By ET Bureau - July 07, 2020 3 Mins Read
A few days ago, HyperMate wallet added BCH and LTC hardware multi-signature functions. For now, its supported hardware multi-signature currencies include BTC, ETH, BCH, LTC, HC and ERC20, and more currencies multi-signature are being developed. HyperMate is a hardware wallet developed by the world-renowned multi-ecological digital wallet HyperPay.
There are two main ways to realize multi-signature in the industry: non-hardware multi-signature and hardware multi-signature. Non-hardware multi-signature means the multi-signature is completed through network code, including the multi-signature mechanism of traditional financial institutions and multi-signature on the chain based on the blockchain system. Bitcoin and Ethereum can all realize multi-signature function. These two methods, however, have a hidden danger, that is, the security of the private key is difficult to guarantee.
Multi-signature of traditional financial institutions is generally implemented through client wallets or Web services, and both client wallets and Web services need to rely on a centralized server. Once the server is hacked or the server owner is not reliable, multi-signature is meaningless, and asset protection becomes impossible.
Multi-signature on the chain requires the user to personally use the private key to complete the signing process, but if the user’s mobile phone or computer is hacked, the private key can be completely exposed, and the protection of multiple signatures just no longer exist.
Yet, the emergency of hardware multi-signature has solved the security problem very well. Hardware multi-signature, as the name implies, is to complete the private key signature operation on a separate hardware wallet. The hardware wallet is connected to the mobile phone/computer via Bluetooth or NFC, and then the signature result is broadcasted to the relevant users through the network. Compared with non-hardware multi-signature, there are two main advantages of hardware multi-signature.
First of all, the private key of the multi-signature wallet is completely owned by the user. Except for the user, no third party or centralized organization has the right to view the user’s private key. Therefore, there is no hidden danger of losing the private key caused by the server being hacked. Secondly, the entire signing process is completed in the hardware wallet, completely isolating the network, avoiding the invasion of the signing device, and the private key is most protected.
At present, there are few types of wallets in the industry that can realize the hardware multi-signature function, and HyperMate wallet is one of them. Of course, in addition to the basic hardware multi-signature function, HyperMate has also been greatly optimized for ease of use.
HyperMate is used with the HyperPay App which supports both iOS and Android. The operation of HyperMate can be conducted in the HyperPay App by connecting the hardware wallet to a mobile phone via Bluetooth, simple and convenient, and effectively avoiding network risk exposure problems associated with multi-signature on the chain.
HyperMate also supports firmware upgrades. Linking it with HyperPay via Bluetooth, the user can complete the firmware upgrade after some operations. The user’s account is not affected, and there are more and powerful functions.
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