No, Ballet wallets come with pre-generated private keys. Ballet wallets are manufactured using a patented two-factor key generation process (2FKG) that utilizes the BIP38 open-source standard. The two-factor private key on each Ballet wallet is composed of an encrypted private key (EPK) and a passphrase that can decrypt it. The EPK and passphrase are generated using open-source software on offline, air-gapped computers by different employees in secure facilities thousands of miles apart. The EPK and passphrase are deleted and overwritten with random data immediately after the manufacturing process is complete. The process is designed so that no single employee or attacker who breaks into the manufacturing facility can access both components of the two-factor private key. In order to protect the private key throughout the supply chain until the wallet is received by the customer, the EPK is concealed by a tamper-evident sticker and the passphrase is concealed by a strip of scratch-off material (similar to a lottery ticket or prepaid gift card). The unencrypted private key required to spend the coins stored on a Ballet wallet is never actually generated until the end user removes the tamper-evident sticker and scratch-off material from the physical Ballet wallet and combines the two pieces of data on the Ballet app by entering the passphrase and scanning the EPK. For more information on Ballet’s patented 2FKG manufacturing process, please visit: https://www.balletcrypto.com/2FKG
Articles in this section
- How are Ballet wallet private keys generated?
- Does the Ballet Crypto app store my Ballet wallet private key on my mobile device or transmit it over the internet?
- How is it possible to generate a cryptocurrency address from a passphrase and encrypted private key without combining them on the same computer?
- How do you make sure that company employees or anyone with access to Ballet manufacturing facilities cannot steal encrypted private keys or passphrases during or after the manufacturing process?
- How are Ballet wallet passphrases and encrypted private keys are matched correctly during the manufacturing process?
- How do you verify that each Ballet wallet’s encrypted private key can be decrypted by the wallet passphrase before selling wallets to the public?
- Why should I trust Ballet?
- How is it possible to generate an encrypted private key without knowing the passphrase needed to decrypt it?
- Do Ballet wallets allow me to generate my own private keys?
- Isn’t it safer to use cryptocurrency wallets that allow me to generate my own private keys?