In the world of electronic money, Bitcoin has emerged as the mainstream means of payment, and with its unsurpassed advantages such as decentralization and low transaction fees, it is accepted by more and more stores. This decentralized digital currency goes directly from person to person without going through banks or clearinghouses, which leads to its low fees. As beneficial and user-friendly Bitcoin is, it becomes the favorable target for hackers. These chaps can tap into many channels to steal users’ coins. What is worse, the stolen coins are irretrievable because of its anonymity and timeliness. Typically, users store keys in their computers and transact. In light of it, hackers’ tricks are as following:
Storing keys in a secure hardware device is the trend of designing Bitcoin wallets. This kind of wallets only functions when signature is needed during transaction; otherwise the wallet is offline and won’t be connected to the Internet devices, which can effectively isolate hackers from Bitcoin keys. This sort of wallets is nicknamed "cold wallet."
We have launched a Bitcoin wallet called BCSE (Bitcoin Secure Element) based on our extensive experiences with chip firmware and cryptographic algorithms. The BCSE uses a cryptography chip to perform Bitcoin's signature algorithm (ECDSA) and functions as a virtual wallet. This chip can be embedded into smart cards or any devices.
This chip has passed Common Criteria EAL 5+ International Security Certification, ensuring the security of the storage space. It also provides multiple secure authentication mechanisms and allows users to set their favorable security level. The APDU command specification and Host libraries are opened to the public for wallet software integration. Currently, customized Bitcoin-Core and Multibit are available for BCSE users and wallet developers. The following video demonstrates the BCSE is used with Bitcoin-Core to sign a transaction.
IKV also designs the security mechanism for cryptocurrency hardware wallet (cold wallet) manufacturers. If you have any requirement, please contact us.