NGRAVE, the cutting-edge secure cold wallet provider, surpassed its fixed crowdfunding campaign goal on Indiegogo, raising $434,253 for the launch of its flagship product — the NGRAVE ZERO cold wallet. NGRAVE ZERO is a state-of-the-art crypto wallet management device that encompasses several breakthroughs in the self-custody model of cryptocurrencies.
Our NGRAVE ZERO crowdfunding campaign has come to an end. We're so thankful to our 1200+ backers & over $400K funding in a single month!
As from today, you can "Start Truly Owning What Is Yours" right in our webshop: https://t.co/hBgyuyAPTg
Get #TheColdestWallet at 30% OFF! pic.twitter.com/IcDlLz7yN6
— NGRAVE (@ngrave_official) July 3, 2020
“The NGRAVE ZERO campaign is the most successful hardware wallet crowdfund on IGG, vastly outpacing four competitors in the market who launched crowdfunding campaigns before us, and around ten more that never reached their funding goal” says Ruben Merre, CEO of NGRAVE. “This is a huge feat for us, especially during COVID-19 when there were no offline events to showcase the device and a backdrop of financial uncertainty.”
Existing completely offline, NGRAVE ZERO is among one of the first fully air-gapped hardware cold wallet solutions. User private keys are never exposed to the Internet as the device is encapsulated by NGRAVE’s novel security system, which is the first EAL7 security certified (the highest level achievable) product in the blockchain market. The NGRAVE ZERO functions independently of outside network connections, including WiFi, 4G, Bluetooth, and it does not require a USB connection to a computer – security vulnerability characteristics of most NGRAVE’s market competitors.
The device is capable of its offline existence via the clever use of one-way QR codes. Transactions are broadcast to and from the device using the NGRAVE Liquid mobile app that complements the NGRAVE ZERO.
“The interaction with the blockchain takes place through one-way QR codes communicating required information from the ZERO to the app and vice versa,” says Merre. “What’s also interesting about QR codes is that it’s easy for the user to verify its contents, as it’s limited by what can be communicated in terms of capacity.”
The result is a high degree of transparency for the user, combining closed source and open source models to make an intuitive experience for the end-user. Only public info is exposed with QR codes, which can never be traced backed to the private keys, eliminating the black box of USB and Bluetooth connection-based wallets.
The security of crypto assets is one of the endemic problems of the cryptocurrency industry. According to CipherTrace, a cryptocurrency cybersecurity and risk analysis firm, the total sum of hacks, fraud, and thefts in the crypto market surpassed $1.3 billion in the first five months of 2020 — marking the second-fastest annual pace since recording began. The stark figure comes despite broader advances in crypto asset management in recent years, largely due to the persistently evolving attack vectors derived from semi-offline cold wallet solutions.
NGRAVE ZERO performs all of the necessary functions of executing transactions on the device offline, including wallet creation and signing transactions. Digital attack vectors are consequently removed. Cold wallet security is not solely dependent on an offline existence, either. Physical attempts to infiltrate hardware devices are also a threat to asset security.
NGRAVE tackled the physical problem by crafting the NGRAVE ZERO from scratch. Working with leading chip manufacturers and R&D teams in nano-scale electronics, hardware security, and applied industrial cryptography, NGRAVE created a multi-layered, anti-tampering framework — impenetrable to physical attacks.
Alongside NGRAVE ZERO’s breakthrough innovation is the development of the first recoverable wallet backup in the market, NGRAVE Graphene. Two stainless steel plates encompass a dual backup phrase model where a unique upper plate is used to punch holes with an embossing pen into the lower plate.
The backup key is a 64 character hexadecimal analog of the common 24-word mnemonic phrase in crypto hardware products, enabling the key to be split into two agnostic parts that are completely useless without each other. They are recoverable upon loss without any third-party risk of exposing the user’s key. NGRAVE Graphene’s stainless steel plates are resistant to fire, water damage, corrosion, and electrical shocks.
Following its successful Indiegogo campaign, NGRAVE will begin shipping limited edition colors of the NGRAVE ZERO to its early backers. Pre-order shipping is expected in October.
About NGRAVE
NGRAVE is an emerging crypto hardware wallet provider offering the coldest wallet solution available in the cryptocurrency market today. Wielding several breakthroughs in offline security, physical tampering, and recoverable backup keys, NGRAVE ZERO, the flagship product of NGRAVE, is at the cutting-edge of crypto wallet security, represented by the firm’s esteemed EAL7 certification. One of the first completely air-gapped hardware cold wallets available in the market today, NGRAVE ZERO represents the safest way to send/receive transactions and store crypto assets. The company is led by Co-Founders Ruben Merre (CEO), Xavier Hendrickx (CTO), and Edouard Vanham (COO).
