Topic: Samsung: Smartphones are the Most Secure Device When Using Cryptocurrency - page 7. (Read 1222 times)
July 27, 2018, 09:38:11 AM
July 27, 2018, 09:35:12 AM
The idea of a trust environment is only as limited in functionality, value and effectiveness on the basis of the fact that the flaws (if any) are yet to be seen and exploited. the idea of using a hard or cold wallet still overall out performs the conventional TEE which is taking a wallet that has assets off prying eyes. The Samsung's idea is yet to be refuted or corroborated by any smartphone maker and until then, this remains a statement, not a fact.
July 27, 2018, 09:29:56 AM
Snyder explained:
“This is why smartphones have an edge over laptops and desktops for cryptocurrency wallets: without the benefits of the hardware-based TEE, the keys are more vulnerable. There is a significant caveat: a naïve wallet developer might choose to simply store the keys on the normal internal storage of the phone, in which case there’s little additional protection from using the smartphone platform. Or the wallet itself might be malware, in which case all bets are off. But with the right wallet leveraging the benefits of smartphone TEE, there’s no place safer to store your money.”
So how does samsung have the advantage, the right wallet can be installed on any smartphone?
July 27, 2018, 09:28:12 AM
July 27, 2018, 09:22:47 AM
I always thought smartphones were a lot safer due to most likely less malware targeted at them(though not 100% sure), unless your phone is rooted and you're giving a lot of special permissions to random scammy apps. Though I've always though up to date iPhones were more "secure" compared to Samsung phones or android phones in general.
Nothing beats a hardware wallet over-all in terms of security+ease of use though.
Nothing beats a hardware wallet over-all in terms of security+ease of use though.
July 27, 2018, 09:10:25 AM
According to Samsung, the $290 billion behemoth which dominates every major industry in South Korea, smartphones are the safest device to use when transacting using cryptocurrency
Smartphones Over Laptops
Smartphone wallets such as Blockchain and Jaxx are the go-to applications the majority of cryptocurrency users utilize to send and receive payments with digital assets.
Joel Snyder, a senior IT consultant, a contributor to Samsung Insights, explained in a recent paper that smartphones are significantly more secure than laptops and other devices, because of the presence of the Trusted Execution Environment(TEE)
Most smartphones have a native environment called the TEE, which operates as a separate execution environment with its own memory and storage, isolated from the device. Hence, not even the operating system (OS) like Android can reach into the TEE and potentially initiate alterations in its memory.
In an event of a hacking attack or a security breach, attackers cannot possibly break into the TEE and attempt to steal data such as the private keys of cryptocurrency wallets because the TEE exists completely independent of the device.
On laptops or computers that rely on conventional persistent storage units such as a hard disk or an SSD, a hacker can easily break into the storage and steal valuable financial information, including data pertaining to cryptocurrency wallets, that could lead to the loss of funds and holdings stored in digital assets.
Snyder explained:
Smartphones Over Laptops
Smartphone wallets such as Blockchain and Jaxx are the go-to applications the majority of cryptocurrency users utilize to send and receive payments with digital assets.
Joel Snyder, a senior IT consultant, a contributor to Samsung Insights, explained in a recent paper that smartphones are significantly more secure than laptops and other devices, because of the presence of the Trusted Execution Environment(TEE)
Most smartphones have a native environment called the TEE, which operates as a separate execution environment with its own memory and storage, isolated from the device. Hence, not even the operating system (OS) like Android can reach into the TEE and potentially initiate alterations in its memory.
In an event of a hacking attack or a security breach, attackers cannot possibly break into the TEE and attempt to steal data such as the private keys of cryptocurrency wallets because the TEE exists completely independent of the device.
On laptops or computers that rely on conventional persistent storage units such as a hard disk or an SSD, a hacker can easily break into the storage and steal valuable financial information, including data pertaining to cryptocurrency wallets, that could lead to the loss of funds and holdings stored in digital assets.
Snyder explained:
“This is why smartphones have an edge over laptops and desktops for cryptocurrency wallets: without the benefits of the hardware-based TEE, the keys are more vulnerable. There is a significant caveat: a naïve wallet developer might choose to simply store the keys on the normal internal storage of the phone, in which case there’s little additional protection from using the smartphone platform. Or the wallet itself might be malware, in which case all bets are off. But with the right wallet leveraging the benefits of smartphone TEE, there’s no place safer to store your money.”
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