Empowering Self-Sovereignty - Interview with Startups of the Year Nominee, Cypherock

Hey Hackers,

Cypherock has been nominated in HackerNoon's annual Startup of the Year awards in New Dehli, India.

Please vote for us here: https://hackernoon.com/startups/asia/asia-new-delhi-dl-india

Read more about us below to understand why we deserve your vote.

Meet Cypherock

The current issues with key management pose massive barriers to the adoption of decentralized technologies. We believe digital assets will have exponentially more value in the future and that will just not be limited to Cryptocurrency. Our mission is to empower people to be self-sovereign and to have the same peace of mind and control with their crypto and personal data that they have with their savings in the bank vaults.

Cypherock X1 decentralizes the private keys into 5 cryptographic parts, each stored on tamper resistant hardware units - 1 Cypherock X1 vault and 4 X1 cards. You need only the vault and any 1 of the X1 Cards to make a transaction. Even if you lose any 3 out of these 5 units, your funds are still safe. Also you can set a pin during the setup process which is an additional layer of security. Cypherock X1 is scrutinized by WalletScrutiny and audited by KeyLabs, the security firm that has found vulnerabilities in Trezor, Ledger, etc.

Rohan Agarwal and Vipul Saini - Co-founders of Cypherock

Rohan has been developing software since 2014 and has been in the Crypto space since 2017. He has worked with organizations such as Blockgeeks, Fossasia (Google Summer of Code), Apollo Munich, Siftr Labs (acq.), and Samsung amongst others. He is a generalist by nature having worked across both technical and non-technical roles in the past.

Vipul has been in the Crypto space since 2017 and specializes in Hardware Security & Embedded engineering since 2012. He has worked in partnership with Lockheed Martin on an Autonomous drone project and was the 1st employee in Nymble Labs, a VC-backed food robotics startup based out of SF, USA. He likes to dabble in frontier technologies and prefers spending time solving deep technical problems that have the most impact.

How We're Disrupting/Improving the Web3 Industry

We are building the world’s safest hardware wallet for crypto and NFT storage - Cypherock X1, funded and backed by Consensys Labs, Sandeep Nailwal (co-founder of POLYGON), and others. Cypherock X1 stands out among hardware wallets as an innovative and secure solution for storing cryptocurrencies. X1 is audited by Keylabs and scrutinized by Wallet Scrutiny. It introduces a seedless security model, utilizing Shamir’s Secret Sharing scheme to divide the private key into multiple shares. This approach enhances security by eliminating the risks associated with seed phrases, which can be lost, stolen, or compromised.

Cypherock X1 offers a seamless user experience. The device and the software ‘CySync’ that comes along with Cypherock X1 boast a user-friendly interface, making it easy for both beginners and experienced users to navigate and manage their crypto assets in a single app. Its compact and portable design allows users to carry their wealth securely wherever they go, without compromising on convenience.

Standing Out from The Crowd

Firstly, Cypherock X1 serves not only as a hardware wallet but also as a secure seed phrase backup solution for multiple wallets. It allows users to store the recovery seeds of various wallets, thereby providing a consolidated and reliable backup for all their cryptocurrency holdings. This feature ensures that even if you have multiple wallets, you can securely manage their seed phrases in one centralized device, reducing the risk of losing access to any of your wallets. Secondly, Portfolio Management of Multiple Wallets: Cypherock X1 goes beyond being just a cold wallet by offering robust portfolio management capabilities. With the device, users can import multiple wallets and conveniently manage their entire cryptocurrency portfolio from a single interface. This unified view allows for easy monitoring of overall portfolio performance across different wallets and blockchain networks. By consolidating portfolio management, Cypherock X1 streamlines the user experience and provides a holistic approach to cryptocurrency asset management. Cypherock X1 also provides comprehensive multichain support, allowing users to securely store and manage a wide range of cryptocurrencies and blockchain assets in a single device. Whether you hold Bitcoin, Ethereum, or other popular cryptocurrencies, Cypherock X1 has you covered. The next feature that sets us apart is the beneficiary service. You have to safeguard your Crypto while you are alive and only transfer them after you are dead which is impossible if you are the only one knowing your keys. Cypherock eliminates fear around loss of Crypto in case you die. With our beneficiary service, the assets can be transferred without Cypherock or any other party ever knowing the amount you HODL in the X1 wallet (Go Privacy!).

