Introduction to Other Hardware Wallets
1.Cobo Wallet
Cobo Wallet ensures that the private keys of digital assets never connect to the internet by using digital signature technology, thus preventing the risk of private keys being stolen by online hackers.
Cobo Wallet must be used together with a hardware cold wallet, and the two communicate through QR codes or NFC functionality.
However, some users have reported that if the Cobo Wallet is lost or damaged and the mnemonic phrase, private key, or the wallet’s seed password and payment password were not backed up beforehand, the Bitcoin will be effectively “lost,” as it can no longer be accessed. A decentralized wallet gives users full control over their crypto assets, but it also means users must take full responsibility for any loss or leakage of the mnemonic phrase, private key, or password.
The reason losing a Cobo hardware wallet results in asset loss lies in its unique mechanism:
Cobo Wallet uses Hierarchical Deterministic (HD) technology, which randomly generates a seed password based on the user’s environment. A payment password is also set, and together, the seed password and payment password generate private keys for different cryptocurrencies.
The seed password is not stored in plaintext within the wallet device. It is encrypted with the payment password before storage. Therefore, even if the hardware wallet is lost, others cannot directly obtain the private keys. Based on this, it is recommended to set a strong payment password.
Both the seed password and payment password are required to control the assets in the wallet. If the seed password is lost or the payment password is forgotten, the assets can never be recovered.
Be sure to back up the seed password and keep it safe. Do not show it to anyone and enter it on any website. It is recommended to write it down on paper instead of storing it electronically. Do not copy it to the clipboard (as some software may access it) and store it on any internet-connected device.
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