Post
Topic
Board Hardware wallets
Merits 3 from 2 users
Re: Introducing Cypherock X1, World's first hardware-based MPC Wallet
by
Nmnsth
on 22/12/2022, 08:37:04 UTC
⭐ Merited by Pmalek (2) ,dkbit98 (1)
I don't think that PIN codes are bulletproof protection, and it's possible that someone could hack it much easier than 12/24 seed words.
The underlying security of BIP-39 Seedphrases is exactly the same for all the wallets. PINs are just the top layer security to prevent anyone from getting into the device. What i meant by seedphrase being single point of failure was: Not Seedphrases but Seedphrase backups are a single point of failure. Anyone getting access to your backup can wipe you out completely. Here is a great example that happened recently.

https://twitter.com/lopp/status/1604599964713328640

PIN Backups which are 4-8 character long can be hidden indistinguishably anywhere. As compared to seedphrase backups which are exponentially much more difficult to hide.

An unauthorised entity getting hands on seedphrase backup can drain you out as they are so easy to recognise and the only component needed to wipe you out. PIN backups are almost impossible to find if hidden properly. On top of that, even with access to PIN, attacker needs atleast 2 components of the wallet in order to break into your funds.

Quote
Can I still use the seed words I used on Cypherock wallet and import them in some other brand of hardware wallet, let's say Trezor, should everything work fine or they are useless without PIN?
User can export seedphrase from X1 and it takes under a minute to do so. X1 being BIP-39 compatible means it works with all the mainstream software and hardware wallets and users can seamlessly shift from X1 to any other wallet, or vice versa.

Here is how you can do so: https://www.youtube.com/watch?v=0W22TcY8MtQ
 
Quote
Just wondering if you can tell us how big Cypherock team is, I mean how many developers you have that are working on firmware, code and everything else?
Cypherock currently is 20+ member team.