SafePal, developers of the S1 hardware wallet, announced the integration of NEO into its range of supported digital assets. NEO will join other supported cryptocurrencies, which includes BTC, ETH, BNB, and more.
Hardware wallets are cold storage devices that can be used in place of a private key for asset management, with the aim of reducing the risk of private key theft. SafePal’s first hardware wallet is the S1, which touts several data protecting and anti-tampering mechanisms, retailing at a price of $39.99.
The team has provided a user manual and quick start guide for S1 owners. The manual provides information on the device, setting up a PIN code, and general usage of the wallet application.
S1 Hardware Wallet
The SafePal S1 hardware wallet has a low profile form factor, intended to make travelling with the device as easy as possible. It communicates with the SafePal App via an encrypted QRcode solution, instead of using USB, Bluetooth, WiFi, or NFC. This communication method was chosen to keep assets offline at all times.
A dual-chip design has been used to separate security logic from operational logic in the S1. An EAL5+ secure element is responsible for securing the private key and approve payments. A true random number generator has also been implemented to ensure that the private key is generated as securely as possible.
In addition to the previously mentioned security mechanisms, sensors have been embedded in the device to detect changes in voltage, light, frequency, and other variables. This allows the S1 to detect physical attacks, triggering a self-destruct mechanism to erase the private key and any asset details.
In the event that the device is lost, damaged, erased, or the PIN code is forgotten, users can recover assets through the use of a mnemonic phrase creating during setup. The S1 hardware wallet must be used in conjunction with a companion app, available for iOS and Android devices.
According to Veronica Wong, SafePal CEO, third party review of the code used by the wallet is currently underway:
“We are now working with a prestigious security team from Europe to audit the codes, the project started a few weeks ago so I’m afraid there isn’t much thing[sic] to share right now. Before we launched the project, we’ve worked with 3 security companies in the hardware+software penetration on the hardware wallet and the App.”
Further details on the security mechanisms used by SafePal can be found within the Knowledge Base, alongside recommended best security practices for users.