Topic: Decentralized Mnemonic Code Cold Storage (Read 126 times)

Hey Guys. First time poster, I've lurked here for sometime and find the discussion to be great.

I have started a company sharing the method I developed to store my hardware wallet word-lists and would love to get feedback on it.

Everything you need to know can be found at www.coldcodecrypto.com but here is the general idea:

1. The company ("Cold Code") provides you with two matching stainless steel plates with a random word-list on it
2. Using the BIP39 list numbers, you calculate a code that converts the random word-list into your wallet wordlist (Random# - Wallet# = Code#, add 2048 if negative or 0, repeat for each word)

Store one stainless random word-list at home and one at a bank security deposit vault. Store the code online only, password protected.

The main benefit is that you can destroy your wallet word-list since you can recover it with the random word-list and the code (Random# - Code# = wallet#, adding 2048 if negative or 0)

The company creates the random word-lists offline in a secure manner taking steps similar to something like bitkee. There is a certain amount of trust that we are handling/destroying the random wordlists correctly, but not nearly the same as bitkee since we don't actually ever handle your private key seeds.

Let me know if you have any questions, ideas or criticisms!