Cardano 911 — Tangem wallet or NFC-powered hardware encryption currency | Author: Sir Andy | Capital

When i saw one for the first time Lyra Please note that I do not like this product.I just thought: “No Seed phrase Used for wallet backup. This is not cool. “

But after a while, I realized that no backup was needed. After all, when you use fiat currencies (banknotes and coins), you don’t think about backups, do you? Therefore, if you lose or physically damage Tangem, then you will irrevocably lose all existing ADA—just like legal tender.

However, an undeniable advantage makes this card very special-Tangem allows those who are not proficient in technology to easily enter the world of cryptocurrency.

There are two components inside: an NFC antenna and a micro Samsung EAL6+ chip Use a proprietary operating system. that’s all.The chip retains some mathematical operations for seeding Private key And then generate a Public key Use elliptic curve cryptography (ECC) based on Edwards curve.

Tangem notes It is a highly secure smart card that carries cryptocurrency on the EAL6+ SecurCore microchip recently developed by Samsung Semiconductor. By signing a transaction from Tangem Note to any Cardano wallet, value can be withdrawn at any time. This requires a compatible Android phone or iPhone that supports NFC and is protected by a security delay. Faraday wallet It is recommended to use to increase safety.

If the chip is damaged, the private key cannot be recovered (there is no seed phrase, remember?), so all your funds will be lost. If the antenna is damaged, you can solder it, so all your funds are safe. Simple.

*After purchasing a Tangem card, you must trust the chip manufacturer because the algorithm for generating the key is recorded in a factory in China.

I tried it on iPhone 12 (on Android, it works too). This sounds strange, but you don’t even need to know the name of the Tangem app in the App Store. You only need to bring the card to the phone, the power will be transferred via NFC, the operating system will start, and the iPhone uses the iOS App Clips function to display the apps you need to download at the bottom of the screen. There is no doubt that it is an excellent protection against fraud and phishing. So you will never download scam apps.

tip: If the card has been used, the app will notify the user.

Generate a Key pair Then create a receiving address based on Public key, You need to combine Tangem card with iPhone (it will take some time to apply math). Then you can use ADA to top up your wallet balance. After that, if your phone has an app and Tangem card installed, you can only spend money.

yours Private key It will never be broadcast to the Cardano network. To send ADA to someone, you only need to sign the transaction.To do this, you must select the amount to be sent, carry the Tangem card activation chip, and generate a signature based on your signature Private key.

I think the number of coins stored must not be greater than the equivalent 500 Euro. Do not store large amounts of ADA on Tangem.Just like in real life, no 14,532 Euro Statutory banknotes.

For those who are not tech-savvy, Tangem is an ideal tool for buying goods using cryptocurrency. It has no passwords, no mnemonics, and no advanced user interface in the application. What you can worry about is:

  • Your card has not been stolen
  • Your card is not damaged
  • The attacker will not lean the phone against your card

That’s it so far.

If this story is helpful to you, please press shoot Button and catch it.In Medium you can applaud 50 times Every story.

If you have any questions, you can contact me in the following ways Cardano Stack Exchange.

Happy Staking, Happy Programmer’s Day!

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About the Author: AZ