Digital Asset Security Firm Ngrave announced the sale of its flagship product, the fully offline Ngrave Zero hardware wallet, to be launched next month..
The devices will be available from Indiegogo from May 26th and should be delivered in October.
Ngrave claims to be the first EAL7 certified cryptocurrency
Ruben Merre, co-founder and CEO of Ngrave, told Cointelegraph Your product introduces “a number of innovations compared to existing solutions”and explains:
“The Ngrave Zero is 100% offline and offers extreme protection against manipulation. It is the only blockchain wallet with EAL7 security certification, the highest security certification in the world. ”
The Assessment Assurance Level (EAL) is an international standard for security classification that was introduced in 1999. EAL7 is the second highest level of fifteen degrees, just behind EAL7 +.
“You never need to connect to another device or more than 4G, WiFi, Bluetooth, NFC, or any other network connection – not even for key generation, account synchronization, or transactions.”
Zero uses wall charging and QR codes to avoid any connection to the device so that it can stay “on air” at all times.. Merre said the wallet also “has multiple layers of tamper-evident military quality.” The device is operated with a 4-inch touchscreen.
The company has partnered with the research and development company Imec for nanoelectronics and chip production as well as with Cosic, a company known to hack Tesla vehicles multiple times, for his experience in industrial cryptography.
In addition to private investors, the company was also financed by the European Commission, the Flemish government and the Web3 Foundation.
Zero was developed for 20 months
Merre claims that Zero’s development was motivated by the experience of the Ngrave co-founder team with poor crypto security, including the loss of 44,000 ether (ETH) by Ngrave CTO Xavier Hendrickx at the 2017 parity hack:
“The three co-founders of Ngrave wondered if there was a solution that we would really and completely trust to keep our cryptocurrencies to ourselves. We could not find any solutions on the market and therefore decided to build them ourselves. “
Ngrave started developing Zero in April 2018. The team built a functional prototype on a Raspberry Pi and presented its vision to Imec. “It was the beginning of our collaboration with many world-class teams to build the Ngrave ZERO from scratch,” said Merr.It took us a little over 20 months to fully develop it“”
Ngrave tries to replace paper wallets
Ngrave will also launch Graphene, which the company calls “the first recoverable backup in the industry”.
Graphene consists of a cryptographic puzzle that consists of two durable stainless steel plates that are completely resistant to impact, rain, fire and other damage“and is intended to replace” outdated “paper wallets.
Merre claims that Zero “notices when they attack, and deletes all keys“”
Ngrave is also launching a mobile application that synchronizes the accounts of a user’s devices for their management and communicates with hardware wallets using QR codes to maintain the air gap.
The sale will start on Indiegogo
When asked why the company chose Indiegogo to launch, Merre highlighted the “huge user base” and “substantial traffic” of the platform. Merre added:
“”[Indiegogo] It helps us identify the demand that we might otherwise miss. For example, if the Philippines is a region that is very interested in what we offer, we will likely notice it on the platform. “
Do not stop reading: