Cryptostorage.com is a utility used to secure cryptocurrencies offline through generating keypairs that are not accessible through the internet. This eliminates the risk of the cryptocurrency wallet being compromised over the internet by hackers.
It generates key pairs that can be printed for a long time offline storage. Crypttostorage.com does not require a special hardware wallet, and a wallet stored on it can be accessed from anywhere with the keypair.
Cryptostorage.com is completely browser-based and when a key pair is generated it does not go through any sort of third-party verification. It also allows for funds to be split into different geographical areas, so they arenâ€™t accessible from one location. The tool currently supports the following cryptocurrencies: Stellar, Bitcoin, Bitcoin Cash, Ethereum, Monero, Litecoin, Dash, Zcash, OmiseGo, Basic Attention Token, Ubiq, Ethereum Classic, Ripple.
For bitcoin, cryptostorage.com has integrated the BIP38 encryption method which is known to be extremely secure. Cryptostorage.com is completely open-source and its source code is viewable on GitHub. This tool, however, cannot be used to conduct transactions. the creator has advised users to use the tool on open-source browsers like Mozilla Firefox, chromium etc.
They have also stated that disconnecting from the internet while generating a private key is extremely important. It is also recommended to run the tool on a raspberry pi through Linux and not connect to the internet after the private key has been generated, for maximum security. Private keys can also be protected with passphrases. Being open-source, there is no trust involved and users are encouraged to verify the source code.
According to the website, BIP38 is used for bitcoin private key encryption, and all other cryptocurrency privacy keys are encrypted through the CryptoJS encryption method. The private keys within the keypair are divided using a proprietary method and then encoded with base95. The way split storage works are, a key pair can be distributed into three parts where at least two parts must be entered to recover the private key. These portions can be stored at different locations to prevent access from just one location. All these features make cryptostorage.com extremely secure on paper, but it has yet to obtain a userbase.
However, the idea and implementation are good, and the future looks bright for this utility. Cryptostorage.com is a promising tool that is designed for cold storage of cryptocurrency without a hardware wallet, for maximum security and it seems to work well. We encourage users to proceed with caution as it is, still, a largely untested idea.