Cypherock
  • Introduction
  • Design Decisions
    • The balance between security and convenience
    • Cypherock X1 Hardware architecture
      • Using ultrasonic welding for the X1 Vault enclosure
      • Encrypted NFC communication for X1 cards
      • Using Javacards instead of MicroSD
      • Choosing USB vs QR Code
      • Why the X1 cards are not upgradeable
    • Cypherock is BIP39 compliant
    • Private keys should be near to impossible to extract
    • Conflict between trusted parties should not result in unauthorized access
    • Using Shamir Secret Sharing vs. Multi-sig
      • How is Shamir Secret Sharing implemented within Cypherock X1
      • Why Cypherock has a default 2/5 threshold scheme
      • Rejected Key Schemes
    • PIN Protection on Cypherock X1
      • Difference between backing up your PIN vs. Seed Phrase
  • Security Overview
    • Introduction
    • Keylabs - Third Party Security Audit
    • Remote Attacks
    • Physical Attacks
      • $5 Wrench Attack
      • PIN Brute Force Attack
      • Evil Maid Attack
      • Flashing Malicious Firmware
      • Side Channel Attack
      • Supply Chain Attack
  • Cypherock X1 Features
    • Eliminate messy paper backups
    • Open source with secure elements
    • Use Cypherock as a seed phrase vault
    • All-in-one Portfolio Manager
  • Getting Started
    • Download cySync
    • Import Seed Phrase from existing BIP39 compatible wallet
    • Generate a new wallet with Cypherock X1
    • How Cypherock generates your 24-word seed phrase
    • Best practices in keeping your X1 cards secure
      • Use the protective card sleeves
      • Geographical Seperation
      • Choosing your guardians
    • How do I know I am not locked-in to using only Cypherock X1
    • How do I know my Cypherock X1 is genuine?
      • Email 2FA for Product Authentication
    • How to recover your Crypto assets in the case of loss or theft
    • What happens to my Cypherock X1 if Cypherock goes out of business?
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  • How to start using Cysync as an All-in-One Portfolio Manager
  • Onboarding Wallets on Cypherock X1
  • Personas
  • Web3 Founder
  • Personal User

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  1. Cypherock X1 Features

All-in-one Portfolio Manager

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Last updated 1 year ago

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Cryptocurrency fund management is still in a naive stage. A user generally has multiple portfolios that they need to track. These can be Company funds, DeFi Investments, NFT Investments, Long Hodls, etc. But there seems to be no way a user can manage multiple portfolios from a single place.

This portfolio management issue gets even more serious when the user has to manage multiple portfolios over multiple blockchains, as every blockchain has its own set of tools like wallets and Dapps. At the end of the day, all these portfolios get intertwingled because of the lack of a centralized way to look at, track and manage these portfolios. There are some portfolio management tools for EVM chains but the issue remains for aggregating both EVM and non-EVM chains into one interface since for chains like Bitcoin it becomes too cumbersome for the user to input his newest address into the portfolio tracker.

Some users try to deal with the issue by creating multiple wallet accounts within their Metamask, Ledger, Trezor, etc., and using each of these single wallets as a separate portfolio. But as all these software and hardware wallets can store only one master seedphrase, things get even more complicated when the user needs to back up all their seedphrases individually. Losing any one seedphrase leads to lose of the entire fund kept in all the sub-wallet accounts.

Now, users currently use multiple hardware wallets to manage their portfolios like company funds, personal Hodl funds, DeFi Investments, and NFTs investments. Users can manage all these multichain portfolios from within Cysync App as a single master portfolio manager app.

How to start using Cysync as an All-in-One Portfolio Manager

Onboarding Wallets on Cypherock X1

Generate new wallet

Import seed phrase

By backing up your existing seedphrases you will be able to manage your funds from both your existing wallet and Cypherock X1. Also, you won’t be needed to secure the recovery phrases of your existing wallets anymore. This is possible because the recovery phrases are backed up in X1 Vault and X1 Cards, making the existing physical backup redundant. Moreover, all seedphrases are stored in the Cypherock X1 architecture and are distributed to prevent single-point-of-failure attacks.

Using X1 to manage your Portfolio

Each of the generated wallets and imported wallets is added in Cypherock X1 and their portfolios are together displayed on the Cysync App. All these wallets are completely segregated and can be used as individual portfolios also. All you need to do is to select the wallet portfolio you want to manage, in the ‘Wallets’ tab and complete your operation, these operations can be tracking portfolio, receiving assets, making transactions, etc. All operations logs are recorded separately for each wallet.

Personas

Web3 Founder

Web3 founders usually are in charge of keeping custody of company funds as well as their own personal funds. These lead to confusion and can cause funds to get meshed. To keep the funds independent, founders need to buy a new hardware wallet. To use those two hardware wallets, founders usually buy separate desktops because of being unable to use both of them over a single desktop.

With Cypherock X1, the process is as simple as buying an X1 and creating two unique wallets, setting up your Cysync, and using both the unique wallets as distinguished portfolios. Users can create sub-portfolios for further dividing their company funds into different sub-portfolios like Marketing funds, development funds, Legal funds,s, etc. Users can use all these sub-portfolios from within their main portfolio.

Personal User

It is hard to keep your funds safe and independent of each other while using private wallets as a tool for self-custody. This leads to your portfolios like NFTs, DeFi, Trading & Hodling getting intertwingled. Unable to track your portfolios leads to mismanagement of your funds.

Moreover, with some wallets, users risk getting hacked by indulging in degen activities. In case, hackers are able to fetch private keys of the hacked wallet, these keys can potentially be used to decode keys for all other wallets. Leading to all their wallets being generated with a single seedphrase getting drained.

Cypherock X1, allows users to generate four unique wallets each with a unique master seedphrase, therefore, one wallet getting hacked doesn’t mean the other three get drained too, simply because they are sandboxed from one another.

Cypherock X1 changes that. Cypherock X1 allows users to create up to four unique wallets completely segregated from each other. The segregation happens at such a fundamental level that each unique wallet has a separate seedphrase, thereby, acting as four completely unique hardware wallets in themselves. You can read more about it here -

Users can generate a new wallet within their X1 Vault without the need to create and store recovery phrases. As the wallet is automatically backed up in five shards while you generate the wallet. Tutorial:

Users can import seedphrases of their existing BIP-39-based software and hardware wallets like Metamask, Ledger, Phantom, Trezor, etc Tutorial:

https://cypherock.com/portfolio-management
https://youtu.be/qu4fOMakji4
https://youtu.be/FGorVjaJ0eo