Smartphones Are the Best Way to Use Cryptocurrencies – Samsung

Karan Balwani

August 3, 2018 12:30 pm

Cryptocurrency News

Smartphones Are the Best Way to Use Cryptocurrencies - Samsung
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Cryptocurrency thefts are on the rise. In fact, there has been at least $761 million lost in scams and cyber crimes in 2018 so far.

Blockchain security has been a major concern as of late. According to the tech giant Samsung, smartphones are the most secure way to store your digital assets on decentralized networks.

Samsung further explained that smartphones come equipped with Trusted Execution Environments (TEE) which make it highly desirable for the storage of blockchain-based assets.

TEE, in essence, is a separate section of a smartphone’s hardware. It is isolated from the core processor and the storage. TEE also contains its own dedicated memory and storage.

To access the information that is stored on a TEE, a ‘trustlet’ is needed. A trustlet is a small app that is programmed to access specific information in the TEE through a secure API.

Additional software such as Samsung Knox provides even better security on top of the TEE to protect user’s sensitive information.

Laptops do not feature TEE, making them a lot more vulnerable to malware than smartphones.

Even though a user will get tighter security with a smartphone, this does not mean that phones are immune to attacks.

In order to send requests to the TEE like making cryptocurrency transactions, an app is needed to access these secure keys. A malware may not be able to access this information however if a hacker manages to compromise the app on a user’s phone, TEE can, in fact, be utilized to transfer funds from the wallet.

One downside of smartphones is that they are connected to the network through cellular or Wi-Fi connection at all times, this makes them more susceptible to potential attacks.

This means that although smartphones are more secure. It’s better that cryptocurrency is stored using a hardware wallet such as Trezor or Ledger. 

These hardware wallets are custom-built and offer minimal features to make them less susceptible to attacks. They are a lot safer than any wallet which features a full-fledged operating system.

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