A recent statement by tele-communications/electronics giant Samsung declared smartphones as best bet for security when trading cryptocurrency. Laptops are not the way to go according to Samsung. Here’s why.
Smart Phones are even safe from themselves. Not even hackers can breach the security set into place on a smartphone, the reason is the memory inside a smartphone is nothing like that of a laptop. Smartphones have a defensive barrier known as a TEE, a system within the system of a smartphone not even accessible to its own operating system. The TEE has its own storage, its own memory and is safe from all hacking. TEE, short for Trusted Execution Environment, prevents alterations to the system memory.
The internal workings of the smart phone were explained in greater detail by Joel Snyder, one of the senior IT consultants for Samsung’s network, helping to improve security within the system. He went on in detail about the potential for hacking on one of their phones. Should someone ever attempt hacking into a phone, they may be able to access the OS, but would never be able to breach the security of the TEE.
“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.” Explained Snyder.
Laptops on the other hand, along with other PCs and Macs, use the normal hard drive for storage, SSD card or the equivalent. Hackers have no trouble getting into these devices then stealing the contents of them like private wallet keys.
Emin Gun Sirer, professor at Cornell University, started playing with the notion of using TEEs for creating secure, blockchain hardware. Running a team of programmers, Sirer developed new CPUs and eco system within smart phones to further guard against hacking. On top of the TEE he installed a new technology called Teechan, the new tech increased transaction capabilities to more than 2,480 per second.
According to Sirer, the technology is ideal for building trustworthy computer networks. The tech has given users the ability to know what protocol other users are using, a massive breakthrough for the industry, allowing people to avoid following shady people.
Do you agree on the idea of smart phones being the best bet for cryptocurrency? Leave your ideas about the subject in the comments below.