HTC Releases Exodus Blockchain Phone
September 20, 2018 12:49 pm
Given the rise in the adaption of cryptocurrencies and blockchain technologies, it’s no surprise that companies moved towards blockchain phones. The Sirin Labs Finney and the HTC Exodus are projected to be launched by the end of 2018.
Phil Chen the person behind Exodus’s development has recently spoken out about the security measures that will keep the user’s cryptocurrencies safe.
HTC will provide features beyond cryptocurrency storage. Phil Chen, Decentralized Chief Officer, HTC said: “A few years down the road, we see a world where people own their own identities and data, where everyone understands the concept and economics of digital property.”
The primary concern for the users looking for a blockchain smartphone is its capability of functioning as a hardware wallet. Most users believe that smartphones are not a safe place for storing cryptocurrencies.
Android phones particularly have come under a lot of scrutinies over the years for its potential security risks. These devices have been victims of malware attacks and other targeted threats. However, Samsung had recently said that smartphones are the most secure place for storing cryptocurrencies.
Another concern is that a smartphone can be stolen or lost, this defeats the idea of having a secure bank vault in your pocket.
Connecting the device to the internet exposes the smartphone to various forms of security compromises as well. The most preferred form of storage for cryptocurrency investors is hardware cold wallets which are impossible for hackers to access online. Some institutions have taken this security even further by providing physical vaults surrounded by Faraday cages, although this costs a premium to avail.
“Phones are very promiscuous in the sense that they transfer a lot of data, they connect to a lot of networks, we install third-party apps on them. They can be relatively secure, but they’re not the safest thing to carry around with a lot of money. And if you are not carrying around a lot of money, you don’t need a special phone.” – Matthew Green, Cryptographer, John Hopkins University.
Despite the risks, millions of people are still using software wallets to store their cryptocurrencies.
HTC Exodus has taken an alternative approach towards security. The user’s private keys are stored in a trusted execution environment, a part of the ARM chip called TrustZone. This enclave is separate from the main Operating System and is designed to protect the contents even during a security breach.
“There’s no such thing as 100 percent security. It’s always a balance between security and usability. We’re still at the very early stages of educating users that this is not a 100 percent secure solution, but as of right now it’s the best so fat. It’s our attempt to do something that’s best for the market.” – Chen said
In case the user loses access to their wallet, the HTC Exodus will offer a series of words that need to be entered to recover one’s wallet.