Our Predictions/Thoughts on the Web3 Industry in 2023

1. User-Centric Key Management Solutions: Recognizing the importance of seamless key management, innovative solutions will emerge to simplify the user experience. User-centric key management tools will provide enhanced security while being more accessible and intuitive. These solutions will offer convenient ways to securely store, manage, and interact with various types of digital assets beyond cryptocurrencies, including non-fungible tokens (NFTs), decentralized finance (DeFi) assets, and more.

   
   

2. Interoperability and Standardization: Interoperability will play a crucial role in the maturation of the Web3 ecosystem. We can expect increased efforts towards establishing common standards and protocols that enable seamless interaction and interoperability among different decentralized applications (dApps) and platforms. This will facilitate the exchange and utilization of digital assets across various Web3 networks, fostering a more interconnected and efficient decentralized ecosystem.

   
   

3. Mainstream Adoption of Decentralized Applications: In 2023, we can anticipate a significant surge in the adoption of decentralized applications by mainstream users. As user interfaces and experiences improve, more individuals will begin to explore and embrace decentralized alternatives to traditional centralized platforms. Decentralized social media platforms, decentralized finance applications, and decentralized marketplaces will witness increased usage, driven by user demand for privacy, security, and ownership of their data.

   
   

4. Expanding Use Cases: The potential of Web3 extends far beyond the financial sector. In 2023, we will witness the emergence of innovative and disruptive use cases across various industries such as healthcare, supply chain management, gaming, and digital identity. Decentralized technologies will revolutionize these sectors by enhancing transparency, security, and efficiency, ultimately transforming how we interact and transact in the digital realm.

   
   

5. Regulatory Evolution: With the growing prominence of Web3 and the increasing value associated with digital assets, regulatory frameworks will continue to evolve. Governments and regulatory bodies will seek to strike a balance between fostering innovation and ensuring consumer protection. We can expect to see clearer guidelines and regulations addressing areas such as digital asset ownership, taxation, identity management, and consumer rights within the Web3 landscape.

What word defines the state of Web3 in 2023?

Transformative: Web3's impact will be transformative across various aspects of society, economy, and technology. In 2023, we will witness the tangible effects of decentralization, as it reshapes industries and redefines traditional systems. The decentralized finance (DeFi) space will continue to expand, offering a wide array of financial services that are accessible, transparent, and resistant to censorship. The concept of digital ownership will become more prominent, with non-fungible tokens (NFTs) revolutionizing the art, gaming, and collectibles markets. Moreover, Web3 will drive innovation in areas such as supply chain management, healthcare, digital identity, and governance, transforming the way these industries operate. As more individuals and organizations embrace the principles of Web3, the collective shift towards a decentralized, open, and user-centric internet will have far-reaching implications for how we interact, transact, and collaborate in the digital realm.

Why we decided to participate in HackerNoon's Startup of the Year awards

We have decided to participate for three main reasons.

• Industry Recognition: HackerNoon is a reputable platform known for its coverage of technology, startups, and innovation. Participating in their Startup of the Year awards offers Cypherock an opportunity to gain industry recognition and exposure. Being associated with a respected platform like HackerNoon can help elevate Cypherock's visibility and credibility within the startup ecosystem, attracting potential investors, partners, and customers.

  
  

• Network Expansion: Participating in the awards allows Cypherock to expand its network and connect with other startups, industry experts, and influencers. Engaging with the startup community through such events opens doors for valuable collaborations, knowledge sharing, and partnerships. The networking opportunities provided by HackerNoon's Startup of the Year awards can lead to meaningful relationships that contribute to Cypherock's growth and development.

  
  

• Validation and Feedback: The Startup of the Year awards provide a platform for Cypherock to showcase its innovative solutions and receive feedback from industry experts and judges. The evaluation process can validate Cypherock's accomplishments, product offerings, and market potential. Constructive feedback and insights from experienced professionals can help refine Cypherock's strategies, identify areas for improvement, and strengthen its value proposition.

Final Thoughts

Cypherock is a next-generation hardware wallet and key management solution that prioritizes the secure storage and management of digital assets in the decentralized era. With its advanced features and robust security measures, Cypherock offers users a reliable and user-friendly solution for safeguarding cryptocurrencies, non-fungible tokens (NFTs).

Beyond its role as a cold wallet, Cypherock empowers users with portfolio management capabilities, enabling them to import and manage multiple wallets from a single interface. This consolidated approach simplifies the management of digital assets and enhances the user experience. Even if users have multiple other wallets, they can store up to 4 seed phrases using Cypherock X1. X1 is compatible with Metamask, Ledger, Trezor, etc, and can act as a seed phrase backup as well as a multi-wallet portfolio manager!