At CoinPlus, we believe that no manufacturer should have
the total information of the private key.
Only the final user should know the full private key.
How do we secure our products?
CoinPlus involves two different companies to engrave two secrets on the product ensuring that only the buyer will have access to the private key.
Each company generates a secret using a secure random number generator and derives an asymmetric key pair (public and private) from which it stores only the public key. Then each company engraves its secret on the bar and covers it with a holographic security labels ensuring its safety.
By adding their two ECC public key, the companies can compute a common public key that will be used to generate the BTC/ETH/XRP/LTC/XTZ/BCH address or a PEM/GPG public key of the product. The private key corresponding to the common public key is unknown to both companies and only the end user using the two secrets engraved on the product is able to regenerate this private key.
CoinPlus published the source code for the re-computation of the private key on github under the MIT license.
The flaws of process-based solution is easier to identify and to migitage compare to an electronic solution.
Currently, the process works with two companies that create 2 different secrets. But to make it even stronger, other actors could very well get involved in the creation process.
We deliver trust because our solution is based on mathematics and not on proprietary technology, which means that everyone can verify the algorithms.