Splitcoin - Cold Storage

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About this app

"Most people are not able to back up their security keys; they will lose the device. They will not have the proper encryption for their backup; they will write it on a piece of paper, someone else will see it, and they will steal those funds." -Changpeng Zhao, CEO of Binance

Safeguarding seed phrases is a critical yet often neglected aspect of cryptocurrency security. Seed phrases work well, but we need to fortify their storage. Enter Splitcoin: a pioneering seed phrase encryption tool designed for cryptocurrency users who want to self-custody their assets. It empowers users to create a vault for their seed phrase, using an innovative auto-scrolling codebook displayed in the Splitcoin app for manual encryption. This codebook is accessed through a unique vault key, encrypted and distributed across a set of NFC-enabled physical coins or QR codes. Decrypting your seed phrase is as simple as scanning your coins with the app and entering your password.

The best part? The Splitcoin app will never know your seed phrase or ask you for it.

The brilliance of Splitcoin lies in its adherence to seed phrase storage best practices:
1. Never share your seed phrase with anyone.
2. Never store your seed phrase online.
3. Never enter your seed phrase into a device that is not a hardware wallet.

Splitcoin fortifies seed phrase storage with the following features:
• Secret Key Splitting: Splitcoin splits a secret key, termed the vault key, across multiple physical devices known as Splitcoins. This distribution of the key adds a strong layer of physical security, mitigating the risk of seed phrase theft. Each coin contains an encrypted key shard required to access your codebook for decryption.
• Manual Encryption: Utilizing the vault key, Splitcoin generates an auto-scrolling codebook within its mobile application. This codebook allows users to manually encrypt and decrypt their seed phrases securely. Each page of the codebook acts as an independent cipher to securely encrypt your seed phrase.
• User Empowerment: Splitcoin places control firmly in the hands of the user, requiring both physical possession of the Splitcoins and knowledge of the password to decrypt the encrypted seed phrase. By enabling manual encryption of seed phrases, Splitcoin ensures that your seed phrase will never be digitally stored or shared with our app. The Splitcoin app doesn't want to know it and will never ask for it. Users gain the confidence to protect their seed phrase, because they don't share any aspect of their private key with our technology.
• Simplicity and Accessibility: The manual encryption process, guided by the auto-scrolling codebook, is straightforward, eliminating the need for complex technological interactions or cryptographic understanding. Simply put, Splitcoin is a world-class UX for users of all technical abilities.
• Backups and Alternative Storage: The Splitcoin app makes it easy to make backups, giving you a few different options. Using Splitcoin Tools, you can copy your coins onto other NFC tags, export them as QR codes, or export your codebook as a PDF - in case you never want to use the Splitcoin app again!

Splitcoin acknowledges the inherent risks in traditional seed phrase storage methods and offers a secure, user-centric alternative that is already compatible with every crypto wallet on the market. Why introduce more pain points to self-custody when we could just solve the current ones? There is no need to reinvent the wheel - or in this case, reinvent seed phrases. Simply fortify them with Splitcoin.

Learn more at www.splitcoin.com.
Updated on
Mar 20, 2024

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