Preamble
The security of crypto asset is invariably the most concern of crypto industry. There is a saying in the cryptocurrency industry: “If you don’t have a private key, you don’t have a cryptocurrency.” The act of users storing crypto assets in a centralized exchange is equivalent to entrusting the private key to the exchange. However, most trading platforms are not professional escrow companies, so it is actually risky that users expects the exchange to protect their own assets.
Cold Wallet, A Better Choice
In 2019, there were more than 28 exchange security incidents worldwide, which resulted in a total loss of more than $ 1.3 billion, of which more than 70% were stolen from exchanges.
For gold, people can only trust physical safes, and for private keys, cold wallets is a better choice.
Cold wallet, also known as offline wallet, is used without any network environment. Paper wallet and hardware wallet are all cold wallets. It is the safest way to store cryptocurrencies. It only can conduct basic operations of offline signature and address checking. Cold wallet is very secure as it never connects to the Internet. However, its disadvantages are also inevitable. Paper wallet is easily damaged or lost, and hardware wallet is complicated to operate while the price is very expensive.
Due to the above pain points, HyperPay launched HyperKey APP.
HyperKey Website：
https://www.hyperpay.tech/hyperkey
New Start of Cold Wallet: HyperKey
HyperKey is a cryptocurrency offline signing tool that only provides cryptographic signature and public key address viewing functions. It must be used in a networkless environment. With security level comparable to hardware wallet, it is more convenient, portable, and affordable.
Users can use a mobile phone to install the HyperKey APP as an offline wallet, turn off the network or switch to Flight mode, and use it in concert with another mobile phone equipped with HyperPay Information Wallet.
Using the device installed HyperPay to scan the QR code of setting Information Wallet on the other device equipped with HyperKey, users can create an Information Wallet directly and quickly. The Information Wallet doesn’t have mnemonic words and private keys which are the keys to directly control the account, so it can only view the asset balance and broadcast transactions.
HyperKey Security Strategies
To protect users’ assets, HyperKey adopts the following security strategies:
1. Offline Signing
Use network detection. Once WiFi and mobile networks is detected, the APP will be forced not to enter.
2. Security Verification
PIN is required when entering the wallet, and the PIN verification needs to be reactivated after being in the background for 1 minute.
3. Private Key Security
The private key is generated dynamically when needed. It uses the standard KeyStore encryption algorithm to add salt to the trading password with the unique identification code of the device, increases the difficulty of the private key and device relevance, takes the salted result as the private key, and encrypts it after 2048 iterations to ensure the operation is safe enough and there is no possibility of cracking.
4. File Storage
The file storage uses standard KeyStore encryption algorithm to store in the local security area of mobile phone. No password will be stored or read。
5. Data Transmission
The data is encrypted by the RSA256 algorithm to generate a QR code, and the hot and cold wallets interact through the QR code.
6. Transaction Confirmation
When a signature is required, the transaction content is parsed to display the transaction data that needs to be signed, and users sign it after confirmation.
7. Mnemonic Password
The mnemonic password is supported to use to protect mnemonic words. Different mnemonic passwords will create different empty wallets. After using mnemonic password protection, as long as the mnemonic and mnemonic passwords are not leaked at the same time, your assets won’t be in risk.
8. Mandatory Anti-screenshot
The screenshot is not allowed in the backup mnemonic interface.
9. Installation Detection
If the device is rooted, the APP cannot be installed.
10. PIN Protection
The PIN verification needs to be reactivated after being in the background for 1 minute. When the PIN is entered 10 times incorrectly, all data on the device will be cleared.
11. Open Source
HyperKey code is open source. Open, transparent, and with sufficient information, it can ensure the safety of the signature tool.
HyperKey Exclusive Advantage
1. Supported Currencies
HyperKey now supports
BTC/ETH/HC/LTC/ONT/TRX/XRP/DOGE/BNB/DASH/DCR/CKB/XLM/QTUMand other mainstream currencies. It will support more currencies.
2. Password Protect Mnemonics
Mnemonics supports 12/24 words in three languages: Chinese, English and Korean, and supports the advanced mode of using mnemonic passwords to protect mnemonics.
3. Work with HyperPay
HyperKey uses the encrypted QR code to interact with the HyperPay Information Wallet. The transaction information is confirmed twice during the transfer process that HyperKey is responsible for offline signature and HyperPay is responsible for transaction broadcasting, which is safe and convenient.
Conclusion
In the spirit of “Security, our first concern; enhancement, the firm mission”, HyperPay team will continue to keep pace with the rapid progress, to constantly polish the product line according to the pain points of users and the market, to treat each product and service with higher requirements and standards, and to provide a safer and better digital asset wallet for the industry.
HyperKey download link: https://www.hyperpay.tech/hyperkey
About HyperPay
HyperPay wallet is a Blockchain flow entrance for Consumer users of HyperBC Group. It is the industry’s leading multi-ecological digital wallet integrating off-chain, on-chain, share and hardware wallets. So far, the cumulative registered users have reached one million. It is very popular among newbie and senior users.
HyperPay currently supports 44+ mainnet and 157+ mainstream currencies. It also has rich functions such as asset management and investment, exchange trading, fiat trading, fast exchange, mortgage loan, market tracking, and multi-signature co-management.
Contact HyperPay
Twitter:
https://twitter.com/Hyperpay_tech
Weibo:
https://www.weibo.com/u/6358820994
WeChat CSR:
Hyperpay-2020
Telegram:
https://t.me/Hyperpaychinese (Chinese)
https://t.me/Hyperpayofficialenglish (English)
