One of the biggest challenges facing crypto holders is keeping their crypto safe. Cold wallets, hot wallets, crypto exchanges, multi-factor authorization, biometrics and a 12-word passphrase are just some of the means ‘coiners use to secure their stash. But nearly all have seed phrases, and when that gets compromised, your stash is lost. Rohan Agarwal has built what he argues is the safest wallet yet for the web3 world. He sat down with Roundtable’s Rob Nelson at Bitcoin 2022 in Miami to explain.
Agarwal says that security is the "core value" of Cypherock. Its wallets use multiple levels of security, including private access keys divided into five parts.
"Whenever you want to make a transaction, you don't need to fetch all of the five parts. You just need to fetch any two parts out of the five to make a transaction," he explains. "If you only had the first card, let's assume you lost the other three, the remaining two that you have are enough to recover your assets."
In addition to its private keys, he says, Cypherock uses the same encryption as traditional financial tech.
Recommended for You
"We use the same secure hardware that is used in the banking industry for making our debit cards and credit cards, and it has the same security that your debit cards or credit cards have," he says. "So if a hacker is able to compromise that pin or the password, the banking industry is going to go down before us."
Watch the full discussion below:
Kelly Massad, CEO, Mainstay Digital
Rohan Agarwal, Co-Founder and CEO, Cypherock