6 Security Features That Make Blade Wallet the Secure Way to Store Your Digital Assets
From the Axie Infinity’s Ronin Network $625 million hack to the recent Atomic Wallet saga, where users lost over $35 million worth of digital assets to malicious hackers, the quest for heightened Web3 security has never been more intense.
In 2022 alone, hackers made away with an estimated $3.8 billion worth of cryptocurrencies in a string of related and standalone attacks. Ironically, this is a huge improvement compared to over $10 billion that was lost the previous year.
While some attacks were on DeFi platforms and crypto exchanges, others targeted non-custodial wallets by exploiting bugs and backdoor vulnerabilities. These incidents call for more security consciousness in the Web3 space and the adoption of properly-audited digital wallets with enterprise-grade security, such as Blade Wallet.
Blade Wallet is the only multilingual, third-party audited, dual network wallet on the Hedera ecosystem with enterprise-grade security. To protect the wallet’s sensitive data and assets, Blade Labs, developer of Blade Wallet, incorporates high-level security features and protocols typically used by large-scale organizations or enterprises.
These security measures are designed to provide robust protection against various threats, including hacking attempts, data breaches, and unauthorized access. This article will explore the security features of Blade Wallet and its steps to protect users from being victims of cyberattacks.
1. CertiK Audit Certification and Regular Security Pentests
Blade Wallet’s CertiK Gold audit certification is a testament to its robust security infrastructure. CertiK is a respected blockchain security firm that conducts thorough audits to assess the resilience of smart contracts and blockchain systems.
It’s easy for any Web3 wallet or project to make bold claims about its security framework, but only genuine projects dare to allow independent third-party auditors to go through their codes and infrastructures to ascertain such claims’ validity.
Blade Labs believes in security transparency to foster trust among all shareholders. Since its launch in 2022, Blade Wallet has undergone a couple of CertiK audits, with plans in place for more in 2023.
With Blade Wallet obtaining the CertiK audit certification and undergoing periodic audits, users can trust that the wallet has gone through meticulous scrutiny and testing, providing assurance of its secure design and implementation. It’s noteworthy that Blade Wallet is one of the few wallets that successfully underwent CertiK auditing and the only wallet on the Hedera ecosystem that achieved this feat.
In addition, Blade Wallet goes the extra mile by conducting regular pentesting activities. Pentesting, short for penetration testing, involves simulating real-world attacks to identify potential vulnerabilities in a system. By subjecting their wallet to regular pentests, Blade Wallet proactively detects and addresses any weaknesses, reinforcing its security defenses.
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2. D’CENT Cold Storage Integration
The recent integration of the D’CENT cold wallet into Blade Wallet brings an added layer of security and functionality to users in the realm of cryptocurrency storage. The D’CENT cold wallet is renowned for its robust security features and user-friendly interface, making it an excellent choice for those seeking enhanced protection for their digital assets.
With this integration, users can now enjoy the benefits of a hardware wallet combined with the convenience of a mobile application. The D’CENT cold wallet operates offline, meaning that private keys never come into contact with potentially vulnerable online environments. This isolation significantly reduces the risk of hacking and unauthorized access to users’ funds.
Additionally, the D’CENT cold wallet supports multi-signature (Multi-Sig) transactions, enabling users to engage in secure and collaborative cryptocurrency management. It’s fully integrated into the Hedera ecosystem and supports all Hedera Token Service (HTS) tokens, including HBAR.
Unlike some other cold wallets, D’CENT also supports NFT storage and Hedera native staking and comes with biometric security for convenient usage. Little wonder, it’s the most popular cold wallet in Korea with an impressive footprint in several other regions of the world.
3. Advanced Encryption
Encryption is the process of converting plain text or data into a format that is unintelligible to anyone without the appropriate decryption key. Blade’s advanced encryption utilizes sophisticated cryptographic techniques to protect sensitive information from unauthorized access or interception while ensuring that all data transmitted and stored within the wallet is highly secure.
