Satellite-based ‘Space Wallet’ reimagines transaction security News โธ Technology
Satellite-based ‘Space Wallet’ reimagines transaction security
The Space Wallet provides enhanced security against physical access-based attacks.
1 min read
Updated: Jun. 26, 2023 at 4:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Cryptosat, a startup specializing in launching satellite-based Trusted Execution Environments (TEE) for blockchain protocols, has collaborated with web3 wallet infrastructure firm Dfns Labs to launch the world’s first “Space Wallet,” according to a June 26 press statement shared with CryptoSlate.
Space Wallet is designed to protect sensitive, high-value transactions and uses a satellite-based threshold signature scheme as a co-signer. This provides enhanced security against physical access-based attacks.
According to the press statement, the Space Wallet performs transactions using a cryptographic scheme called Flexible Round-Optimized Schnorr Threshold Signatures (FROST). FROST was designed by cryptographers Chelsea Komlo and Ian Goldberg and implemented by Dfns Labs.
To ensure a higher level of security, transactions conducted through the Space Wallet are fully auditable, and spoofed transactions are recorded. Cryptosat’s satellites enforce additional security measures, such as requiring confirmation for high-value transactions.
By hosting one of the signers on a Cryptosat satellite in space, the Space Wallet ensures that even the most determined attackers cannot access the private key.
“Cryptosatโs satellites are located in low-Earth orbit and therefore remain completely inaccessible even to the most well-funded, state-sponsored hackers. The company also employs advanced monitoring techniques to ensure that any attempt to get close to its satellites will be detected.”
Cryptosat founder Dr. Yan Michalevsky said the Space Wallet shows how space can be leveraged “as a perfect, physically-isolated environment for the level of security institutional wallet solutions.”
Dr. Jonathan Katz, the Chief Scientist of Dfns, highlighted the wallet’s enhanced security, attributing it to the use of threshold signatures in combination with satellite-based measures. He added that the partnership between both firms showed:
“Threshold signature schemes can be efficient enough to deploy in resource-constrained environments.”
The wallet currently supports Bitcoin (BTC) transactions and is expected to support other blockchain networks soon.
Posted In: Technology
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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