Meet Spatium — A practically un-hackable crypto wallet

Bitcoin and other cryptocurrencies are becoming more and more popular, but many first time investors are still apprehensive for two reasons:

• Concerns over security (with regular news about exchanges and wallets being hacked), and
• An unnecessary level of complexity of storing and transferring cryptocurrencies (especially figuring out which wallet to get for which cryptocurrency).

The first problem is a massive concern in the crypto industry. Since 2011 it is estimated that there has been a theft of some $1.7 billion in crypto. If you correct for the value of those coins rising over time, it quickly reaches 10 billion.

Hardware wallets offer significantly improved security because they are usually entirely cut off from the Internet, except for when you want to access them. When your hardware wallet is disconnected, there is nothing a hacker or a thief can do to your funds unless they get physical access to your hardware device.

This brings us to our second problem. While your funds are in cold storage, you can’t do anything with them. That means you can’t sell your coins, buy anything with them, or even send them to another wallet.

We recognized that there is a need for a solution that offers unparalleled security features while giving crypto investors and traders the flexibility of an online wallet.

To solve these key problems, we developed an entirely new protocol that takes security of any cryptocurrency wallet (software or hardware) to a new level, to the point of being unhackable. Based on our unique protocol, we created Spatium — an unhackable, multiplatform wallet that already supports over 100 cryptocurrencies. Spatium is the 3rd generation of crypto wallet and we firmly believe that we have created a ready to use highly robust solution.

Hardware level security, in a software wallet

With Spatium, we have developed a novel protocol that solves pressing security concerns in the cryptocurrency space. As its first (and cornerstone) use case, we are introducing a new software wallet to the market that is more secure than even the hardware wallets on the market today.

Our protocol is able to achieve this new level of security in part by using distributed signing of transactions — without any private key to be stored on the user’s device. No private key means there is nothing to steal.

Our protocol uses a combination of a number of well-known and proven technologies, including the Secure Multi-Party Computation (SMPC) algorithm.

The protocol developed by Spatium employs multiple devices to sign transactions. These devices could be your mobile phone, your desktop computer, your smartwatch or even a new kind of hardware wallet (more on that shortly).

Our protocol makes it possible to achieve an unhackable level of security because the pieces of information — called secrets — that are stored on each device and are required to sign a transaction never leave the respective device and are never exchanged between devices.

This ensures that even if one device is compromised, there is no way for a hacker to obtain the additional secrets to sign off a transaction. There is no single private key being generated or stored in the Spatium wallet. If transaction details are not agreed upon by the different devices, the transaction will fail to execute.

In a nutshell, there are two main parts to how the protocol developed by the Spatium team works:

• Each party uses its own secret that is generated and stored independently from other devices’ secrets.
• Wallet addresses form through the process of interaction of the devices. Transactions are executed in the same manner.

For details, see our whitepaper here.

If hackers want to access funds in a Spatium software wallet, they must simultaneously compromise each of the parties that participate in our protocol, which is practically impossible to achieve.

The Spatium Hardware Wallet

The hardware wallet will provide additional functionality like fingerprint authorization, easy restoration of lost data, and interaction with many other parts of the Spatium ecosystem. Its biometric authorization and recovery abilities are among several features that introduce an even higher level of functionality that our protocol makes possible in a secure, easy-to-use manner.

For example, even if an assailant forces a Spatium wallet user to authorize access to the hardware wallet, we have a built in a Plausible Denial feature that will open access to a small amount of funds and lock the rest away.

Every coin in one place

The Spatium wallet is not just a Bitcoin wallet or an Ethereum wallet. Our protocol made it easy for us to create a wallet that already supports over a 100 cryptocurrencies for mainstream adoption, and we plan on adding support for more cryptocurrencies in the coming months.

One of the advantages with the Spatium wallet is that we can integrate any coin into our wallet quickly — further delivering on our wallet’s mission to be the one wallet for all coins.

We have already partnered with NEM, EdenChain, and a few other well-known players in the crypto space, which we will be announcing in the months to come. Stay tuned for more partnership announcements.

Sign up for our Beta Program

The first use case of our novel protocol, the Spatium wallet, has both a software and a hardware version. The security features on the software wallet are just as good, if not better than the best hardware wallets out there today.

The software wallet is already available for download as a private beta. Sign up for our beta program to get early access — https://goo.gl/forms/UyZJ2VP9NywsEqe82

For details about our protocol, wallet, team, roadmap, and whitepaper, please visit our website at spatium.capital

Join the conversation on our official Telegram Channel — https://t.me/spatiumwallet