Re: [bitcoin-dev] Removing Single Point of Failure with Seed Phrase Storage

From: Jeremy <jlrubin@mit•edu>
To: Contact Team <contact@cypherock•com>,
	Bitcoin Protocol Discussion
	<bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Removing Single Point of Failure with Seed Phrase Storage
Date: Wed, 26 Feb 2020 11:56:09 -0800	[thread overview]
Message-ID: <CAD5xwhgP=9-AvMOVO+-b9c3DZ_vYd-bPLYM26Qvawmcj28UOZw@mail.gmail.com> (raw)
In-Reply-To: <CAEcfjBRCA1sKcFC5M++WECsgYD-jDBYGuwxLfh0PSzRkCehEDA@mail.gmail.com>

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As a replacement for paper, something like this makes sense v.s. what you
do with a ledger presently.

However, shamir's shares notoriously have the issue that the key does exist
plaintext on a device at some point.

Non-interactive multisig has the benefit of being able to sign transactions
without having keys in the same room/place/device ever.
--
@JeremyRubin <https://twitter.com/JeremyRubin>
<https://twitter.com/JeremyRubin>

On Wed, Feb 26, 2020 at 9:14 AM Contact Team via bitcoin-dev <
bitcoin-dev@lists•linuxfoundation.org> wrote:

> Hi Everyone,
> Seed phrase security has been a subject of discussion for a long time now.
> Though there are varying opinions on the subject but the conflict usually
> arises due to different security models used by different individuals. The
> general practice in the space has been to use paper or metal engraving
> options to secure seed phrase but those too act as a single point of
> failure when secure storage is concerned. The hardware wallets, no matter
> whether use a secure element or not can be hacked either through basic
> glitching or through bigger schemes state enforced backdoors in the closed
> soured SE used.
>
> The option that Cypherock (Cypherock X1 Wallet)  is working on removes a
> single point of failure when it comes to storage of seed phrases. It uses 2
> of 4 (with the option of setting up custom threshold limit) Shamir Secret
> Sharing to  split the seed phrase into 4 different shares. Each share gets
> stored in a PIN ( hardware enforced ) Card with an EAL 6+ secure element.
> The user would need any 2 of these 4 cyCards to recover the seed or make a
> transaction. Ideally they should all be stored at different locations and
> this added security through distribution makes losing seed phrase highly
> improbable. We have decoupled storage and computation aspect of a hardware
> wallet. More information can be obtained from cypherock.com. The purpose
> of this mail is to get feedback from the community. Let us know if there is
> any feedback, we would love it.
>
> Thanks
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>

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