
// Cryptocurrency
How to Develop a Crypto Hardware Wallet like SafePal?
// Cryptocurrency
SafePal S1 is a hardware cryptocurrency wallet designed by Binance Labs. It entered the market in 2019. Now, it is famous in the cryptocurrency, DeFi, and NFT community. This article will tell you about this wallet’s key advantages and security systems and how to develop a crypto hardware wallet like Safepal.
SafePal S1 became available on the market in 2019. It is one of the most popular hardware cryptocurrency wallets on the market. The community appreciates the design, the experience, the safety, and the fact that Litecoin Foundation and Binance Labs (a Binance venture capital) approve of the wallet. But for the hardware wallets, SafePal also produces metallic boards that help to store the seed phrase. Also, they offer leather cases and a native token – SafePal Token (SFP).
SafePal’s S1 key features are:
To charge the device, simply use a USB cable. To update the device, connect it to the computer via USB. It is the only scenario requiring connecting the device to a computer. Sharing data is done via QR codes, not requiring cables or wireless connections.
Most devices have a hardware security module (HSM) responsible for storing and protecting private keys. It is a hyper-secure device that fights unauthorized access. SafePal employs a CC EAL5+ security chip for this purpose. It means that SafePal S1 has a chip that meets the international security standards ISO/IEC 15408.
Indeed, EAL5+ is not the maximum, and the ranking is from the simplest EAL1 to the most secure EAL7.
The security requirements from EAL1 to EAL7. Source.
The SafePal’s user interfaces for the mobile version of the wallet. Source.
SafePal DEX is an Automated Market Maker (AMM). It helps to exchange a token swiftly for another. Also, the wallet allows buying crypto for fiat via bank transactions, credit cards, and payment services.
Furthermore, SafePal wallet provides means to interact with PancakeSwap, Travala, Rarible, Aave, Compound, Uniswap, Curve, and other DeFi projects.
It is probably the most crucial stage of development. Since Backend stores, processes, and protects data and processes that provide the functioning of the wallet, it requires maximum attention. Backend can be implemented on local servers, yet AWS, Google Cloud Platform, Microsoft Azure, and other cloud solutions are better, faster, and cost-effective solutions.
The prime functions of many cryptocurrency wallets. Source.
Regular user panel:
A password + a QR code. Furthermore, the mobile application that interacts with the hardware wallet has a password that always requires verification via the QR code during any critical application.
The verification process of SafePal device and application. Source.
Two-factor authentication. All cryptocurrency transactions initiated via the mobile application should be signed and authorized via the SafePal crypto wallet.
EAL5+ security module. SafePal also is protected against hacking attacks by the EAL5+ element. It is a microchip with the security level of the most reliable global solutions for finances, banks, and medical industries.
The protection against unauthorized access. The hardware wallet is a tamper-proof device with two seals as a protective element. If someone breaks the aspect to hack, the device will delete the private key and self-destruct.
Autonomous cold storage. The SafePal S1 hardware device is 100% self-sufficient. It is connected to the mobile or PC via USB only for updates and charging. It does not support a wireless connection (Wi-Fi, Bluetooth, etc.); thus, it is impossible to hack the device remotely.
Since 2015, our team has been engaged in developing projects of various complexity in FinTech, blockchain, cryptocurrency, DeFi, and NFT sectors. We genuinely know how to protect the data and money of our clients and their users. You can study our company’s portfolio and clarify the cooperation terms via +1-206-785-16-88 or sales@merehead.com.
Here is how the custom development process follows at Merehead: