How to prove the absolute security of Ownbit cold wallet

Ownbit 2023-07-02

The absolute security of Ownbit’s cold wallet is not an advertising slogan, but a feature that can actually be proven. We can mathematically and logically prove the absolute security of Ownbit’s cold wallet.

Ownbit cold wallet is trustless from the beginning, so you don’t have to worry about software bugs or malicious code from software developers (trying to steal your assets). You can use it and prove its safety by yourself.

To prove the security of Ownbit cold wallet, you only need to agree with the following logic:

1. The cold wallet is permanently offline

Two mobile phones are required to use Ownbit cold wallet. One of the mobile phones went offline permanently after being connected to the Internet to download the Ownbit App (pulling out the SIM card and deleting the WIFI information, making it impossible to connect to the Internet). Because it is permanently offline, it is impossible to pass any information to the network, so no information can be leaked.

2. Mnemonic phrase can be imported from outside

Ownbit cold wallet supports importing mnemonic phrase in offline mode. You can generate the mnemoic phrase in other places, and then import it into the Ownbit offline. This can relieve your concerns about the safety of mnemoic phrase.

https://iancoleman.io/bip39/ is a popular tool for generating mnemonic phrases (Save the webpage as a file, and then open it in an offline enviroment). Note: This is not an endorsement of any tools. It is recommended that you investigate and study yourself.

3. Transfer information through QR code

Ownbit cold wallet interact with Watch wallet by scanning QR codes. All QR codes can be parsed as plain text and reviewed one by one to confirm that there is no security information leak from the cold wallet side.

The QR code generated by Ownbit cold wallet mainly contains two kinds of information, one is the public key (including extended public key) and address of a certain coin, and the other is the signature result of a certain transaction. All QR codes can be parsed into plain text and reviewed one by one. For specific parsing examples, please refer to: https://ownbit.io/en/ bb_sign_encoding.txt

To summarize, the absolutely safe logic here is that the mnemonic phrase is provided by you. Then it was locked in a phone that was never connected to the Internet. All interactions between the phone and the outside world are QR codes (clear text can be checked). Even if someone wants to do evil (hackers, developers doing evil, etc.), it is technically impossible to steal your assets.

Through the above logical proof, you will find that using Ownbit cold wallet is actually safer than any other solution (including hardware wallet). You don’t need to trust the brand or any team, just the process and logic.