There is clearly a growing demand for safe storage solutions when it comes to cryptocurrencies. CryptoHex is attempting to make a positive impact in this regard, as it is a stainless steel rod which can be used in conjunction with hardware and BIP39 HD wallets alike.
When it comes to making proper backups of cryptocurrency wallets, there is still a lot of work to be done. It has become evident that a lot of users still rely on pen-and-paper solutions, which are anything but safe. While a lot of users are flocking to hardware wallets such as Ledger and Trezor, there is still a lot of progress to be made.
This is where the CryptoHex solution comes into the picture. It is a stainless steel rod which can be used to store mnemonic phrases associated with one’s hardware or BIP39 wallet. While this concept is not entirely new, it is always good to see more companies attempt to make a positive impact in this area. Ensuring that users’ wallets are safe and secure is a top priority in the cryptocurrency world these days.
While the concept of a steel rod sounds rather scary, the process itself is not all that complicated. Moreover, the CryptoHex is low-cost and easy to hide, which makes for a rather appealing solution, all things considered. It is fire, water, and age-proof, and should absorb physical shocks and tremors with relative ease. This certainly takes the idea of a “physical wallet backup” to a whole new level.
Storing a mnemonic phrase on the CryptoHex is done by punching letters into the stainless steel itself. There is room for plenty of letters, which should make the storing of 24-word mnemonic seeds possible. As this rod is hexagonal, there are six times four spaces on the rod to keep your recovery seed safe and secure. Hiding the rod is pretty easy as well, and doesn’t even require any special tools other than a small storage space.
Another option is to use an electric engraver to “write down” the mnemonic words on the stainless steel rod itself. Depending on how much money one pledges to the Kickstarter campaign, the letter-punching or engraving option will become available. The more expensive option – one CryptoHex and the engraver – costs under $50, whereas the option to punch letters is just $52. Both options are safe, secure, and certainly pretty cheap.
If all goes according to plan, the CryptoHex units should start shipping in June of this year, though backers who didn’t place early bird orders will have to wait until August. It is evident this solution will certainly be in high demand moving forward, as cryptocurrency users want more secure and affordable solutions to keep their money safe.