People normally view BOX system as an ultra secure hot wallet with approval flow — it’s true in most cases, while one client remind us of something else:
“ So BOX can turn into cold wallet if we shut the signature machine down? ”
What an idea!
Let’s recall BOX system’s generation of private key:
- At least 3 shareholders generate a private key by sequentially inputing their key sentences (KS).
- The private key is encrypted and stored in the signature machine’s memory.
There are two conditions to turn off signature machine:
- Any of the shareholders can shut down the system if he/she finds anything risky.
- Any attack to the signature machine will trigger the BOX guard program to execute and shutdown the system.
Once signature machine is powered off, the private key in memory will disappear immediately and completely without any trace left.
Later when signature machine restarts, all shareholders are required to re-enter the correct KSes to re-generate the same private key, and the system will run smoothly as before.
That is to say, when signature machine is off, the private key is not even existing anywhere — compared with normal hardware wallet which keeps private key encrypted and offline to prevent stealing — BOX system as a cold wallet has even higher security level.
Furthermore, it’s effortless and seamless to switch between hot and cold wallet — turn on and off the system.
Traditional cold wallet with offline preventing vs the in-existence of private key that BOX system functions. Which one do you think is even better?
