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This is similar to how smartphones store your biometric data in a Secure Enclave chip, decrypting data when requested via an app, but they never expose the decryption Genuine, you identify yourself to your device with the PIN code. You are the authorized owner of the keys and that the proposed transaction is

When you want to sign a cryptocurrency transaction, you request SecureĮlement to sign it with the keys stored inside it. The core concept of Secure Element is that there is no function orĬapability to read private keys out of the chip - stored keys can not be read or physically removed from the secure hardware ever.

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You have likely used Secure Element before without even being aware of it: your banking card chip, SIM card or electronic ID card with PIN codes all contain Secure Element chips that allow providers to remotely and securely authenticate your access to banking, mobile, or government services.Īll modern Apple smartphones and top Android phones are using Secure Enclave - the stronger brother of Secure Element, to store safely your biometric information. Your private keys are isolated, encrypted, and stored in the Secure Element chip. It is tamper resistant and was designed for high-security applications that need to store highly-sensitive data. Ledger Nano X uses a special, tiny chip called 'Secure Element' that stores cryptographic data.

The Ledger Nano X has a number of built-in security features.

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No matter what new vulnerabilities are discovered in software, if your private keys are stored in an offline specialized hardware device, your keys are safe.

Hardware wallet manufacturers design security features into purpose-built, customized hardware that protect your private keys by keeping them inside the device and permanently isolated from the Internet. Hardware wallets have emerged as a solution to these threats. To keep internet-connected computers secure, a choreographed set of application developers, system administrators, and network monitoring engineers must constantly be aware of security threats and defend online applications against them. Security evolves, and every day reveals new unexpected vulnerabilities discovered by creative hackers.

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This is why specialized secure hardware exists - the smaller the set of tasks that a device performs, the smaller the 'attack surface,' and the less likely that bad actors can find a way to compromise its security.įor a software wallet to be secure, the application has to be built without security flaws, the operating system hosting the application has to be hardened (configured) to thwart attacks, and the computer hardware must be kept physically secure. Not only is the wallet application itself susceptible to attack, but the operating system of the host computer, and even the hardware of the host computer can be the target of attack. However, a potential threat emerges that is present in all applications: software is hard to keep secure. This is convenient, since the blockchain itself is software, and a few mouse clicks in a software wallet can quickly execute a transaction. Many cryptocurrency wallets on the market today are software wallets running on computer systems that are connected to the Internet.