Digital asset security company Ngrave announced the launch of an encrypted backup recorded on a steel plate for its hardware crypto wallets. This new feature also features an access key that is private and retrievable by the holder or a designated custodian.
According to the June 10 announcement, Ngrave Graphene is now available to the public after raising more than $159,000 in a crowdfunding campaign at Indiegogo.
The Ngrave Graphene design is like a „cryptographic puzzle“ capable of withstanding electric shock, rain, fire and high temperatures up to 1,660 degrees Celsius (3,020 degrees F).
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The „puzzle“ consists of two plates containing the holder’s secret key with values arranged differently for each client. Both plates are necessary to retrieve the key.
Ruben Merre, co-founder and CEO of Ngrave, told Cointelegraph that Graphene will end the current back-ups that carry the „status quo traps:
„On the one hand, it breaks the durability barrier of physical wallets or even electronic backups that can be damaged or no longer work over time. Graphene offers a durable stainless steel option to resist domestic fires and other extreme circumstances. In addition, it eliminates the „single point of failure“ problem of existing wallets.
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Main characteristics of the new backup
Merre said it all started with a question the company asked itself, the answer to which is for the whole community: „Which tool would we trust completely to keep our first and even our last Bitcoin Code?“
„Ngrave Zero is a tamper-proof hardware wallet, with no cyber attack vectors. It is certified for maximum security for firmware updates. We also realized that, in order to make the device completely secure, we needed to include usability as a security layer. If you are capable of making mistakes when managing the cryptoactives in your wallet, you could certainly lose them by doing something wrong. So we made the device as intuitive and foolproof as possible.
The cryptographic security company will soon launch the possibility for the custodians designated by the key holder to retrieve the keys, even if the holder has died.