All Blade Wallet’s communications on the Hedera network are TLS 1.2 encrypted, and the key sizes and algorithms are in tandem with the CNSA Suite security standard, which is the gold standard for US government Top Secret information. The CNSA Suite specified encryption protocols include AES-256, SHA-384, RSA 3072, and a couple of others.
Owing to their proven resilience against coordinated attacks like brute force, cryptanalysis, and other forms of hacking, these encryption protocols provide great security to Blade Wallet users.
Advanced encryption ensures that only authorized parties with the correct seed phrase can access a user’s wallet and conduct any transaction. However, transaction details are not private, as anyone can view them on the public ledger through the network’s explorer.
4. Asynchronous Byzantine Fault Tolerant
Blade Wallet inherits the Hedera hashgraph’s asynchronous Byzantine Fault Tolerant characteristics, meaning that one node’s malicious nature or failure cannot stop the network from processing an accurate transaction.
A typical blockchain or hashgraph network consists of several decentralized nodes or participants (which could be a computer or device). Each node has a copy of the network’s data and can verify the authenticity of transactions.
One way hackers infiltrate a decentralized network is to attack one or more nodes and feed them with incorrect data so they can manipulate transactions and skim unsuspecting users of their funds.
The ABFT suite of protocols helps the network maintain high integrity even if up to one-third of the participating nodes get infiltrated by bad actors so that transactions can go through without errors.
This important feature of Blade Wallet’s enterprise-grade security enables it to offer users better protection against fraud than some competing wallets.
5. Token Association to Prevent Airdrop Scams
Airdrops are great ways for crypto enthusiasts to accumulate free tokens from real projects. Unfortunately, it’s also the gateway for bad actors to steal users’ funds. Airdrop scams involve the promise of free or discounted tokens as part of an airdrop event, enticing individuals to participate.
However, behind the façade of generosity, hackers perpetrate these scams to deceive and exploit users. One way they perpetrate this is to put up good-looking websites, social media handles, fake endorsements, and whatever can convince users to share their wallet details and private keys through phishing sites.
While it’s easy for seasoned crypto enthusiasts to see through this charade, many people, including experts, have fallen victim to the second approach, which involves airdropping strange tokens directly to users’ wallets.
Users of reputable wallets like Metamask, MyEtherWallet, and TrustWallet have lost their money to this scheme and many others. Typically, the hacker airdrops fake tokens to various wallet addresses. These tokens contain smart contracts with high gas fees that go straight to the hacker’s wallet address.
So when the user tries to swap or exchange the tokens, they are prompted to approve a transaction that triggers the smart contract, wiping away funds from the wallet. To protect users from this terrible scam, Blade Wallet has a token association feature that prevents anyone from airdropping tokens in any user account unless the user has added the token to their wallet.
That way, you can’t find strange tokens in your wallet, reducing the chances of falling prey to such attacks.
6. DApps Disconnection Switch
Scammers can target crypto wallets through decentralized applications (DApps) by exploiting vulnerabilities in the DApp’s smart contracts or tricking users into interacting with malicious DApps. These malicious Dapps often have hidden functionality to steal users’ private keys or sensitive information.
Manipulating the DApp’s smart contract code will trick the DApp into performing unintended actions, such as transferring funds to the scammer’s wallet. In several cases, victims of DApp approval scams have seen their money leaving their wallets in tranches and could not do anything to stop it.
While Blade Wallet has no control over what users do with their accounts, it provides a disconnection switch that allows you to turn off your wallet’s association with any DApp you no longer trust or don’t intend to use. This way, no DApp has permanent access to your wallet, and at any time you wish to yank them off, you simply use the feature to disconnect them.
Once you do so, they can no longer execute any smart contract in your wallet unless you decide to reconnect them.
Blade Wallet team is working round the clock to provide more security features for its over one million account owners. You can leverage these security features to store and transfer your NFTs and crypto assets easily, reliably, and safely. Simply download Blade Wallet on your Chrome browser, Android, or iOS device to get started.
