Following the cryptocurrency hacking of $530 million in January of this year at Japan’s cryptocurrency exchange, Coincheck, 180 billion NANO coins were withdrawn unexpectedly in February, and recently MyEtherWallet was also hacked. Therefore, it is clearly seen that special caution is needed for the future cryptocurrency exchange hacking attempts.
The developers of hardware-based security solution company, Keypair (Co-CEO Kevin CK Lee), announced yesterday that “We are ready to provide KeyWalletTouch as featured with the first class of security protection ever”. He added “ the card is built with Secure Element and all its OS and Cryto libraries made by the firm. It alos has CC and Eal5+ and CMVP ready product”. The Company has already produced a couple of wallet series before the card came out. KeyWallet Classic USB(Cold Wallet) was first debuted at the CES Las Vegas Electronics Show in January of this year. This time, “KeyWallet Touch” looks a credit card type Cold Wallet using NFC to communicate with Smartphones and also has own Reader for PC users.
How to Work:
KeyWallet Touch communicates with the smartphone via the built-in NFC. When the KeyWallet Touch is brought to the back of a smartphone, the smartphone will automatically recognize the KeyWallet Touch and launch the KeyWallet Touch application. Users can easily send and receive cryptocurrencies using the KeyWallet Touch application. KeyWallet Touch is based on a combination type Smart card with both wireless and wired interfaces. KeyWallet Touch can also be used on a PC if used with the KeyWallet Reader which connects the KeyWallet Touch to the PC via USB connection.
A typical PC wallet program or a smartphone wallet program keeps your cryptocurrency assets (private keys) in an unsecured place (HDD, Flash Memory, etc.) Thereby, the user’s asset (private key) stored in the PC’s hard disk or the flash memory of the smartphone is not considered safe. If the user’s PC or smartphone is hacked, the assets (private key) can be stolen with ease. In addition, the web wallets offered by many other exchanges are also unsafe. Recently, the cryptocurrency exchange hacking incidents have been continuing and are expected to live on. Therefore, the National Cryptocurrency Exchange Association recommends that 70% of a user’s assets should be stored in a secure Cold wallet. KeyWallet Touch is a Cold wallet which keeps your passwords (private keys) secure and KeyWallet Touch also safely stores the user’s cryptocurrency assets (private keys) in a secured area of the Smart card.
KeyWallet Touch can be conveniently carried in your wallet as if it was a regular credit card. It can also be used permanently without batteries as it is in a form of a credit card which is proven to be durable. Even if a user loses their KeyWallet Touch, the recovery of the user’s assets (private keys) can be conveniently done using the Recovery Sheet. However, the Recovery Sheet should be kept safe at a place where no one else will see it. Also, a backup wallet can be available using a pair of KeyWallet Touches. Even if one of the KeyWallet Touch is lost, safe cryptocurrency exchange is still available using the backup KeyWallet Touch.
KeyWallet Touch is economical. Compared to most other Cold wallets with USB and display, the KeyWallet Touch is an affordable product and easy to use. Through continuous application updates, various other coins such as Altcoin(ALT) and ERC20 will also be supported.
KeyWallet Touch is equipped with its own Chip Operating System (COS), which has been developed and verified by Keypair for the past many years. It also uses a hardware (smart card) which received the highest level of security, CC EAL 5+. KeyWallet Touch uses a patented technology which Keypair has developed over the years from supplying smart OTP. With its patented technology, KeyWallet Touch operates faster and more stable than other competitions.
KeyWallet Touch is in the form of a Smart card which has already been proven to be reliable and durable for decades. Currently, it can only be used on smartphones equipped with Android OS, but from June 2018, iPhone will also be able to support NFC Write function through future updates on the KeyWallet Touch applicatoin. If so, users can use the KeyWallet Touch on both Android and iPhone devices, and if the KeyWallet Reader is used, Windows PC and Mac could also be used to the KeyWallet Touch.
KeyWallet Touch allows you to transfer cryptocurrencies with a low fee ever. Normally, the transfer fee is considered to be relatively high when transferring a cryptocurrency from a common cryptocurrency exchange wallet to a personal wallet. In addition to the mining commission paid to the miners, the commission paid by the actual customer to the exchange could lead to a substantial amount of fees. In fact, the exchange may actually take more than the mining fee at times. Thereby, KeyWallet Touch does not ask customers for any commission other than the mining commission required to maintain the block chain for cryptocurrency transfers.
KeyWallet Touch is fast. KeyWallet Touch allows you to check transfers in real time. In the case of a cryptocurrency exchange wallet, an additional authorization process such as a phone ARS approval will be required and there may be delays for the transfer to complete.
For smartphones with built-in fingerprint sensors, the customer’s fingerprints can be utilized to use KeyWallet Touch. In order to use KeyWallet Touch, enter your password or perform a fingerprint authentication, then bring the KeyWallet Touch onto the back of your smartphone. Since most smartphones from the recent years come with built-in fingerprint sensors, fingerprints may be used to enhance your KeyWallet Touch experience.
The KeyWallet Touch application consists of a simple, intuitive UI and is easy to use for new users diving into the cryptocurrency industry. In addition, the development towards an even more convenient UI will be assured through steady and continuous update.
KeyWallet Touch is FIDO U2F certified. Fast IDentity Online (FIDO) is a global consultative body with leading companies (Google, Samsung, Microsoft, etc.) participating in the process to complement the shortcomings of various password usages and provide faster authentication methods. KeyWallet Touch is FIDO U2F certified and is compatible with a wide range of products from around the world that support FIDO.
KeyWallet Touch is a cryptocurrency wallet optimized for Blockchain. Cryptocurrencies sent and received by KeyWallet Touch are traded via the Blockchain network of the corresponding cryptocurrency, and the transaction details are recorded permanently in the Blockchain ledger and cannot be reversed. Ironically, however, there are a number of cases in which cryptographic transactions in a cryptocurrency exchange are not actually recorded in the Blockchain network. For quick cryptocurrency trading, the user’s transaction records are usually only stored in the central server of the cryptocurrency exchange, not the Blockchain ledger. The user’s personal wallet does not exist in the cryptocurrency exchange. Therefore, KeyWallet Touch creates the user’s personal cryptographic wallet and the transactions are permanently written in the Blockchain.
For maximum security, the user’s private key that manages the cryptographic assets must be securely stored and used accordingly. KeyWallet Touch is an easy-to-use Cold wallet which keeps the user’s assets safe from hacking.
Lastly, the company has a plan to do ICO this summer as to extend their service for payment functionality.
Keypair is a Start up based in Seoul Korea to manufacture security products for financial institutions and IOT products. The company is originally a specialized in PKI solution with the Smart card technology. Keypair is one of the innovating companies in Korea that has developed / manufactured / sold security tokens (HSM) for the past 7 years and also has provided NFC smart OTP to many financial institutions. Now the company extends their service beyond of authentication to Blockchain and crypto wallet based on SE and IOT security chipsets. The company has also plan to do ICO this Summer to enter Crypto based payment market. For more information, you may contact [email protected] or visit to www.keywalletpro.io
NFC: Near Field Communication
SDK: Software Development Kit
FIDO UAF: First IDentity Online Universal Authentication Framework
FIDO U2F: First IDentity Online Universal 2nd Factor
SE: Secure Element
PKI: Public Key Infrastructure
HSM : Hardware Security Module
OTP : One Time Password
HDD: Hard Disk Drive
COS : Chip Operating System
CC EAL : Common Criteria Evaluation Assurance Level
Tony MK Lee