Are My Assets In Danger If I Lost My CoolWallet?
CoolWallet only allows pairing with the authorized devices. Thus, in the case of a stolen or missing wallet, it will refrain from pairing with an unauthorized mobile device for data access.
For your reference, a "wallet" is a collection of ECDSA key pairs. A key pair consists of a "public key" and a "private key" which can be used to encrypt or sign bits of data. The public key, as the name suggests, is known to everyone and can be used to encrypt messages in such a way that the holder of the private key alone may decrypt them. The private key may also be used to sign messages in such a way that anyone holding the public key may verify that the message truly came from you. Every cryptocurrency address consists of such a key pair - the "address" you send people is the public half and the private half resides in your wallet data file.
The "blockchain" is a constantly growing database of transaction information that is sent out to all nodes in the cryptocurrency network. When you perform a transaction, that transaction is distributed to the network and assuming the transaction is valid, will be included in the next "block." This is where the coins themselves are stored. When you initiate a transaction, all previous transactions to or from that address are scanned and a balance is calculated. If your transaction exceeds this available balance, it will be rejected by the network and will not be included in a block.
Thus, your cryptocurrencies are neither stored in the wallet nor the App. You can simply recover your wallet data onto another CoolWallet using the original backed-up seed to regain full control over your crypto assets again.
Moreover, not only is the CoolWallet waterproof, shockproof, and mobile. It uses an AES256 (Advanced Encryption Standard) encrypted Bluetooth connection to communicate with only the authorized devices. You have full control over their crypto assets using the CoolWallet because it is equipped with a tamper-proof CC EAL5+/6+ (Common Criteria Evaluation Assurance Level) Secure Element chip and assembled with a patented “Cold Compression” process which further eliminates any possible interceptor being installed to the wallet for data theft.