Zinger Key Points
- Tangem's technology enables secure private key transfers between hardware wallets, preventing exposure to potential security threats.
- The system uses cryptographic authentication, ensuring only verified Tangem devices can receive and decrypt the private key.
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The United States Patent and Trademark Office has granted hardware wallet provider Tangem a patent for its private key backup technology, which eliminates the need for traditional seed phrases in cryptocurrency wallets.
The system allows secure key transfers between hardware wallets without relying on an intermediary, addressing a long-standing issue in self-custody security.
The technology enables users to create encrypted backups of their private keys on additional Tangem devices, ensuring recovery without exposing sensitive information.
The system uses cryptographic verification and end-to-end encryption, preventing unauthorized access even if a smartphone is used as an intermediary during the transfer.
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Andrey Lazutkin, Chief Technology Officer at Tangem, explained that in the process "The trusted device is the Tangem card itself".
He further said that the system is comprised of “two or three cards, we establish a secure connection between them using the Diffie-Hellman algorithm with mutual authentication.”
At that point “the private key gets securely transferred from one card to another, and then from the first card to the third."
By eliminating the need for written seed phrases and integrating a tamper-proof authentication process, Tangem aims to enhance security and accessibility for cryptocurrency users.
The company's approach reflects a broader trend toward simplifying self-custody while mitigating common vulnerabilities in crypto storage.
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