Digital asset security firm Ngrave has announced the launch of a recoverable, encrypted private key backup engraved on a steel plate for cryptocurrency hardware wallets.
On June 10 an announcement was made stating that Ngrave Graphene is now available to the public after raising more than $159,000 from a crowdfunding campaign on Indiegogo.
Our NGRAVE GRAPHENE key backup for protecting your master seed to the next level! Stainless steel for ultimate durability + complete key split in 2 parts that are meaningless without each other. Thx @decryptmedia. #Crypto Here's also our own blog article: https://t.co/FtjYQPmSXl https://t.co/rwRuXtC4FU — NGRAVE (@ngrave_official) June 10, 2020
Ngrave Graphene has a “cryptographic puzzle” designed on resisting electric shock, rain, fire, heat for up to 1,660 degrees Celsius (3,020º F).
The puzzle consists of two plates containing the owner’s secret key with values on the plate arranged differently for each customer.
However, both plates are required to recover the key.
Ruben Merre, co-founder and CEO of Ngrave says:
“For one, it removes the durability issue of paper wallets or even of electronic backups that can degrade or stop functioning over time. The Graphene is a durable solution made out of stainless steel, so it can withstand a house fire and other extreme circumstances. Also, it removes the ‘single-point-of-failure’ issue of existing metal wallets.”
“The Ngrave Zero is a physically tamper-proof hardware wallet with no online attack vectors. It features top security certification for firmware updates. We also realized that, for the device to be fully secure, we needed to include usability as a layer of security. If you can make mistakes when managing your crypto on your secure hardware wallet, you might even be able to lose them by doing something wrong. So, we made the device as intuitive and foolproof as possible.”
The crypto security firm will soon launch the ability for custodians designated by the keys’ owner to recover those keys (even after the owner dies).
Ngrave Graphene uses cryptographic protocols like EAL7.