With the ability to resist cyber attacks and physical threats, NFC Crypto Wallets are becoming increasingly popular and trusted in the cryptocurrency community. Let’s learn about NFC Crypto Wallets and how they work in crypto
What is NFC Crypto Wallet?
NFC Crypto Wallet is a cryptocurrency wallet that uses Near Field Communication (NFC) technology to manage and secure digital assets. It is issued in the form of a physical card and works similar to a traditional bank credit card with integrated NFC technology.
The card allows users to make cryptocurrency transactions by simply tapping an NFC-enabled device such as a smartphone or tablet.
There are many ways to call cryptocurrency wallets using NFC technology, such as NFC Hardware Wallet, NFC-enabled Crypto Wallet, NFC-Enabled Hardware Wallet, NFC Cold Wallet, NFC Wallet Card… However, in essence, they have almost the same function and operating mechanism.
Why is NFC Crypto Wallet considered a new generation security solution?
NFC Crypto Wallet tags are designed to secure users’ cryptocurrency assets, and one of the most important factors in this is how sensitive information such as private keys or passphrases are stored and protected.
Store sensitive information
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Private Key and Passphrase:
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Sensitive information such as private keys or passphrases are often stored on the NFC tag’s secure element. This secure element is designed to protect data from physical and software attacks.
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However, in terms of key storage, there are new technologies emerging that help make key security more advanced. Typically, the mechanism of splitting the private key into two parts and storing it on the Zen Card with a pairing design (phone). This is a solution with a new operating mechanism and provides optimal security.
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Offline protection: Private keys and recovery phrases are stored completely offline in the security chip, which means they are never transmitted over a wireless connection, even when the card is communicating with a mobile device via NFC.
Security mechanism
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Security Chip: The security chip on the NFC Crypto Wallet card is capable of performing encryption and digital signing tasks without revealing the private key to the outside world. When a user makes a transaction, the security chip uses the private key to securely sign the transaction and sends the digital signature back to the mobile device to complete the transaction on the blockchain.
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User authentication: Some cards require users to authenticate with a PIN or other security methods (such as biometrics) to access and use the card. This ensures that only authorized users can use the card to make transactions.
For example, Zen Card does not contain the entire user’s private key/passphrase information, it is stored in a non-integral storage mechanism. This information will be encrypted and split into two parts, one part is stored on the card and the other part on the phone.
Therefore, in case the card is stolen or lost, only the user who owns the private key and passphrase will be able to make transactions. Only owning the Zen card will not affect the user’s assets.
Convenient and highly portable
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Fast Transactions: Users can make transactions with just one touch, saving time and effort.
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Compact size: NFC Crypto Wallets are usually compact in design, easy to carry and use anytime, anywhere.
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No internet connection required: Make transactions without internet connection, enhancing security and convenience.
Additionally, NFC cards do not require registration procedures or agreements like when creating a bank account.
Some Outstanding NFC Crypto Wallets
Nowadays, more and more crypto wallets are integrating NFC technology. However, compared to other NFC hardware wallets such as Tap Signer, Keycard, Tangem and Sugi, Zen Card stands out with its non-integrity key storage technology.
Ninety Eight’s Zen Card offers a modern, secure and relatively low-cost solution for storing and managing cryptocurrency assets in a compact and convenient design. However, choosing the right wallet will depend on each user’s specific needs and purposes.
