Why the first EAL7-certified crypto wallet is so important in the world of cryptocurrency?
Who are they and what do they do?
Ngrave is a tech company dealing with the security of digital assets, whose mission is to eliminate the loss of cryptocurrency by malware and hackers. On May 26th, they will start collecting the preorders for their flagship product, which is Zero. Zero is an offline digital crypto wallet with a display that, as they emphasize, is EAL7 security certified, the highest of 15 levels of the international security standard describing a product or system that only the EAL7+ beats.
Zero – the flagship product of Ngrave is to be completely offline, without an internet connection, without Bluetooth, without NFC, without 4G, it won’t even have a USB port. Ngrave Zero will generate private keys in offline mode, so no one can reveal them in any way. Cryptocurrencies will be able to be sent using QR codes that do not contain any sensitive information. Isolating itself from all kinds of connections to the “outside world”, this crypto wallet is like a fortress for your funds. Supported by a small screen, the device is encapsulated in high-end metal and is sure to circulate the crypto world.
Is that necessary?
As you can see from the video published by Ngrave, the amounts of cryptos that were stolen by hackers are enormous. All the scams that have taken place in recent years show how important it is to protect your digital assets. Among other things, this is where the idea of creating an ultra-secure crypto wallet came from, but the main motivation was the experience of NGrave’s current Technical Director, Xavier Hendrickx, who lost 44,000 ETH (now worth $8.5 million) in 2017 by attacking his account. Work on the safest cache has been going on since 2018 and in less than a month the whole world will have access to it via the Indiegogo crowdfunding platform.
We made a quick video of the history of #crypto hacks over the period 2014 – 2020. Eye opening how hacks increase both in size and frequency. Do keep your security seriously, folks! #Bitcoin @BitcoinMagazine pic.twitter.com/XwACLpaUhN
— NGRAVE (@ngrave_official) April 21, 2020
Is it worth it?
Due to the risk, investors do not keep all their cryptos in one wallet, they use both hardware, desktop and mobile wallets. In the world of cryptography, a large number of traders in the back of their heads think that all their funds may suddenly disappear. Perhaps Ngrave will change these fears forever, making keeping a cryptocurrency as safe as keeping money in a safe. We don’t yet know the price of the safest wallet that is Zero, but for serious investors, it will be a perfect choice.