks of theft and loss.
Cypherock X1, like multi-sig, does not store your private keys in a single place and like single-sig, is easy to use, supports every Blockchain and has a standard implementation for all the Blockchains.
Four Hardware Wallets in One
Unlike other hardware wallets where you get one wallet per hardware, you can create 4 different wallets in a single Cypherock X1. What that means is, you can make transactions through upto 4 different wallets in a single device.
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Bitcoin SV (BSV)
Bitcoin Cash (BCH)
Ethereum Classic (ETC)
Basic Attention Token (BAT)