Ballet’s innovative two-factor key generation process (2FKG) was designed to eliminate the risk that a rogue employee or a criminal who gains access to our secure manufacturing facilities could steal encrypted private keys or passphrases. There are multiple layers of protection built into the process. Ballet’s two-factor key generation process requires the encrypted private key and passphrase to be generated separately on offline, air-gapped computers in different locations on different continents by different employees. These two components of the private key are never exposed to the internet or commingled on the same computer or hard drive. Therefore insider theft would require multiple employees to collude, and outsider theft would require both locations to be compromised secretly and simultaneously. Encrypted private keys and passphrases are deleted and overwritten immediately after the manufacturing process. The only copy that exists is contained in non-electronic form on the physical Ballet wallet itself, concealed under the tamper-evident sticker and scratch-off. Therefore even if criminals break into the manufacturing facility, there will be no encrypted private keys or passphrases for them to steal. Only a very small number of Ballet’s most experienced and trusted employees are involved in any part of the private key generation and manufacturing process. They have strong incentives to ensure that every wallet produced is secure. If an insider theft ever occurred, it would soon be discovered which employees were responsible, and they would face severe criminal penalties. It would be impossible to commit the crime and get away with it. Every Ballet employee has a financial and reputational stake in the success of the company, and the success of the company depends on trust. If Ballet customers ever lose coins due to theft or product defect, all trust in the company would be lost and employees’ financial stake would be worthless. Our interests are completely aligned with our customers. Therefore everyone at Ballet has a strong incentive to ensure that standard operating procedures and quality control standards are strictly adhered to at all times.
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?