Cold Wallet Dispenser Terminal for Secure Cryptocurrency Key Storage
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Solution Overview
Problem
Existing cryptocurrency storage solutions, such as hardware wallets, are expensive and not widely accessible for secure offline storage of private keys, posing a risk for new or inexperienced users due to high costs and susceptibility to cybercrime.
Innovation Solution
A terminal-based cold wallet storage device dispenser system that uses a self-service terminal or ATM to securely dispense programmed cold wallet storage devices, allowing users to transfer and store cryptocurrency ownership information offline, with features like a keypad, touchscreen, barcode scanner, and wireless interface for secure communication and programming.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If hardware wallets are used to store cryptocurrency private keys, then security is improved, but cost increases
Solution Approach 1:
The system enables self-service cryptocurrency storage by allowing users to independently obtain programmed cold wallet devices through automated dispensing mechanisms at terminal locations, eliminating the need for expensive centralized hardware wallet services while maintaining security through offline storage
Solution Approach 2:
The invention replaces expensive reusable hardware wallets with inexpensive disposable cold wallet devices that can be easily obtained through automated dispensing, reducing the cost barrier for users while providing adequate security for cryptocurrency storage
2Ease of operation
If cold wallet storage devices are made accessible to users, then ease of operation is improved, but device complexity increases
Solution Approach 1:
The system introduces an intermediary terminal machine that mediates between the user and the cold wallet storage function, providing a simplified interface for users to obtain programmed devices without needing to understand the underlying complex programming and security systems
Solution Approach 2:
The system segments the cold wallet storage function into separate components: the terminal handles user interaction and device dispensing, while the programming and storage functions are separated into dedicated hardware modules, making each component simpler and more manageable
Data Source
AI summary
A terminal and associated method is provided for dispensing a non-volatile memory storage device for storing user private information to a user. A device dispenser securely stores private information on a removable non-volatile memory storage device and then dispenses the removable non-volatile memory storage device to the user. A processor provides a user interface to the user, provides the user with access to a source of user private information via the user interface, receives the user private information from the source, and transfers the received user private information to the device dispenser for storage on the removable non-volatile memory storage device. The source may be a remote website for a cryptocurrency exchange. The user private information may be information, such as public and private keys, representing cryptocurrency ownership. The non-volatile memory storage device may be a cold wallet storage device.