Computer-implemented method, a computer system and a cryptocurrency depository for enabling secure escrow and safekeeping of a cryptocurrency

Abstract

There is provided an unrecoverable hardware token in possession of each of a first party and/or a second party having stored therein, private-keys/secrets, generated during initialization. The unrecoverable hardware token is required to be physically accessed to sign transactions using them. Further, the unrecoverable hardware token associated with each of the first party and/or the second party is configured to generate a signature using internally stored private-keys/secrets to authenticate transactions. Furthermore, the unrecoverable hardware token is configured to provide out-of-band authentication by preventing any backup or recovery of the private-keys/secrets stored therein.

1 . An unrecoverable hardware token in possession of each of a first party and/or a second party having stored therein, private-keys/'secrets, generated during initialization;
 wherein the unrecoverable hardware token is required to be physically accessed to sign transactions using, them;   wherein the unrecoverable hardware token associated with each of the first party and/or the second party is configured to generate a signature using internally stored private-keys/secrets to authenticate transactions; and   wherein the unrecoverable hardware token is configured to provide out-of-band authentication by preventing any backup or recovery of the private-keys/secrets stored therein.