Cypherock X1 Hardware Wallet Launches with Enhanced Security Features
Introduction
Cypherock X1 addresses digital security concerns, particularly regarding seed phrase backups. Traditional methods, such as paper and metal storage, can be cumbersome, leading to hesitance in adopting crypto solutions. Centralized cold wallets are also vulnerable to hacks, evidenced by breaches involving mainstream hardware wallets like Trezor and Ledger. Additionally, there are challenges related to asset inheritance upon a user’s death.
Many investors have lost access to their coins due to inadequate backup processes. Cypherock X1 seeks to mitigate these issues by decentralizing private keys, alleviating concerns about seed phrase backups and inheritance.
Features and Functionalities
Cypherock X1 decentralizes private keys using Shamir’s Secret Sharing, splitting them across four encrypted cards for enhanced security.
The wallet comprises five components: one X1 Vault with OLED display and joystick navigation, and four NFC-based X1 Cards featuring EAL 6+ secure elements. Each wallet account has its seed phrase, allowing separate storage for assets like NFTs and Bitcoin. Users only need the X1 Vault and one card for transactions, ensuring security even if three components are lost.
A beneficiary feature will soon allow asset transfer after a user’s death, ensuring privacy and control over assets. The hard case includes accessories like a USB Type C cable, anti-theft sleeves, lanyard, OTG adapter, and more, facilitating smooth integration with DeFi apps.
In Q4 2024, Cypherock Cover was launched, providing non-custodial protection against asset loss due to forgotten PINs or unexpected death.
History and Cypherock Team
Launched in open beta in 2022, Cypherock X1 is developed by a team that includes CEO Rohan Agarwal and CTO Vipul Saini, both experienced in software development and Web3 technologies. The project receives support from industry leaders like GnosisDAO and Polygon’s co-founder Sandeep Nailwal.
Supported Cryptocurrencies
Cypherock X1 supports over 9,000 cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana, and Tether (USDT).
Cypherock Supported Assets
It integrates smoothly with DeFi tokens and NFTs via WalletConnect and is compatible with platforms like Coinbase, Binance, Google, and Polygon.
Pricing and Fees
Currently priced at $131.97, the Cypherock X1 offers robust security at an affordable price, down from an original cost of $199. This contrasts with competitors like Ledger, whose models can exceed $500.
Cypherock X1 Device Pricing
Security Features
The Cypherock X1 employs advanced security measures for private key management. It splits keys into five parts, requiring at least two for transactions, enhancing asset security even if one component is compromised.
Each part is stored on tamper-proof hardware secured with a PIN, complemented by a three-factor authentication mechanism. The device’s architecture safeguards against physical manipulation. Users can distribute components in different locations to minimize risk from theft or disasters. Cypherock X1 is open-source, ensuring software longevity even if the company ceases operations.
Keylabs conducted a comprehensive security audit, known for identifying vulnerabilities in major hardware wallets.
How to Transfer Assets from One Wallet to Cypherock X1
To transfer assets, users can import the seed phrase from another wallet into Cypherock or create a new wallet on Cypherock X1. After importing, users can add coins through the cySync app. The second method involves generating receiving addresses for each coin before transferring them, which is more secure but potentially costlier.
How to Use Cypherock X1
Setting up the Cypherock X1 requires the device, four encrypted cards, and a computer. Follow these steps:
- Power on the X1 Vault and follow initial setup prompts.
- Download and install the cySync app from the Cypherock website.
- Connect the X1 Vault to your computer using the USB cable and select “I am using Cypherock X1 for the first time.”
- Accept terms and set a cySync password; memorize it for security.
- Provide an email address for 2FA.
- Tap your four encrypted cards on the X1 Vault for authenticity verification.
- Create a new wallet or import an existing one.
- Store X1 cards securely in different locations or with trusted individuals.
- Start using your Cypherock X1 for secure cryptocurrency management and DeFi engagement.
Is Cypherock X1 Still A Good Choice?
Cypherock X1 is suitable for users prioritizing high security and a resilient recovery process. Its long-term data retention capability exceeds 20 years, making it reliable for long-term asset storage. Customization options are available for bulk orders, allowing branding opportunities.
What to Improve in Cypherock X1
Some users find the plastic design fragile despite drop-testing. Additionally, enhancements to the cySync app could improve its functionality for trading digital assets.