Hardware wallets are considered the most secure way to store Bitcoin and other cryptocurrencies. Thisspecialized devices that canSign transactions without disclosing a private key. They are less prone to phishing and malware than software wallets, and are less vulnerable to hacking than online wallets.
The hardware wallet market is now dominatedthe two main brands are Ledger and Trezor, which are unparalleled. Very few companies have such strengths that will surpass these two giants, although attempts are still being made.
Here are five well-known manufacturers of hardware devices for storing cryptocurrencies that have attracted attention this year.
YubiKey: 2FA password management device
YubiKey is not a crypto wallet as such;This is a device with two-factor authentication (2FA) and the ability to manage passwords. Although YubiKey does not store cryptocurrency, it does add an additional step for logging into online accounts, and is often associated with crypto exchanges. YubiKey devices support Coinbase, Bitfinex, BitMEX, Kraken and several other platforms.
Of course, 2FA is already a common occurrence, butoften this function is based on SMS, and they can be intercepted. In contrast, YubiKey complies with FIDO U2F standards, and as a specialized device it is difficult to crack from a practical point of view. However, 2FA applications, such as Google Authenticator, are also quite secure, so a specialized 2FA device might be redundant.
YubiKey has been around since 2007, but the exchangesrecently it was not supported — BitMEX was one of the first platforms to add support for it in 2015. Since then, YubiKey has received significant attention: after the hack in May 2019, Binance touted the product to strengthen security measures, and in June added support for it and held a prize giveaway.
SafePal: Standalone Hardware Wallet
SafePal— A fairly new hardware wallet.His main goal — combine security and mobility with accessibility. The SafePal S1 is currently on sale for just $40, a discount from its original price of $60. This is significantly cheaper than the expensive Trezor and Ledger wallets, which retail for between $60 and $150.
SafePal is much simpler than Ledger and Trezor, sohow it works exclusively offline. It does not send data via Bluetooth, Wi-Fi, NFC or USB. In case of damage to the security system, it erases its data. These features prevent anyone from stealing your key ... albeit at the cost of convenience, since SafePal can only display your keys on screen as a QR code.
SafePal added support for Litecoin this month.Dash and Bitcoin Cash. Binance Labs also supported SafePal: the project became one of eight startups that became part of the Binance Labs incubator BUIDLER earlier this year.
Cobo Vault: A Durable, Secure Hardware Wallet
Cobo Vault— another protected hardwarewallet. Like SafePal, Cobo does not transfer data over Wi-Fi, Bluetooth, NFC or USB and erases your data in the event of a security breach. In addition, Cobo Vault can be authenticated online, preventing attacks over the network and ensuring that your device is not counterfeit.
Cobo Vault also offers a second line of defense: It is not only safe, but also durable, and stores your private crypto keys on military-grade equipment. The device comes with a metal tablet that stores words for recovering your wallet (or SEED phrase). This protects against loss, but not against theft.
In August of this year, Cobo participated in NEO Global Development from NEO and added support for Binance Coin around the same time.
Ballet: non-electronic hardware wallet
Ballet— A standalone hardware wallet that does not contain electronic components, although it does have a mobile application.
The device is an ordinary metal card: it hides your private key under a seal protected from unauthorized access and presents your public address in the form of a QR code.
This idea is not new: many manufacturers offer metal wallets, which are essentially the strongest versions of paper wallets. Of course, there are problems: you must believe that the manufacturer will not steal your keys. Ballet is trying to smooth out this moment due to isolated processes of production and key generation.
In addition to safe productionThe Ballet process is managed by a famous person. The company is led by Bobby Li, the founder of BTCC, one of the first and oldest crypto exchanges in China. Ballet was presented at the Coindesk Invest Asia conference just last week.
Kastelo: open source Monero wallet
Kastelo— hardware wallet with opensource code that is developed almost entirely by the Monero community. According to Michael Schloch von Bennewitz, who is leading the project, the device does not have a wireless transmitter. However, it allows data transfer via USB, and partners are developing various forms of offline data transfer.
Kastelo features are still subject to change, but onethe thing is guaranteed: it will be open and transparent. This means that anyone can verify the security of the device or even make their own device from scratch. It is not entirely unique, as Trezor and Ledger also have open source, but Kastelo will have fully open source.
Since Kastelo is an independent project,no big names are attached to it, and the development team has only about 40 people. However, the team collaborates with hardware wallet companies such as Shift Devices, Satoshi Labs and Ledger Paris, so this project should not be overlooked, despite its small distribution.
Hardware wallets may be differentSafe, you think: Recently, vulnerabilities have been discovered in Ledger and Trezor devices. However, these are minor errors that are difficult to use in practice. Previous incidents, such as the hacking of a BitFi wallet advertised by John McAfee, are also somewhat exaggerated.
Software and online wallets targetedhackers are interested, so new brands of hardware wallets have good prospects. 2FA, offline storage and open source — valuable advantages in the market.</p>