A hardware wallet is a special consumer electronic device that is built specifically for securely storing a user's private keys or digital identity.
All actions on the blockchain and the public addresses associated with them are visible to all participants on the blockchain. In fact, this is what makes them so secure and immutable to theft and tampering. That said, users’ private keys — or their digital identity and the keys to transferring their digital assets and cryptocurrencies like Bitcoin -- must be kept private and secure. Anyone who gets access to their private keys gets control of your digital assets.
Investors, developers, miners, or just regular users can use hardware wallets as a solution to manage their private keys and transfer cryptocurrencies like Bitcoin or other digital assets.
They have several advantages over standard software wallets and custodian solutions like online exchanges:
- Private keys never need to be in contact with potentially-vulnerable software or other devices
- In fact, your private keys aren’t stored anywhere on Keevo; rather, they are re-created in a protected area of a secure element or microcontroller unit (MCU) on your Keevo after you authenticate your digital identity with multiple factors (e.g., your password and fingerprint)
- The custom-designed and manufactured Keevo printed circuit board and operating system is designed to specifically protect the data on it and keep your private keys immune from many computer viruses that infect other computers and make other software wallets prey to cyber attackers and hacks.
- Given hardware devices operate totally independent of any other parties, they maintain a very high degree of confidentiality and give users much more privacy and control over their data.