If you have any questions please ask.
Welcome to bitcointalk forum!
Are you developer or contributor for frozenkrill walle, and if you are I was wondering why choosing that name for wallet?
This looks like interesting alternative for cold wallet, but whats the difference and advantage compared to using let's say Electrum wallet offline?
Yes, I'm the main author. The name is a natural one for a Rust project because we are talking about a cRUSTcean (also Rust's mascot, Ferris, is a crab) and it's also adequate in the context of Bitcoin where investors are compared to sea animals.
Krill is particularly important to whales but it's also the basis of the food chain of other sea animals. Krill lives in cold waters but if you want to hodl them for a long time it's better to store them frozen
Compared to something like electrum being used offline there are perhaps three notable differences:
1) When using frozenkrill, the generated seed is encrypted with strong cryptography because the key derivation/key stretching algorithm (argo2id) has been created to withstand brute-force attacks. Any encryption/decryption will take a lot of cpu and memory.
On the other hand electrum uses a much weaker algorithm (just a password hash AFAIK for the disk database, other wallets may use something better like scrypt, but probably with a low number of rounds/RAM requirements and still prone to GPU cracking).
Most wallets will by default show the BIP39 seed which uses PBKDF2 with just 2048 iterations if the user selected a non empty password. This is also very prone to brute-force attacks.
By default frozenkrill will never show/print the seed, never store it with a weak encryption and only let the user access it indirectly for the signing of PSBT filesIn practice these algorithm differences is the difference between an attacker taking one day to crack the wallet or million years.
2) frozenkrill allows and encourages the user to use keyfiles as part of the password (see the README for more information). This is something that only exists on advanced encryption systems like TrueCrypt/VeraCrypt that have been designed with a more paranoid threat model
Note: this isn't a flaw of these other wallets. None of them has been designed to let the seed be stored "online" after it being generated offline. All of them will strongly recommend the user to store the seed offline, specially in paper/metal plates.
3) frozenkrill is a CLI only, so it doesn't need a graphical system (like the X server in Unix systems) which let it run on very lean operating systems. This reduces the attack surface.