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The world of cryptocurrency storage is constantly evolving, and hardware wallets are considered one of the best ways to keep your digital assets safe. With increasing attacks and hacks targeting crypto users, choosing the right wallet to store your assets securely has never been more critical. In this article, we’ll compare three well-known hardware wallets: Tangem, Safepal S1, and Cypherock X1, focusing on various aspects like design, security, backup options, and overall usability.
When selecting a hardware wallet, it’s essential to consider how the wallet feels in your hand. After all, you’ll be interacting with it frequently.
The Cypherock X1 has a unique design. It includes the X1 Vault, which has a robust build with a dual-chip setup comprising an STM32 microcontroller and a secure element for offline verification. The X1 Vault includes an OLED display and a joystick for smooth interaction and secure transaction verification. Its NFC-enabled X1 cards offer additional layers of convenience, making the wallet both secure and user-friendly.
The Safepal S1 wallet is designed to be small and portable, resembling the size of a credit card. It has a compact design with a 1.3-inch color IPS display, which provides a clear interface for managing crypto assets. The wallet is also equipped with QR code scanning for offline transactions, offering air-gapped security. While it's easy to carry and fits well in your pocket, the wallet lacks advanced interaction features, such as a joystick or button, making its usability slightly less interactive than the Cypherock X1.
Tangem is the most minimalistic wallet in terms of design. It comes in the form of smartcards that are about the size of a regular credit card. It is highly portable, but it lacks an on-device display or buttons for manual verification, making it less user-friendly. The Tangem cards rely on an app for transaction signing, which raises some security concerns. While it is convenient to carry, the simplicity comes with limitations when compared to the other two wallets.
Security is the top priority when choosing a hardware wallet. Here’s how each of these wallets measures up:
The Cypherock X1 stands out in terms of security because it adopts a decentralized key storage system. The X1 Vault stores the private key in five cryptographic parts, with each part stored in a separate tamper-proof hardware component (the X1 Vault and four X1 cards). Even if one, two or even three components are lost or compromised, the full private key remains safe. This level of protection makes the Cypherock X1 incredibly secure against both physical and online attacks.
Additionally, the Cypherock X1 has been thoroughly audited by KeyLabs, a leading security firm that has also evaluated prominent wallets like Trezor and Ledger. These independent audits further validate the integrity of the Cypherock X1’s security design, assuring users that the wallet is not only effective but also resilient against the latest security threats.
The Safepal S1 is equipped with an EAL 5+ secure element, which ensures that private keys are stored in a tamper-resistant environment. Additionally, it offers self-destruct mechanisms that wipe all data if the wallet detects any physical tampering. The air-gapped technology ensures that the wallet operates completely offline, minimizing online vulnerabilities. However, it does not provide the same level of decentralization as the Cypherock X1, and the lack of a backup option could be a drawback if you lose your wallet.
Tangem has an EAL 6+ secure element, which provides robust protection for your private keys. However, the lack of an on-device display and buttons means that you must trust the companion app to verify transactions. This reliance on an app compromises security since the app can be susceptible to hacks. Moreover, without physical transaction confirmation, users are more prone to blind signing, where transactions are approved without verifying their details, potentially leading to loss of crypto.
Additionally, Tangem’s reliance on the companion app means that if your phone is compromised, your entire wallet could be exposed to attacks, including phishing and social engineering attacks. Tangem recently faced criticism over a significant security vulnerability that inadvertently collected users' private keys through email interactions. This issue, which was acknowledged by the company, raised concerns regarding the storage of sensitive data in email histories.
One of the most important features of any hardware wallet is its backup and recovery options. Here’s how the wallets compare in this regard:
The Cypherock X1 uses Shamir Secret Sharing to split your private key into five parts, you don’t need to write down and manage the seed phrase(but seed can always be seen on X1 vault). You need just two parts to recover your wallet, making it highly secure and easy to recover even if you lose one or more parts. You can order replacement components, ensuring the wallet's recovery is hassle-free. The design also eliminates the need for a seed phrase, which is often a vulnerable point in many wallets.
The Safepal S1 provides a self-destruct mechanism that wipes the wallet if tampering is detected. In terms of recovery, Safepal users need to write down the 12, 18, or 24-word recovery phrase, which is used for restoring the wallet if lost. This system offers standard recovery options but still involves the risk of exposure if the recovery phrase is stored in an insecure location.
Tangem does not display a seed phrase to the user during the setup process. Instead, it uses multiple cards to store the private key, but if one card is lost or damaged, you must purchase a new Tangem card to restore your wallet. The lack of a traditional backup option (seed phrase) can make recovery complicated, especially if all cards are lost.
