According to a report by Reuters, investors have lost over $1.7 billion to cryptocurrency theft. The recent rise in online scams has led to this study of the crypto market. It was shown that the trend has risen over the years with Cryptocurrency theft hitting $2.5 billion in 2018 and a whopping $4.28 billion in 2019. To date, it has been reported that millions of dollars are lost to cyber criminals daily.
The report also has it that over 70% of this theft resulted from fraudulent Cryptocurrency exchanges and weak infrastructure support services like digital wallets. Therefore, a lot of people have tried to find viable custody management alternatives.
Ngrave is one of those companies that has been working on solving the flaws of traditional hardware wallets. Their ambition is no less than releasing the most user-friendly and highest secured device on the market.
Founded in 2018, the founders of Ngrave, Xavier Hendrickx, Ruben Merre, and Edouard Vanham came together to find a solution to the increasing level of Cryptocurrency phishing theft after having being victims of major exchange frauds in the past. It was their quest for a dependable solution that gave birth to the Ngrave wallet.
In this article, we will introduce you an overview of their device and some of the amazing features that make it the best crypto wallet as of now. Ngrave is a blockchain security solution delivering a user-friendly end-to-end service for the independent management of personal cryptocurrency holding. The Ngrave security pack is made of a hardware wallet Ngrave ZERO, a backup solution NGRAVE GRAPHENE, and a software app, NGRAVE LIQUID.
Human-Centered Design
The founders of Ngrave, went through a series of design thinking and iteration before they were able to come up with a user-centered solution. According to them, from day one, they were set on building something that will not only meet a need but will also be simple to use. This led them to interact with the supposed end-users of this product throughout the design and development process.
100% offline and Secret Key generation
Most of the similar solutions out there do not have truly secret keys. It is either the keys that are generated online over the internet or the company generates your key for you, giving them the option of keeping a database of all the keys generated.
But with Ngrave, you are guaranteed the privacy of your secret keys for the first time. There is no third party involved in the generation of your secret keys.
It is designed as a completely offline device, delivering the most ruthless and impenetrable security framework against cyber hacking. As the device does not need connecting over any third-party device or network, hackers will not have any entry point to access your wallet.
Ngrave ZERO is designed to implement a novel key generation technology that depends on your biometrics, your surrounding light, and the built-in chip. This design ensures that you are the one and only one completely in control of your keys.
Multi-layered anti-tampering
Ngrave is built with multiple layers of shield against physical accidents or attacks. This ensures that no one can have access to your keys even if they take possession of your device. In addition to these multiple layers of hard wall, Ngrave has an embedded Security protocol (Security Element) specially made to provide an extra firewall to your private keys.
EAL 7 security certified
The developers of Ngrave were so obsessed with security that they opted for the highest and toughest security certification in the world – EAL7. This product is the first Blockchain product to acquire the EAL 7 certification. This goes to show that this device is built with apt attention to the minutest detail, integrating the toughest security certification and the most developed and premium cryptographic security protocols, all encapsulated within a simple touch screen for an effortless user-experience.
QR code-based communication
When you complete your dashboard set-up process on Ngrave zero, you are given the option of synchronizing your account with all your mobile applications with a simple QR-code generated by Ngrave. Once you scan the QR code with your smartphone, the mobile applications can access all the generated addresses that are publicly enabled. However, your secret keys remain secured offline on the device. Therefore, confirming transactions becomes as easy as taking a photo and you can received and send crypto exclusively with QR codes.
A complementary app: Ngrave Liquid
Additionally to the device, the team developed an app, called Liquid, to give you the possibility to track your portfolio in real time and initiate transactions. Communication between Ngrave zero and Liquid is done exclusively through QR codes so your private keys are never shared with the app and thus remain secured.
A stainless steel backup solution for your keys
Even if you have a hardware wallet, you should always have a backup of your keys. This is why the Ngrave team built the Ngrave GRAPHENE.
Ngrave Graphene is a solid device designed with highly durable stainless steel that can protect it against extreme temperatures. This means that even in the event of a fire incident, your Graphene will still be intact. It is also designed to be water-resistant, shock-&buried-proof and resistant to corrosion.
Conclusion
This ambitious project looks like a real convenient alternative to paper wallets that are still considered to this date as the most secured option to keep your coins safe.
We are looking forward to trying the device, which is expected to be released in October 2020, and share with you our first impressions.
In the meantime, if you want to more info, you can visit their website and watch the video simulation for yourself to understand how it works.
