Cypherock X1 wallet is a hardware solution developed by crypto native innovators to simplify the process of asset safety.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
8 mins read
Cypherock X1 is a new player in the digital security ecosystem. Seed phrase backups are a consistent concern in crypto, raising tension over potential loss or theft. There are various ways to keep Seed Phrases, including on paper and meta. These methods could be more user-friendly and, as such, prevent a broad embrace of crypto solutions.
Many people have lost their capital to digital currency wallet hacks, even after taking precautions with seed phrase backups. Due to their centralized nature, traditional cold wallets are susceptible to cyber exploits.
There are scenarios in the past where hackers gained access to mainstream hardware wallets like Trezor and Ledger. Additionally, crypto enthusiasts have often expressed concern about what happens to their digital assets in the case of death.
There are many stories of crypto investors passing on their coins and having their coins lost forever on the chain. Traditional wallets use wills and third-party legal experts to give descendants seed phrase backup. This medium, however, introduces trust issues for users.
Given these challenges, the average user finds it intimidating to enter the crypto space. Nevertheless, the Cypherock X1 wallet aims to address the concerns above by decentralizing private keys. Cypherock X1 users no longer need to worry about seed phrase backups like paper or metal. The hardware wallet also addresses users’ inheritance concerns.
Cypherock X1’s uniqueness is in its ability to decentralize private keys. The device utilizes Shamir’s Secret Sharing to split private keys across four encrypted cards, ensuring no failure.
The wallet has five main hardware components: one X1 Vault and four X1 Cards. The main device, the X1 Vault, features an OLED display and joystick-type navigation buttons for setting up the wallet. This feature provides a user-friendly experience for transaction verification and offline signature.
On the other hand, X1 Cards are encrypted NFC-based smartcards with EAL 6+ secure elements. This means they have the same secure hardware as a bank credit card, which helps to improve the overall security of the Cypherock X1 system.
The wallet account is created so each has its seed phrase and functions as a separate physical wallet. You can use one wallet account to store NFTs and another to store just Bitcoin. Cypherock X1 can also be a seed phrase backup for other crypto wallets. A user needs just the X1 vault and any one of the cards to authorize a transaction. The assets remain secure even if the user loses three of these five components.
Cypherock X1 is set to introduce a beneficiary feature allowing asset transfer after a user’s death. Cypherock or any other party will not know your HODL amount in the X1 Vault or control the assets. This eliminates fear around the loss of crypto in case of death.
The hard case includes other accessories besides the X1 Vault and four X1 Cards. These include a USB Type C cable, X1 anti-theft sleeves, lanyard, OTG adapter, stickers, webcam cover, warranty document, and user manual. The USB acts as a channel that supports application integration. Therefore, DeFi apps and crypto wallets can connect smoothly across many blockchains, improving their functionality.
In Q4 2024, a new feature dubbed Cypherock Cover was launched. It is a hardware-based security service from Cypherock. It provides non-custodial, non-KYC, and censorship-resistant protection for digital assets and can ensure seamless recovery in two common scenarios where assets might be lost: forgetting the PIN or the unexpected passing of the user.
The Cypherock team launched its hardware wallet in open beta in 2022. The team describes Cypherock X1 as the world’s safest hardware wallet, free from seed phrase vulnerabilities.
Cypherock originated in India. Rohan Agarwal serves as CEO, and Vipul Saini as CTO. Rohan has worked in software development since 2014 and ventured into crypto in 2017.
He has also worked with industry leaders like Blockgeeks, Apollo Munich, Siftr Labs, Samsung, and others. Like Rohan, Saini began his journey in Web3 in 2017 and has experience in Hardware Security.
Additionally, Cypherock receives support from industry giants like GnosisDAO and Polygon’s co-founder Sandeep Nailwal.
The Cypherock X1 wallet supports over 9,000 cryptocurrencies, including Bitcoin BTC $104 997 24h volatility: 0.7% Market cap: $2.08 T Vol. 24h: $17.98 B , Ethereum ETH $3 342 24h volatility: 1.6% Market cap: $402.80 B Vol. 24h: $11.19 B , XRP XRP $3.13 24h volatility: 1.1% Market cap: $180.56 B Vol. 24h: $2.84 B , Solana SOL $258.4 24h volatility: 4.5% Market cap: $125.74 B Vol. 24h: $5.17 B , and Tether USDT $1.00 24h volatility: 0.0% Market cap: $139.29 B Vol. 24h: $25.78 B .
The wallet is also compatible with DeFi tokens and NFTs through its user-friendly integration with platforms such as WalletConnect. Also, users can utilize Cypherock X1 across platforms like Coinbase, Binance, Google, and Polygon.
The Cypherock X1 is currently priced at $131.97, making it a highly affordable option for a hardware wallet with top-tier security. Originally priced at $199, the X1’s recent price cut makes it even more affordable for crypto users seeking robust protection.
The Cypherock X1 stands out amongst other hardware wallets due to its advanced security design, primarily around how it handles private key storage.
Cypherock X1 tackles security in three different ways. The first method focuses on decentralized keys. Cypherock X1 splits users’ keys into 5 cryptographic parts, requiring at least two to complete a transaction. This method ensures a user’s asset remains secure even if one card is lost or compromised.
Additionally, the five parts are stored on five tamper-proof pieces of hardware secured with a PIN. The 3-factor authentication mechanism, which uses the X1 device, cards, and a PIN, provides extra protection during transactions. The device is developed with a secure semiconductor architecture that protects against physical manipulation, making it a trustworthy solution for long-term crypto storage.
Furthermore, users can store each of the 5 hardware components in different locations. This makes it nearly impossible for a thief or natural disaster to cause you to lose more than one component at a time. Moreover, Cypherock X1 is an open-source product that lets developers build on top. So, even if Cypher X1 goes out of business, the software survives for eternity.
Lastly, Keylabs, an industry leader in security audits and penetration testing, conducted a complete audit of the project. For context, Keylabs is responsible for discovering vulnerabilities in both the Ledger and Trezor hardware wallets.
Users can move digital assets from another wallet to Cypherock X1 by importing the seed phrase from the other wallet into Cypherock. Once the seed phrase is imported, they can then add coins on the cySync app to view them.
Another method is to create a new wallet on the Cypherock X1. This method involves adding coins on the cySync app to generate the receiving address of each of those coins and tokens. Thereafter, transfer each one of the coins from your existing wallet into the newly created Cypherock X1 wallet. While this method is more expensive, it is the most secure.
You will need the device, the four encrypted X1 cards, and access to a computer to get started with the Cypherock X1. Here are the steps to set up and start using your wallet:
The Cypherock X1 is a great option for users seeking top-notch security. Cypherock X1 goes beyond security and versatility by offering a resilient recovery process. Moreover, the device has a long-term data retention capability of over 20 years, meaning users’ wallet’s essential data remains secure for decades. These features make Cypherock X1 a reliable option for long-term crypto storage.
Cypherock has personalization features that allow brands to create a connection with their audience while offering top-tier security. This means firms can customize the packaging when ordering 50 or more units. Additionally, users can stamp the X1 Cards with their NFTs if they order 100 units or more.
In conclusion, Cypherock X1’s innovative features including its multi-device recovery system and long-term data retention make it a solid investment for anyone serious about protecting their digital assets.
The plastic design appears fragile. While the device has been drop-tested and uses ultrasonic welding, some users said they handle it with care to prevent dropping. Others think the cySync app should offer more functionalities such as digital assets trade.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.