What is a Hardware Wallet/Cold Storage Wallet?
If you’re new to the cryptocurrency scene, then you might have heard something about a hardware wallet. If not, you would have definitely heard about the security problems associated with coin owners. Well, whatever information you have or may not have. Today you’ll learn all about these things.
A hardware wallet is very similar to a bank account. You can use these wallets to send, receive, exchange and manage your cryptocurrencies. But what makes them special is the fact that they aren’t connected to any online device. Here your keys and cryptocurrencies are safe from hackers.
They have significant advantages over standard software wallets:
Private Key storage in secure controller (SE)
Private keys are often stored in a secure micro-controller called secure element (SE), and cannot be transferred out of the device in plaintext. Unlike OPOLO Cosmos, most hardware wallets on the market do not save the private key in SE; hence they are vulnerable to physical attacks.
Less prone to hacks, viruses, and malware
A hardware wallet needs to be immune to computer viruses that steal from software wallets. Few hardware wallets, other than OPOLO Cosmos, do not have screens or LCDs to display data; hence they cannot perform user validation, which can lead to virus attacks, even on hardware wallets. This leads to attackers and scammers sending funds from your account to their wallets.
It can be used securely and interactively, having private keys that never need to be touched and left open to potentially-vulnerable software. However, some hardware wallets, unlike OPOLO Cosmos, ask users to enter the passwords or passphrases on the possibly compromised computer systems that can expose the user password or passphrase of the wallet, and therefore, exposure to the wallet’s funds. The security of a hardware wallet could be determined by the security certification (CC EAL) of the SE used.
Common criteria EAL6+ security
OPOLO Cosmos is the only wallet on the market that provides the highest level of CC EAL6+ certification along with the most cryptocurrency support.
A hardware wallet isn’t a new creation, but it isn’t something most people know about until they have to know about it. That’s why it is great to do your research and find the best hardware wallet that you can find.