Cypherock - Nervos Support on Cypherock for Decentralised Backup & Inheritance

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Project & Justification
Cypherock is a new kind of Software + Hardware Hybrid solution that allows Cryptocurrency users to store, transact, backup, and inherit digital assets without a single point of failure. Here & Here is the latest progress video.

So How is Cypherock X1 different?

  • The wallet stands strong against any kind of physical attacks as was recently demonstrated on Trezor by Kraken Labs. The wallet generates 4 shares of your private keys each of which gets stored in a cyCard, of which only 2 cyCards are required for signing a transaction. So even if your wallet gets stolen, no one can access your funds.
  • Current hardware wallets secure the crypto but the unencrypted seed phrase on the paper becomes a single point of attack. If you don’t want to use it as a hardware wallet, it can be used to secure the seed phrases without a single point of failure. This device provides similar security as that of Multi-sig but for your seed phrase.
  • Current gen hardware wallets do not have any way to transfer funds to your loved ones without trusting an entity. Using the Cypherock X1 wallet enables the user to this without compromising with privacy and control of the assets. We are also coming up with an inheritance service very soon.

We believe Nervos community will benefit tremendously from the support of CKBytes on the hardware platform that will allow the community to securely backup, inherit & transact the CKByte tokens without the risk of loss & theft.

Team
Cypherock was founded in 2018 by Rohan Agarwal & Vipul Saini, who are currently the directors of the company. It currently consists of 6 engineers both in the hardware & software development roles.
Cypherock is currently backed by Consensys Labs. The founders and engineers have previously worked at/with companies like FOSSASIA (Google Summer of Code), Blockgeeks, Apollo Munich, Nymble Labs, Lockheed Martin, GreyOrange, ARM to name a few. The hardware currently is in private beta.
You can find us on - Medium, Twitter. The codebase of the product is currently closed sourced till launch.

High-Level Technical Specifications

  1. Develop the React library for constructing a transaction for CKByte token.
  2. Create a one-click deployment with NodeJS and AWS for the node infrastructure.
  3. Transaction signing library in C for the token with the Embedded Hardware support.
  4. Support for Backup & Inheritance of the token.

Estimated Timeline
We estimate the implementation timeline to be between 8 weeks to 12 weeks.

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  1. What whould happened when I lost my cyCards? Like when I lost Cypherrock X1 and 2 cyCards at the same time. And I can’t sign any transactions after I lost 3 cyCards, right？It looks like 2/4 multi-sig.
  2. How the inheritance service works?
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  1. It is very similar to 2/4 multi-sig. As long as you have atleast 2 cards, your funds are safe. If you lose 2 cyCards and the Cypherock X1, you can buy another Cypherock X1 wallet and recover the funds from the remaining 2 cyCards. Since the cyCards will be sold separately, you can buy another 4 cards to securely store on it.
    For 2/4 scheme, just like multisig, if you lose 3 cards, your funds are unrecoverable. However, if you feel 2/4 is still a risky scheme for you, in the future versions we will have support for m/n scheme. We chose 2/4 scheme for moderate tech-savvy users.
  2. We will have a blog post soon on the exact details of the working. What I can say in a nutshell is it will be somewhat a sophisticated implementation of dead man switch supporting every asset and enforced through the physical ownership of the cyCards. The closest product I see in the space is https://finalmessage.io/. But still huge differences there in the implementation.