Digital currency wallet

The more I explore about cryptocurrency, the more I am mystified by its intricacies. For instance, just like your typical wallet, you don?t want to have all your funds in it, just in case it is compromised or stolen somehow. Instead, you move the majority of your funds/assets into a secure system, l

Project Title

Digital currency wallet

Project Area of Specialization

Cyber Security

Project Summary

The more I explore about cryptocurrency, the more I am mystified by its intricacies. For instance, just like your typical wallet, you don’t want to have all your funds in it, just in case it is compromised or stolen somehow. Instead, you move the majority of your funds/assets into a secure system, like a bank. Unfortunately, there are limited banks in Pakistan implementing Deposit Protection Act and any cash insurances. This means we are left to our own devices. The go-to solution can be a “Cold Wallet”.

This final year project intends to develop of a digital currency wallet “Cold Wallet” using open source digital wallet “TREZOR” based on Raspberry Pi. TREZOR is suitable for web/mobile App for banking and digital transactions.

A cold wallet is one that is completely air-gapped, doesn’t touch the internet, doesn’t sport Bluetooth connectivity, It is basically a product that has a bit of information about your wallet, typically just your mnemonic seed, and then it is hidden away for safekeeping. It is an offline wallet provided for storing bitcoins. With cold storage, the digital wallet is stored on a platform that is not connected to the internet, thereby, protecting the wallet from unauthorized access, cyber hacks, and other vulnerabilities that a system connected to the internet is susceptible to.

Project Objectives

The cold wallet using Raspberry Pi connect via USB to a host computer. Any transaction that would imply sending money to someone must be signed to be considered valid by the cryptocurrency network, like the bitcoin network. To perform that, the transaction is sent to the wallet device via USB. The user can confirm its authenticity on the device display and press a button on the device to sign it with the internal private key. The hardware wallet device will send back the signed transaction to the computer to be broadcasted to the internet. In this process, the private key is never accessed by the computer.

On the other hand, the raspberry pi zero is a low cost and small but powerful computer. It is used on numerous projects by ton of developers and hobbyists around the world.

Project Implementation Method

Most Debian-based Linux distributions that remain compatible with the Raspberry Pi should be suitable as a foundation for a Cold Wallet on a Raspberry Pi.

There are several options for running a bitcoin node on a Raspberry Pi such as Raspnode, Raspbian etc. Raspbian is a good choice, and simple to install.

Following are few details to include with Respberry Pi Cold Wallet:

HDMI Display:

The basic version only needs to connect two push buttons to the pi zero to act as the 2 input buttons of the device. The pi zero as an HDMI connector that is used for output in this configuration. This is a simple solution to start with.

OLED Display:

Instead of using the HDMI connector, a small OLED display can be attached to the pi zero. In that case, I recommend to use a small plastic box to protect the components and to give a more professional look.

Adafruit Bonnet:

It is also possible to use the Adafruit bonnet (see https://www.adafruit.com/product/3531). In that case you just have to install the pins on the pi zero and connect the bonnet.

Benefits of the Project

Protection against fraud:

An unprecedented level of security is possible with Cold Wallet. The network provides users with protection against most prevalent frauds like charge backs or unwanted charges, and Cold Wallet are impossible to counterfeit. Users can backup or encrypt their wallet and hardware wallets could make it very difficult to steal or lose money in the future. Cold Wallet can empower and allow its users to have complete control over their money.

Freedom in Payment:

With Bitcoin it is very possible to be able to send and get money anywhere in the world at any given time. You don’t have to worry about crossing borders, rescheduling for bank holidays, or any other limitations one might think will occur when transferring money. Bitcoin provides more control. There is no central authority figure in the Bitcoin network.

Cost efficiency, Energy friendly Long term sustainability:

With the use of Cold Wallet, secure payments are possible without slow and costly middlemen. A transaction can be much cheaper than its alternatives and be completed in a shorter time. This means Cold Wallet holds some potential to become a common way to transfer any currency in the future.

Technical Details of Final Deliverable

Technologies: Crypto, Information Security

Final Deliverables: Mobile Application/Web Portal, HW/SW integrated system

Final Deliverable of the Project

HW/SW integrated system

Type of Industry

Finance , Security

Technologies

Blockchain

Sustainable Development Goals

Industry, Innovation and Infrastructure

Required Resources

If you need this project, please contact me on contact@adikhanofficial.com