iCoin Technology Hardware Wallet
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
From iCoin Technology’s News page.
U.S-based iCoin Technology today announced a first-of-its-kind iCoin Wallet System that includes a sleek hardware wallet which incorporates a 3-inch touchscreen display. It also incorporates a 13-megapixel camera that enables full Air Gap transaction security. An optional Bluetooth thermal printer allows for a convenient and error-free way to securely print and store a 24-word backup seed phrase, along with other important information such as account addresses and transaction receipts.
Touchscreen & Camera
- Capacitive touch color display (3″) & 13 mp. rear facing camera. View accounts, sign transactions, and more.
- No WiFi, no cellular antenna, no SD card slot, no microphone, no front facing camera.
- Enabled Bluetooth optional.
- Private Keys are encrypted in memory.
- iCoin uses hardened derivation paths for Private Key creation.
iCoin Mobile App
- Your iCoin Wallet’s gateway to Blockchain Networks.
- iCoin Mobile App available on Apple’s App Store (iOS) & Google Playstore (Android)
- Should you ever need to update your Hardware Wallet software, iCoin’s technique retains Private Key safety.
- iCoin’s Wallet uses a rear facing camera to import Blockchain data required to construct a transaction. Your iCoin Wallet never connects to a Network.
Seed Based Recovery
- BIP HD compatible. Wipe your iCoin Wallet, restore it in seconds.
Quick Start Guide
- The Quick Start Guide is still available in PDF
The guide describes how to create a transaction:
- Open the iCoin Mobile App, select the account you’d like to transact with, and press SEND
- Manually enter the To address, paste in a copied address, or press to activate camera and scan address QR
- Manually enter the amount or select to send all funds
- Toggle between USD & BTC/ETH
- Use to adjust Fee with slider, then press SEND
- Use the action wheel on your Hardware Wallet and press Air Gap then scan your mobile’s QR with Hardware Wallet camera
- Confirm transaction details on your hardware wallet and press NEXT
- Enter your Hardware Wallet’s PIN to sign the transaction and generate a signed transaction QR code
- On your iCoin Mobile App, select NEXT to open the mobile’s camera, then scan the hardware wallet’s QR
Note: - the iCoin Mobile App will automatically publish a transaction upon scanning the QR code from your Hardware Wallet
iCoinTechnology used to have their device on Verizon’s store.
Can the private keys be created offline? - ✔️
Yes. The Quick Start Guide describes the process:
Create a New Bitcoin Account
- Select BITCOIN on your wallet homescreen
- Use the symbol to create a new account
- Choose a name for your account and press CONFIRM
- View your account address & QR code
- PRINT to create a hard copy of your account address & QR code
✔️ - The provider claims the device is air gapped with Bluetooth as an option.
✔️ - Information is communicated between two devices using QR codes.
Are the private keys shared? - ✔️
No. Described above: when creating a transaction, the device scans a QR code generated by the hardware device or printed through.
Furthermore, it is described as:
Unlike a smartphone, the iCoin hardware wallet has no hardware or software support for Wi-Fi, cellular or GPS communication, which can threaten security. It uses a camera and displays QR codes to receive and send information to the iCoin Mobile App (air gap connection) which runs on iOS and Android smartphones. The iCoin Mobile App uses the smartphone Wi-Fi or cellular connection to relay the transaction information to the blockchain. iCoin also operates its own full node blockchain server for improved transaction security. An optional Bluetooth printer securely connects to the hardware wallet for seed phrase and other printouts.
Here, we should assume the qr does what it does in the many other such hardware wallets - display PSBTs.
Does the device display the receive address for confirmation? - ✔️
Yes. Step 6 of creating transactions is described:
Confirm transaction details on your hardware wallet and press NEXT
Does the interface have a display screen and buttons which allows the user to confirm transaction details? - ✔️
Is it reproducible? - ❌
There is no link to any source code from the provider’s website.
The project does not link to any source code.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.