2019
DOI: 10.1007/978-3-030-32101-7_26
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A Formal Treatment of Hardware Wallets

Abstract: Bitcoin, being the most successful cryptocurrency, has been repeatedly attacked with many users losing their funds. The industry's response to securing the user's assets is to offer tamper-resistant hardware wallets. Although such wallets are considered to be the most secure means for managing an account, no formal attempt has been previously done to identify, model and formally verify their properties. This paper provides the first formal model of the Bitcoin hardware wallet operations. We identify the proper… Show more

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Cited by 23 publications
(14 citation statements)
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“…A Bitcoin account is defined by two keys. The public key creates the address for assets, and the private key is used to sign transactions of that address [37]. A hardware wallet allows users to store the private key of the as-sets isolated from the internet.…”
Section: Isolated Interaction Designmentioning
confidence: 99%
See 1 more Smart Citation
“…A Bitcoin account is defined by two keys. The public key creates the address for assets, and the private key is used to sign transactions of that address [37]. A hardware wallet allows users to store the private key of the as-sets isolated from the internet.…”
Section: Isolated Interaction Designmentioning
confidence: 99%
“…These gadgets" do not offer network connectivity; instead, they operate in an offline mode." [37] It is worth mentioning that the isolated interaction design should not be limited to hardware designs, and the software user interface may facilitate isolation too. For example, airplane mode facilitates a very basic isolated interaction.…”
Section: Isolated Interaction Designmentioning
confidence: 99%
“…Our work also builds on Courtois et al [14], who investigated wallets and key management for Bitcoin [35]. Finally, Arapinis et al [2] analyze specialized hardware wallets under UC, although focused only on PoW.…”
Section: Related Workmentioning
confidence: 99%
“…to participate in consensus in a PoS setting, enables quantum attacks, given that most implementations employ non-post-quantum secure signature schemes. Furthermore, frequently using and keeping a key online counters security enhancements like hardware wallets [2]. Second, users need to be constantly online and perform complicated actions.…”
Section: Introductionmentioning
confidence: 99%
“…8 Wallets are commonly presented in the form of mobile applications, plugins for Internet browsers, physical devices, individual software, or internet browsers with built-in support of a particular decentralized data platform. Good examples of existing crypto wallets are Trezor and Ledger (physical devices), 9 Trust and Metamask (mobile applications), Metamask (extensions for Internet browsers), Mist, Brave and Opera (Internet browsers with built-in crypto support). 10 Creating a wallet is usually a quick and easy process, but it anyway requires some time and efforts.…”
Section: Approaches Used To Simplify the User Experiencementioning
confidence: 99%