Cold Wallet Support: Elrond Assets To Be Protected With The NGRAVE Security Device

Beniamin Mincu
May 11, 2020 · 3 min read

Elrond Network and NGRAVE have entered a collaboration that will enable assets on the Elrond blockchain to be safely stored in the Ngrave cold wallet solution. The native currency $ERD, stable coins such as the Binance $BUSD or any other token on our blockchain can be stored and accessed using this offline security option.

The cold wallet solution by NGRAVE uses a proprietary device with a touchscreen interface and built-in camera & biometric sensor, complemented by a mobile app. Public information is scanned between the two devices via QR codes, while the private key never leaves the offline device. Wallets are further backed up with steel plates which users engrave with their specific recovery markers.

“The internet has shown us that our identity, data & possessions can be at risk with improper security. Good security needs to exist both on the user side and on the system side. The Elrond blockchain offers high performance, but also addresses the system side of security with decentralization, state of the art cryptography and a thoroughly audited protocol. We’re excited to partner with NGRAVE, whose strength lays in combining an extreme level of security with great user experience.” said Beniamin Mincu, Elrond CEO.

Blockchain has one of the most advanced forms of innate security. The cryptography employed to protect Bitcoin has yet to be breached, after more than 10 years since the original cryptocurrency has launched. But protecting the private key used to access blockchain assets often leads to stolen funds, estimated at over $11bn so far, without counting the ones lost due to improper private key backups.

“We observed the Elrond technology and concluded it to be advanced & ready to compete with big names in the space. It is ripe for large volumes of transactions, high value asset tokenization and DeFi projects. We are therefore happy to partner with Elrond and offer its users a secure and easy to use tool for protecting their assets.” said Ruben Merre, NGRAVE CEO.

About NGRAVE

NGRAVE is a blockchain security provider offering a secure and user friendly end-to-end solution for the self-sovereign management of individuals’ and business’ digital assets and cryptocurrencies. Contact us: safe@ngrave.io.

About Elrond

Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.

Elrond Network

A scalable value transfer protocol for the digital economy