AMA Recap with XRP Bags: D'CENT's Security & Strategy Highlights

In a live AMA session hosted on the XRP Bags channel on August 11, 2024, WanKyu Kim, the Chief Business Officer of IoTrust, joined forces with Uncle Buster, BRZRKR, FUMA Boy’Z, Nerdy X, and XRP Bags to share valuable insights and updates on the future of the D'CENT wallet. The discussion covered a wide range of topics, including the development of new products, enhanced security measures, support for emerging tokens, and strategic plans for global expansion.

Here’s a detailed recap of the questions and answers discussed during the session.

Question 1: What product will D'CENT create to compete with other cold wallets?

XRP Bags: Alright, we got number one here. What product are you going to create to compete with the new Godzilla of cold wallets, like Ledger Stax and Ledger Flex?

WanKyu Kim: Okay, developing new hardware requires a huge effort because, you know, you need to go for the order, the tests, as well as the certification. However, adding new features and a slightly modified design should not be considered as an innovative product, which is not our direction.
To answer your question, we do not have any short-term plans for releasing a completely new hardware wallet. Rather than that, we like to focus on the user experience, as well as adding new services like direct staking at the D'CENT wallet and simplifying the swap, as well as the exchange processes.

Question 2: Will D'CENT go completely air-gapped for security?

Question 3: Are there concerns about Bluetooth security in hardware wallets?

Nerdy X: You know, we have this saying in IT that 90% of errors are user errors. Most of the problems are because of the product itself. Um, this is the PIN code.

WanKyu Kim: There are some concerns that this hardware wallet is connected via Bluetooth with your smartphone. But what happens is the hardware wallet will only send the information or signal regarding whether the private key or the signature confirmation is correct or not. So even though an unauthorized person has access to this Bluetooth protocol, the only thing that he will remember or can get is whether it is a yes or no confirmation, not anything related to the private key, which will not be shared.

Question 4: When will D'CENT support IOTA and other tokens?

XRP Bags: The next one we got is asking about tokens. This one's specifically asking about when D'CENT adds the IOTA trust line, specifically the XLM version, not M IOTA. So they're basically asking about the token adding process for D'CENT wallets.

WanKyu Kim: You can request token support on our website, dcentwallet.com, using the form provided in the top menu. Supporting IOTA and other major networks is a top priority, particularly for the Iota trust line based on XLM. However, we can't confirm a specific date for IOTA support yet, as our focus has been on other business segments recently. We will announce once IOTA support is available. You can submit a request using this Google form.

Question 5: Will D'CENT consider supporting Constellation DAG?

Nerdy X: I was actually going to ask you about constellation DAG because there is no hardware wallet currently available that supports constellation DAG. So I was wondering if that would ever come to D'CENT eventually. Future?

WanKyu Kim: D'CENT wallet offers various SDKs for integration. If a service provider has its own mobile app, they can implement our D'CENT mobile app SDK to connect with the hardware wallet. If you have a list of services you'd like us to integrate, please share it with me, and I'll discuss it with our team for integration and co-marketing.

Question 6: What chips are used in D'CENT wallets?

FUMA Boy’Z: So, I've got kind of a two-part question, if you guys don't mind me asking. Um, so the first question is, are the chips using a D'CCENT wallet from Samsung or LG?

WanKyu Kim: The secure chipset that we are using is from NXP. NXP is the semiconductor company that makes the secure chipset. What we are doing is we received the hardware chipset from NXP, and we poured our operating system on top of the secure chips and put it into the hardware wallet.

Question 7: Who are the founders of IoTrust?

FUMA Boy’Z: I also started trying to find who the founders of the IOTrust were. The only person I was able to see was Mr. Tyler Kim. Are there any other founders, and are they a part of that group as well?

WanKyu Kim: IoTrust was founded in 2017 with ten team members. As you mentioned, Tyler is one of our co-founders. And our current CEO, Mr. Baek, was the head of the department in our previous company.

Question 8: How did IoTrust get Mr. Moon Park as an advisor?

FUMA Boy’Z: How did you guys get Mr. Moon Park as an advisor?

WanKyu Kim: The relationship started from our ex-company, because, you know, he used to be the head of Qualcomm, as well as the mobile operator advisor. We had a relationship with Mr. Park for probably almost 10 or 20 years.

Question 9: How is D'CENT different from other wallets?

XRP Bags: What makes the wallets different from other wallets? Are all wallets equal?

WanKyu Kim:It uses the EAL 5 Plus chipset, trusted in banking and government sectors, providing strong security without unnecessary features that drive up costs. What sets D'CENT apart is its user-friendly design, with features like easy navigation, fingerprint scanning, and a clear display for quick transaction reviews. Plus, firmware updates are only needed when new coins are added, reducing hassle. D'CENT Wallet offers the perfect balance of security and convenience, making it a top choice for managing your cryptocurrency.

