Consultants Refute Samsung’s Claims That Smartphones are Greatest to Retailer Cryptocurrency – Bitcoinist.com

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Experts Refute Samsung’s Claims That Smartphones are Best to Store Cryptocurrency - Bitcoinist.com

In a weblog publish in July, a Samsung writer claimed that smartphone-based cryptocurrency wallets have the “edge.” The Subsequent Net has since requested safety specialists for his or her views, and so they don’t fully agree.


Samsung steered that “smartphones have one of the best safety for blockchain and cryptocurrency.” The writer, Joel Snyder, places this all the way down to smartphone (and Samsung) Trusted Execution Environments (TEEs). Snyder defined:

The TEE is a separate execution atmosphere with its personal reminiscence and protracted storage, fully remoted from the remainder of the system.

Smartphones are Higher Than Laptops

If a pockets runs the correct “trustlets” to handle safety keys “safety is significantly tight,” says Snyder. Laptops don’t run TEEs so it’s argued that versus smartphones, smartphones edge out as a greater selection.

The Subsequent Net spoke to a handful of specialists. This consists of Bitcoinzerozero developer Jameson Lopp who agrees that TEEs give safety advantages, however that assaults can occur elsewhere within the software program stack. Lopp says:

Malware can have an effect on different important parts of the pockets operation whereas making a transaction, ensuing within the funds being ship to an attacker’s handle.

Lopp would solely hold as a lot cryptocurrency in a single signature smartphone pockets as he’d hold in a traditional money pockets.

Matthew Inexperienced, a Johns Hopkins cryptography professor, additionally agrees that TEEs are a “good factor” and make “hacker’s jobs tougher.” However, when an utility makes a request to a TEE like “ship Bitcoins to a selected particular person,” the TEE protects the keys. Nonetheless, refined malware would possibly have the ability to compromise the applying. Inexperienced stated:

Even apparent countermeasures like requiring a password solely assist a bit of, since a very refined piece of malware can simply wait so that you can enter the password with a purpose to make a official transaction.

The standard of TEEs could be a difficulty, safety points have been recognized even in these developed by Qualcomm and Trustzone.  

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