The whole idea behind blockchain technology and cryptocurrency is to move toward a decentralized digital online society, leading to enhanced security. Of course, that makes perfect sense in theory, but how about looking at it in practice? How sure is an e-wallet user that his cryptocurrency wallet is tamper-proof? Even though the user keeps the wallet offline, how sure are they that someone couldn’t connect to their hardware through a USB port? These are questions begging for answers. However, Cobo has a realistic solution.
Cobo Is in the Picture Now
Cobo, the top-in-class cryptocurrency wallet for Android and iOS, has designed a device that will help in tackling the challenge. The technology, called the Vault, is essentially giving a turnaround to an old concept by allowing users to store cryptocurrency in a physical vault. However, to ensure that no one connects to it via the aforementioned methods, the Vault is made completely offline. In addition, there are no ports for external hardware device connection. Before the owner gains access to the Vault, the user will have to pass through some exhaustive security measures.
The Architecture of the Cobo Vault
It is designed with a 3-inch screen that looks a lot like the 2007-era smartphone. Also, the device requires a removable 1540 mAh battery to power it. According to Cobo, the idea of integrating a removable battery is to avert accidental discharge of battery due to corrosion. In addition, the Vault delivers a mnemonic tablet that has the capacity to house 24-word phrases. Looking at its impact and water resistance capabilities, the Vault has been rated Ik10 and IP68 respectively.
Setting up the Vault
The good part is, launching the Vault is no neurosurgery. To set it up, you will need to download Cobo’s companion app. Afterward, you will need to power the Cobo Vault. The next step is to input a randomly generated 24-word sequence and then you will set your preferred password. You are almost there. But before that, you will need to scan the QR code on the app that has the Vault’s camera on it. The QR code allows users to connect inside the Vault from the app. That’s it!
What Does This Mean?
In theory, if someone was to steal your smartphone, and then has access to your Cobo password, you have nothing to worry about. No, they can’t have access to the cryptocurrency without holding the Cobo Vault physically. Also, if someone breaks into your home and steals your Vault, the thief will still need access to your smartphone in order to complete the connection. Cobo Founder and CTO, Jiang Changhao, described the most impressive aspect of the device. He noted that if someone steals the device, it then kicks off a “self-destruct process.” Changhao disclosed that it means the device will commence wiping its content the second it detects that its outer shell has been pulled off.
Risk Disclosure
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
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