USE CASE N°02
Digital assets - cryptocurrencies and tokens - are stored on blockchains. Access to these digital assets is provided via public and private cryptographic key pairs. The blockchain can be seen as a bank’s vault and the private keys are comparable to a customer’s PIN. The owner of the private key is the de facto owner of the digital asset. Private keys have therefore become a major target of advanced hacking attacks.
Safe storage of vulnerable private keys is the number one concern for owners of digital assets, whether such assets are passively held or actively traded on exchanges. Although the interchangeable use of hot or cold wallets can improve the resilience to fraud and criminal activities that target digital assets, they generate usability issues.
Storing private keys in paper format in a physical safe can be reliable but requires manual human intervention whenever tokens are exchanged. This remains highly cumbersome if frequent use is sought by owners and in some instances entirely defeats the added value of digital assets.
HOT DIGITAL WALLETS
The RIDDLE&CODE digital cold wallet leverages the RIDDLE&CODE chip’s ability to generate and store its own private key 'off-the-bus'. In other words, the generation, storage and use of private keys is entirely done by the chip. The usability issue is therefore addressed while maintaining the superior security of cold wallets. Another level of security is added by using multi-signature whereby multiple chips are required to sign off on a given digital asset exchange.
- Institutional investors can confidently enter the blockchain-based digital trading space
- Frees blockchain technology from its most fundamental interfacing issue
- Mobile – chips can connect via BLE
- Any person or company that uses and holds digital assets