Tangem Wallet - Detailed analysis of the new hardware wallet

Introduction

Today we will carry out an analysis a little different from what we are used to, less technical but just as interesting 😉, since this product is quite different from what we know today in the world of cryptocurrency hardware wallets .

In a world where technology and digital currency are advancing by leaps and bounds, the security of our digital assets has become a primary concern. It is not enough to have a simple digital wallet; The real peace of mind lies in how and where we store those precious coins or tokens .

Do you know Tangem Wallet ? This is where the hardware wallet takes center stage, emerging as a robust and secure solution to protect our assets. In this article I will introduce you to Tangem Wallet, a revolution in the world of cold wallets that combines the familiarity of a bank card with advanced cryptographic security.

Presentation

The cards are presented as bank cards with a "traditional" format. Their use should not be confused, since they are not contactless payment per se , that is, they cannot be used in a conventional POS to make payments in any business.

Although they do not have the same employability, this card also comes with an NFC chip that is what allows us to interact with the Tangem Wallet mobile application , available for both Android and iOS devices .

There are different packs to choose from on the website, in which we can get from one to three cards. You may wonder, why do I need 3 cards? The answer: for a very interesting functionality that we will discuss in the following points.

Functioning

Access to the App

Accessing your crypto assets thanks to the Tangem Wallet application is ridiculously simple. It is enough to have the card and a mobile phone and the application installed to start using it. Once installed, we bring the card closer to the NFC reader. The location of the chip (generally on the back of the terminal) may vary slightly in position between one mobile model or another.

It is also possible to directly open the application and access the assets using PIN or fingerprint, which will take us to the overview of our assets.

Receive funds

Receiving funds is very simple, since like any wallet it is enough to know our public address.

We select the desired token from the main screen to find out the address of our wallet created in the pertinent network by default.

Send funds

Sending funds is just as simple as with any other wallet. It is necessary to know the destination address within the relevant network, select the number of tokens to transfer and validate.

The only difference is that to sign said transaction it will be necessary to swipe the card again.

Create one or more backup cards

As we have mentioned before, why do we need several cards? It is not mandatory, but the concept is the same as for house keys, how many do you need? As many as you consider necessary so as not to be in trouble if they are lost or stolen.

Here the concept is very similar. You can create copies of your master key to keep in multiple places, or have a spare card in case the master card is damaged.

Frequently asked questions

What exactly does the card contain?

The first thing that might come to mind is that our crypto assets are directly stored inside the card (or rather in its NFC chip) but this is not the case. What the card contains are the private keys that will be used to create the wallets within the different supported networks and that will allow us to carry out transactions by scanning the card. With this we come to the conclusion that these keys will never be stored on our mobile device.

What tokens are supported by Tangem?

Today the tokens supported by Tangem are many, starting with the main ones:

• Bitcoin (BTC)
• Ethereum (ETH)
• Tron Network (TRC20)
• Tether (USDT)

But the list expands to more than 6000 tokens !

It is also compatible with more than 35 networks , including: Arbitrum, Avalanche C-Chain, Azero, BNB Beacon Chain, BNB Smart Chain, Bitcoin, Bitcoin Cash, Cronos. See the full list .

Is it safe to store large amounts of cryptocurrency in the Tangem Wallet?

The security of the Tangem Wallet lies in the fact that the private key never leaves the NFC chip of the card. This means that as long as you keep the physical card secure and don't share its information with anyone, your assets will be protected. However, for very large quantities it is always advisable to diversify storage and not depend on a single solution.

If I lose my phone, do I also lose my crypto assets?

No! Even if you lose your phone, your crypto assets are safe. The Tangem Wallet card stores the private keys, not the phone. You'll need the card to access your funds, and if you lose your phone, you can simply download the app to another device and continue using your card as before.

Advantages and disadvantages

Advantages

1. Portability: The size and design of a bank card makes it easy to carry in wallets, bags and even a shirt pocket.
2. Security: By having the private key on an NFC chip and not on a device connected to the internet, the risk of hacking is significantly reduced.
3. Intuitive interface: The combination of the card with the mobile application makes its use simple and friendly.
4. Multiple backups: The option to have multiple backup cards offers an extra layer of security in case of loss or theft.

Disadvantages

1. Limitation on supported cryptocurrencies: Although it supports the main cryptocurrencies, there are many others on the market that cannot be stored with Tangem Wallet.
2. Mobile device dependency: It is necessary to have a smartphone with NFC and the application installed to access the funds.
3. Cost: Purchasing multiple cards for backup can increase the initial investment cost.

Security at Tangem Wallet

In today's world of cryptocurrencies and digital assets, security has become a fundamental pillar. As the value and adoption of cryptocurrencies grows, so does the need for more sophisticated and transparent security measures. Tangem Wallet stands out for its commitment to security, demonstrated through its various features and security protocols.

Open Source

Transparency is essential when it comes to trust in technological solutions. Tangem Wallet has chosen to make its source completely open. This means that anyone can access, review, and contribute to its source code available on GitHub . Being open source allows for constant and exhaustive review by the global community, ensuring that any potential vulnerabilities can be quickly identified and corrected.

Advantages of Open Source:

• Transparency: Users can verify for themselves exactly how the software works and make sure there are no hidden "tricks" in the code.
• Continuous Development: Being accessible to the public, developers from all over the world can contribute with improvements and corrections, constantly enhancing and improving the software.
• Reinforced Security: Constant reviews by a broad community of security experts guarantee rapid detection of vulnerabilities.

EAL6+ certification

Tangem Wallet not only relies on the community to ensure its security, but has also obtained EAL6+ (Assurance Assessment Level 6+) certification. This is one of the highest and most recognized certifications in the digital security industry, which ensures that the device has passed rigorous testing and evaluation to ensure its resistance against physical and logical attacks.

Advantages of EAL6+ Certification:

• Trust: The certification is a testament to the robustness of the device against attacks and vulnerabilities, providing peace of mind to users.
• Attack Resistance: The EAL6+ level guarantees that the device can resist highly sophisticated attacks.
• Industry Standard: By adhering to this high standard, Tangem positions itself at the forefront of security measures, aligning itself with the best practices in the sector.

Conclusions

The Tangem Wallet is an innovative solution that stands out for combining the familiarity of a bank card with the security of a cold wallet. Although it has some limitations, its advantages make it an excellent option for those looking for a secure and convenient way to store their crypto assets.

Recommendations

1. Constant updates: It is advisable to keep an eye on updates to both the application and the card to guarantee the highest level of security and compatibility with new tokens.
2. Education: Before making any transaction, it is vital to familiarize yourself with how the wallet works, private key management, and security best practices.