Cryptocurrency users are gradually realizing that they need a high-grade hardware wallet for storing their cryptocurrencies.
Security still remains one of the most daunting challenges faced by the totality of users in the crypto community and this has created a challenge for developers to dig deep to find a solution in that regard.
There are several crypto hardware wallet creators in the crypto community but there are still loopholes found in the use of these crypto wallets and reports of theft from hackers who have found their way around these hardware wallets.
What is a hardware wallet?
A hardware wallet is a special type of wallet which stores the user’s private keys in a secure hardware device. A hardware wallet can work with multiple blockchains simultaneously. It allows you to manage Bitcoins and other tokens on networks like Ethereum, Tron, and other alternative coins, all on the same device. It is also possible for all of them to be backed up easily with a single recovery phrase.
Cryptocurrencies are never stored within the hardware wallet itself, they always live on the blockchain. The hardware wallet merely stores your private key. This is such that the private key opens the lock to your address on the blockchain where your assets actually live. Since the blockchain is decentralized and can be accessed globally, all you need is your hardware wallet to interact with your tokens.
Some pointers on how a hardware wallet could fail to protect your funds in crypto:
1. Insecure RNG (Random Number Generator): Most hardware wallets basically depend on the security of an RNG, that is often embedded within the hardware, this is to generate your wallet’s private keys securely.
Unfortunately, it is notoriously difficult to verify the true randomness of the RNG. Such that an insecure RNG may create wallet keys that can later be recreated by an attacker, by generating pseudo-randomness that would seem statistically indistinguishable from true randomness yet still be predictable to an advanced professional hacker.
A Random number generator (RNG) may become insecure as a result of malicious weakening or an unintentional mistake. This failure mode is common to any wallet generation procedure in which the true randomness of the source of entropy being used can not be verified.
2. Compromised production process: The level of security attached to any product, especially a financial product would require a level of trust in members of the developing team. The members are expected to uphold that trust and integrity. The level of integrity is highly necessary no matter how perfect the software and hardware implementation of a hardware wallet would be, such vulnerability can lead to a corrupt production process that introduces intentional or unintentional holes into the final product.
3. Imperfect implementation: the security of all computing devices relies on the quality of their implementation. Hardware wallets are no exception. Bugs at the software, firmware, or hardware level may allow attackers to break into a hardware wallet and gain unauthorized access to secrets. Even if the design is perfect, proving the security of a hardware or software implementation is a very hard, mostly unsolved problem. To date, no wallet in existence is implemented using the provably correct software.
4. Malware swaps recipient Bitcoin addresses: It is expedient for every hardware wallet to exercise a level of consciousness and perhaps educate themselves on the level of security that should be attached to their devices. It is the responsibility of a user to know that a hardware wallet won’t protect you from being tricked into sending Bitcoin to the wrong address.
When the stakes are high, multi-factor authentication should be a requirement to help minimize the possibility of identity theft in order to steal people’s funds. This can be in the form of phone SMS, telephone calls, and other Authenticator tools like Google Authenticator for confirmation of a recipient’s Bitcoin address is recommended.
5. Compromised shipping process: a compromised delivery process or services of the hardware wallet may substitute or modify secure devices for superficially identical but insecure replacements. There are Government agencies who are responsible for programs that intercept hardware and modify them in route to insert backdoors to track users’ funds and transactions.
What is KleverSafe?
Klever Hardware Wallet (KleverSafe) is a device created by the hardware development team that allows you to store, manage, and trade cold storage digital currencies securely using Bluetooth or USB-C. A high-grade integrated circuit holds a private key used to perform cryptographic operations, making the device easy to set up and easy to operate.
What are the distinctions available in the KleverSafe?
- Klever App Interface: The Klever Hardware Wallet (KleverSafe) allows you to sync your Klever Wallet in seconds and manage over 200 accounts with unlimited blockchain support, a feature many competitors lack.
- Connectivity: A user can connect Klever Hardware Wallet to Klever Wallet with a Type-C USB connector; such that you can confirm crypto transactions with just a click. There is also the alternative of using the Bluetooth 5.2 functionality to pair your Klever Wallet app again in a matter of seconds.
- Confirmation of Transactions: This has been a critical issue for most crypto users who have been plagued by theft because they have not been able to create a secure means of validating their transactions. With Klever, you can rest easy knowing you’re going to get a hardware wallet that’s safe for use without worries of possible theft of funds. Klever Hardware Wallets come with confirmation buttons that will be used as security measures and for the protection of the user’s funds while transacting.
- Inbuilt Integrated Circuit: The Klever Hardware Wallet is embedded with a high-grade integrated circuit (IC), CC EAL5+ certified, which holds a unique private key to perform cryptographic operations and a digital certificate to ensure device authenticity. Klever Hardware Wallet is really a secure device, like a real vault! Your crypto assets are kept in a safe device and transactions are performed in a certified environment.
- Zero electricity charging: The Hardware Wallet works without batteries, as it is powered through the USB connector. If you use a wired connection, the hardware wallet is powered by your mobile device.
In conclusion, It is indeed a no-brainer when comparing what secure hardware wallet device to use for the safety of your funds, especially with the current trend of numerous theft activities by hackers in a very distasteful way.
It is a Klever thing to do by getting yourself a KleverSafe device for the safety of your funds.