When it comes to using a hardware wallet, ease of interaction is key. Let’s see how these wallets perform in terms of usability:
The Cypherock X1 features a user-friendly interface with an OLED display and joystick for easy transaction verification. You can interact with the wallet offline, making the experience seamless and secure. The CySync app further enhances usability by guiding you through the setup process and allowing you to manage multiple wallets in one place. Its clear instructions and support for multiple wallets make it ideal for beginners and experienced users alike.
The Safepal S1 uses a QR code-based transaction signing method. It does not require internet connectivity, which can be beneficial for offline security. However, it’s important to note that relying on QR codes for transactions may not be as intuitive as using a device with a display or a more advanced interface. The wallet's compact design and app integration help make it easier to use, but it might take a bit of time to get used to.
Tangem is extremely simple to use, requiring nothing more than tapping the card on an NFC-enabled smartphone. However, its lack of an on-device display means you can’t verify transactions before signing them, which can be risky. While it is very portable and convenient, the blind signing can cause significant security issues if the app is compromised.
Transparency is important in ensuring the security and integrity of the firmware running on your hardware wallet:
The Cypherock X1 firmware is fully open-source, meaning anyone can review, audit, and verify the code running on the device. It has been audited by KeyLabs and WalletScrutiny, providing users with transparency and confidence in the security of their assets.
The Safepal S1 firmware is not open-source, which could be a potential concern for security-conscious users. While the wallet's self-destruct mechanism and tamper-proof security are solid, the lack of open-source firmware limits users' ability to independently verify the device's security features.
Tangem’s firmware is closed-source, meaning that the code running on the cards cannot be independently audited or verified. While the company claims the firmware is secure, the closed nature may limit user confidence, especially for those who prioritize open-source software for transparency.
Coin and blockchain support is essential when selecting a hardware wallet. Let’s break down how these wallets compare:
The Cypherock X1 supports over 9000 assets across 10+ blockchains. It also supports Solana, Polkadot, Cardano, and NFTs, making it one of the most versatile wallets on the market. The wallet's future-proof design ensures that new tokens and coins will be added as they gain popularity.
Safepal S1 supports over 30,000 tokens and 100+ blockchains, including Bitcoin, Ethereum, and Binance Coin. It also supports NFTs and DeFi integration, making it a good choice for users engaged in the broader blockchain ecosystem.
Tangem supports 38 networks and can store keys for a few thousand tokens. However, it does not have the same level of support for newer tokens and blockchains that Cypherock X1 and Safepal S1 provide. Additionally, Tangem’s reliance on NFC cards means that not all coins may be supported in the future.
The companion app plays a big role in managing your wallet and assets.
The CySync app(available for Windows, MAC, Linus, Android and IOS) is user-friendly and provides a clear guide for wallet setup, backup, and transaction management. It allows you to manage multiple wallets and perform a variety of functions securely. The portfolio aggregation feature makes it easy to track all your assets in one place.
The SafePal app integrates seamlessly with the S1 wallet, providing users with an intuitive interface to manage assets, trade securely, and handle NFTs. It’s designed to work well with multiple blockchains, giving users access to a broad range of assets.
The Tangem app is designed to be simple and minimalistic. It’s easy to use for transaction management but lacks some advanced features that the other wallets offer, such as portfolio aggregation and multi-wallet support.
Considering the future of your crypto assets is important, especially for inheritance purposes.
The Cypherock X1 allows for multi-wallet management (up to four wallets), and users can easily pass down assets without compromising security. The decentralized key storage ensures that the private key is not in a single location, which makes it harder to compromise. Additionally, with Cypherock Cover, users gain an extra layer of protection.
Cypherock Cover offers a comprehensive recovery plan, allowing users to securely recover their assets if any part of their wallet is lost or damaged. This added layer of protection ensures that Cypherock X1 users can maintain access to their assets, even in the worst-case scenario, all while keeping their keys decentralized and secure.
Safepal S1 allows for multiple cryptocurrencies but does not offer as many flexible options for inheritance. The lack of multi-wallet support makes it less suitable for users with complex asset needs.
Tangem is less flexible when it comes to inheritance options. Since the private key is stored on the card, losing or misplacing it could lead to asset loss. It lacks a simple way to pass down assets without purchasing a new card.
Let's summarize the strengths and weaknesses of each wallet:
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In conclusion, if you value security, flexibility, and long-term asset protection, Cypherock X1 is the clear winner. It offers unparalleled security with decentralized private key storage, multi-wallet support, and open-source firmware. If you're looking for affordable yet secure storage for a variety of tokens, the Safepal S1 offers great value with its air-gapped technology and secure element. If simplicity and portability are most important to you, Tangem is a good option, but its lack of on-device verification means you should be cautious with it.
Make your choice based on your specific needs, whether it's high-end security, ease of use, or low-cost options.
Start securing your crypto journey today—visit Cypherock X1 to learn more.
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