Quote from: Pmalek on December 18, 2022, 09:44:07 AM

This really is an interesting concept compared to what other hardware wallet brands do. Instead of resetting to factory settings and recovering a different wallet from seed, users could simply switch between them and save plenty of time. But imagine how many different backups you would have to make and how many new physical locations you would have to keep them in if you started using 4 different wallets with their own unique seeds?

This is the exact problem we are trying to solve. Current self custody solutions have tons of limitations. For a start, there is no portfolio management tools in self custody solutions. If a user wants to manage multiple portfolios they need to buy multiple hardware wallets and computer setups, in order to do so. From our interaction with users we found a few interesting customer profiles facing this issue. Let me mention couple of them.

Bitcoin Maxi but likes testing Smart contracts on other chains: Because of the faith in security of Bitcoin ecosystem, users liked to keep their wallet containing Bitcoin funds separate from other chains. To do so, users had to maintain multiple device setups, one for bitcoin and one for other chains.
Web3 Startup Founders/ VC Partners: Founders usually are responsible for managing their personal funds along with company funds. This is problematic is current solutions but with X1, they can create multiple wallets with separate seedphrase, each for different portfolios from one setup and use them separately in a sandboxed manner. No need to maintain excel sheets to keep track of your portfolio.
Additionally, They can create sub portfolios. Like Marketing funds, development funds, Legal funds,s, etc. using multi-account feature.(Scheduled for January Release)
You can read more one it here: https://www.cypherock.com/features/portfolio

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3 backups per seed takes the total up to 12. Add passphrases to that mix (if you use them) and you will have to buy/rent more properties or get more friends and family. Grin

Precisely, seedphrase backup is the sole limiting factor for self custody solutions making bigger leaps in terms of innovation. We believe our solution has solved core problem of self custody. As you mentioned finding 12 secure places to store plain text seedphrase is quite a tedious task for a users. But with Cypherock X1, you have Zero Seedphrases and you can distribute X1 cards to any geo location or trusted person without ever worrying about that entity being able to read your private keys.

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