Thanks for your interest in integrating XDC Network. I have never heard about your company before this. I am only aware about one other seed less cold wallet Tangem and I see a lot of chatter about them on various social medias but have never come across any post anywhere mentioning Ballet cold wallet. How would you compare yourself with Tangem from security's perspective?
Hey, I am not a technical person. I am just asking you from a layman's perspective on behalf of the community. Majority in the community haven't heard about your company but are aware about Tangem Wallet which is also a seedless wallet like yours. That's why the question.
When one asks about how "secure" the Ballet cold storage card is, the question really can come off as a bit vague. There are many aspects that make up the overall security of a product. We'll try to break it down for you as concise as possible.
There are 3 different ways to think about security with your crypto wallet. Let's chime in on each of them.
Physical Security ==============
This refers to the ability of an outside 3rd party to physically come in contact with the card and get access to your keys. Essentially all crypto wallets are prone to this threat. Even electronic hardware wallets can be tapped into if it is in the physical hands of an adversary.
The Ballet wallet has been designed to include tamper-evident components to ensure you if your keys have been exposed or not.
At the end of the day, it's up to the owner to place their Ballet card in an unreachable and safe place that only the owners knows. We also stress the importance of diversifying your crypto assets among different wallets as a precaution if one gets stolen. And one could always make a backup of the keys on the Ballet card, but to warn you, the act of creating a backup can also increase the surface area of the risk of getting one of them stolen. So there needs to be a fine balance of deciding on whether to create a backup or spreading your assets out over different wallets.
Product security ==============
This pertains to the security of the engineering of the product. Ballet's products are designed and engineered using the open-source standard of BIP38. This means you can export the keys to other wallets rather than using our own Ballet Crypto app. This interoperability is crucial in web3 and we get it.
Our Ballet Crypto app has also been audited and pent tested with Certik, which is an industry leading web3 audit firm.
Also, in the past 4 years of existense, the Ballet products have NEVER been hacked into or have ran into product mishaps that have led to loss of user funds.
Security with the team behind the wallet ==============
This pertains to how much trust you should place on the team that made your crypto wallet.
The short answer is that you HAVE to place some degree of trust with the wallet team. There is no beating around the bushes with this. It doesn't matter if the team claims their wallet is the MOST secure or MOST popular or MOST technically complex, you STILL have to trust them. Every wallet has had their fair share of mishaps, whether it be with the product itself or something the team did behind users' backs.
The long answer is that trust can be built with time, pedigree, communication, reputation, market usage, active community, community engagement, and etc.. If you take the time to do your due diligence on us or other teams, then you'll be able to have an assessment of whether or not you feel comfortable with them.
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Hello Angela,
Thanks for your interest in integrating XDC Network. I have never heard about your company before this. I am only aware about one other seed less cold wallet Tangem and I see a lot of chatter about them on various social medias but have never come across any post anywhere mentioning Ballet cold wallet. How would you compare yourself with Tangem from security's perspective?
How would you define security in the context of your crypto wallet Mohit?
Hey, I am not a technical person. I am just asking you from a layman's perspective on behalf of the community. Majority in the community haven't heard about your company but are aware about Tangem Wallet which is also a seedless wallet like yours. That's why the question.
When one asks about how "secure" the Ballet cold storage card is, the question really can come off as a bit vague. There are many aspects that make up the overall security of a product. We'll try to break it down for you as concise as possible.
There are 3 different ways to think about security with your crypto wallet. Let's chime in on each of them.
This refers to the ability of an outside 3rd party to physically come in contact with the card and get access to your keys. Essentially all crypto wallets are prone to this threat. Even electronic hardware wallets can be tapped into if it is in the physical hands of an adversary.
The Ballet wallet has been designed to include tamper-evident components to ensure you if your keys have been exposed or not.
At the end of the day, it's up to the owner to place their Ballet card in an unreachable and safe place that only the owners knows. We also stress the importance of diversifying your crypto assets among different wallets as a precaution if one gets stolen. And one could always make a backup of the keys on the Ballet card, but to warn you, the act of creating a backup can also increase the surface area of the risk of getting one of them stolen. So there needs to be a fine balance of deciding on whether to create a backup or spreading your assets out over different wallets.
This pertains to the security of the engineering of the product. Ballet's products are designed and engineered using the open-source standard of BIP38. This means you can export the keys to other wallets rather than using our own Ballet Crypto app. This interoperability is crucial in web3 and we get it.
Our Ballet Crypto app has also been audited and pent tested with Certik, which is an industry leading web3 audit firm.
Also, in the past 4 years of existense, the Ballet products have NEVER been hacked into or have ran into product mishaps that have led to loss of user funds.
This pertains to how much trust you should place on the team that made your crypto wallet.
The short answer is that you HAVE to place some degree of trust with the wallet team. There is no beating around the bushes with this. It doesn't matter if the team claims their wallet is the MOST secure or MOST popular or MOST technically complex, you STILL have to trust them. Every wallet has had their fair share of mishaps, whether it be with the product itself or something the team did behind users' backs.
The long answer is that trust can be built with time, pedigree, communication, reputation, market usage, active community, community engagement, and etc.. If you take the time to do your due diligence on us or other teams, then you'll be able to have an assessment of whether or not you feel comfortable with them.