Pushing Ledger over the edge with a wallet that’s actually secure
Hardware wallets, like Ledger and Trezor ones were a great security improvement over the first generation of crypto wallets (software wallets). Ledger is essentially a USB stick specially formatted to have a high degree of security, including a physical interface on the stick itself for manual authorization that is practically impossible to hack remotely.
Previously, most common crypto wallets were of the “software” variety — programs for computers or smartphones (aka, desktop applications of phone apps). They were a step in the right direction by taking user assets out of the exchange (where, practically speaking, the exchange held the assets, not the user) and into the user’s sole possession. However, they were vulnerable to the usual computer hacks since they were on devices connected to the Internet.
However, even Ledger needs to connect to the internet when making transactions. So the vulnerability is not completely eliminated. Even the big story about hacking into Ledger may not yet be resolved, per this CoinTelegraph article. As long as there is a private key — there is a vulnerability.
Which is exactly why the 3rd generation of crypto wallets is pushing older ones like Ledger… well, over the edge into irrelevance. Chief among them is the Spatium™ wallet — which is keyless. Yes, instead of generating and storing a private key, the Spatium™ wallet uses a different system of “secrets,” which are stored on each device participating in signing each transaction. The secret never leaves its device (so can’t be intercepted). Together, a number of secrets/devices predefined by the user signs each transaction via a specific mathematical interaction.
This means that each transaction is trustlessly verified without exposing any sensitive information about the users involved. It also means that hacking into any of the participating devices will not yield any useful data nor access to user funds. Only compromising every single device that participates in the transaction can put the user at risk (and even then, the Spatium™ wallet has additional security measures).
The result is an unhackable wallet — and that is a huge step up in crypto security. The best part is that the Spatium™ wallet’s software version has the security level of today’s hardware wallets (or better). It is already available in both Google Play and the iOS and Windows phone apps are currently being reviewed.
And when the hardware wallet gets released later this year, it will stun crypto asset holders with its ease of use (shaped like a credit card, biometrics as an authorization option, and more).
The hardware and software Spatium™ wallets work together — for true convenience and quick trading (no wires to connect every time you want to make a transaction).
So what if it pushes Ledgers of the world into obscurity? USB sticks had a good run.
