Since cryptocurrencies run on a decentralized system, every user must take care of saving his Bitcoins, Ethereum, and other assets with the highest security standards. But in case we lose our keys, how to restore access to our cryptos?
One of the biggest concerns of crypto users is to count on an effective and confident key recovery process.
Most solutions focus on a cumbersome process of storing an extensive list of random words. This kind of systems involves an obvious security problem since any mistake in the custody of the phrases can result in the theft or loss of the keys.
An innovative key recovery system
HASHWallet regenerates public and private keys based on a combination of two secure elements: the Recovery Key and the Recovery Seed both generated during the device initialization process in a secured random way.
These components are useless individually, but when put together, they can regenerate the public and private keys. So, by keeping them separate, we minimize risks.
Let’s take a look at the key generation process step by step:
1. Keys generation
The card identifies the user through biometrics and generates the public and private keys. These keys will remain inside the device without anyone having access to them, not even the user himself.
2. Recovery Key and Recovery Seed
Based on public and private keys, two new secure elements are generated inside the smart card: the Recovery Seed and the Recovery Key. We’re keeping each one in a different place:
- The Recovery Seed will be hosted into our Seed Card, and we custody this element in a separate place from the HASHWallet device.
- The Recovery Key keeps stored in the eSignus Vault, a highly secured custody service to which only we will have access. Besides, the user can keep this element on his own if he decides to do so.
3. Delete from the card
Once properly stored in separate secured places, both Recovery Key and Recovery Seed are permanently deleted from the smart card.
This way, you’ll be the only one who can perform the recovery process, as only you have access to your secured elements.
What about Recovery? Simple: is the opposite of generation
The user only has to purchase a new HASHWallet and follow the reverse steps to the key generation, using his two secure elements.
1. Load the card with the two recovery elements
Once the new HASHWallet has been initialized, we perform the recovery process in two steps: load our Recovery Seed from the Seed Card, and then load the Recovery Key from the eSignus Vault service or from our own source.
2. Keys regeneration
By combining the two security elements, the keys of the lost HASHWallet will be generated again.
Frequently asked questions
What are the advantages of HASHWallet when compared to other hardwallets?
HASHWallet provides a stronger security level than other hardware wallets due to several key features:
- It’s a non-programmable device. This feature creates a really secure environment for signing transactions and the safeguard of the keys.
- The private key is not known even by the user, and there is no way to extract it from the card. You can’t steal what you don’t know. This makes HASHWallet invulnerable to external attacks.
- Public/Private keys are generated inside the card through a random process, which cannot be replicated. No external seeds are used to generate keys.
- Its large screen of electronic ink allows to visualize all the details of the transactions and validate them, avoiding any possibility of fraud or identity theft, and it complies with the philosophy “What You See Is What You Sign”.