Question 10: How many D'CENT wallets are manufactured per year?

FUMA Boy’Z: Oh, okay, as far as the manufacturing process, how many D'CENTs are manufactured per year?

WanKyu Kim: To give you some rough idea, our monthly active users for the D'CENT wallet are somewhere around 300,000 people.

Question 11: Will D'CENT be available in retail stores like Best Buy?

XRP Bags: Will you guys ever release D'CENT wallet licensing to Best Buy?

WanKyu Kim:D'CENT Wallets are manufactured in Korea, with local partners in the United States, Europe (including the UK and Germany), and Japan, ensuring customers don't have to pay import taxes or shipping fees. While most of our sales are made online, we're very interested in exploring a partnership with Best Buy to increase our visibility. Collaborating with Best Buy would be a great opportunity, and we're eager to discuss how we can work together to bring D'CENT Wallets to more customers through their retail network.

Question 12: Can you use two D'CENT wallets on the same phone?

Uncle Buster: Can you use two D'CENT wallets for the same phone?

WanKyu Kim: Yes, you can! Each hardware wallet has a unique number. You can connect multiple hardware wallets with a single phone, but all you have to do is make sure that the other hardware wallet is turned off when the one wallet is connected.

Question 13: Where to find authorized D'CENT dealerships?

XRP Bags: How to find all the D'CENT authorized dealerships?

WanKyu Kim: When you go to our website and scroll all the way to the bottom, you will be able to see our authorized reseller list on our website.

Question 14: Issues with thumbprint recognition and how to fix it.

Uncle Buster: The thumbprint doesn't work that well for me... Is there like a trick or something I'm not doing right?

WanKyu Kim: If your finger has moisture, the recognition rate is probably going to be reduced. Make sure that your registered finger covers the entire sensing area when you scan your fingerprint.

Question 15: How to add a second fingerprint to the D'CENT wallet?

XRP Bags: How do you add a two-finger scan?

Wankyu Kim:Yes, you can register a second fingerprint at any time, not just during the initial setup. This is useful in cases where the original holder can’t access the wallet, such as after an accident. To add a second fingerprint, go to settings on the hardware wallet and select the option to 'Enroll Finger.'

Question 16: Can someone override the fingerprint authentication?

XRP Bags: Can someone use the ad data file on the fingerprint to override the authentication process?

Wankyu Kim: Indeed, our hardware engineer tried it many times, but they failed. So, I would say that those kinds of movie stuff are not going to work in the real world.

Question 17: User has issues accessing D'CENT wallet, what to do?

XRP Bags: He says that he can't get into his D'CENT wallet; he's having software issues on his account.

Wankyu Kim: I am pushing our customer support team to give a response within one business day. Please provide more detailed information, like a screenshot of the mobile app and what the exact issue is. You can contact us at contact@iotrust.kr.

Question 18: Should D'CENT wallets be stored in Faraday bags?

XRP Bags: Do I need to store my D'CENT in the Faraday bag?

Wankyu Kim: No, because even though this hardware wallet connects with your smartphone via Bluetooth, you need to authorize and register this wallet on your smartphone device.

Question 19: Does a Faraday bag protect against EMP attacks?

XRP Bags: In the chat, they're saying for the Faraday bag. They're saying it's for an EMP attack.

Wankyu Kim: Even though you know this, EMP attacks are probably the worst scenario. The worst you will see is that the hardware wallet is not going to work, right? But, you know, if you are holding the 24-word seed phrase in a safe place, you can restore your private key at the new hardware wallet.

Question 20: How to recover funds if D'CENT wallet is damaged?

Nerdy X: Just to be clear, everyone, nothing is directly on the device. It's connected to your seed phrase, so if anything happens to the device itself, you can always recover your funds.

FUMA Boy’Z: I overprotect mine because I’m scared of the NSA and CIA, so I put mine in a Faraday bag, in a fireproof bag, and in a safe.

Wankyu Kim: If you are holding the 24-word seed phrase in a safe place, you can restore your private key.

We would like to extend our heartfelt thanks to Uncle Buster, BRZRKR, FUMA Boy’Z, Nerdy X, and XRP Bags for hosting this insightful AMA session. Your contributions made this discussion truly valuable. Additionally, we want to express our gratitude to all the participants who submitted questions and to everyone who tuned in live. Your engagement and support are greatly appreciated.

If you missed the live session or would like to watch it again, you can find the full recording here.

Thank you for being part of this journey with us!