Compared to WaaS and Wallets

For more detail on the comparison to wallets and WaaS, please see the previous page. For a simple, approximate comparison chart, please see this page.

Compared To Other Categories Of Wallets

Making such a chart is difficult as there are often exceptions when categorizing wallets in broad strokes. For example, even though mobile app wallets and smart contract wallets are placed under our High-moderate security definition, there are notable exceptions such as ZenGo or a well-configured SAFE that belong to our High security category. When there is too much variance in a category to give it an accurate label, as is often the case in smart contract wallets, we label them N/A for that cell.

TypeSecurityRecoveryCross-BrowserCross-dAppOnboard TimeFree

Silk

High

Zero/minimal setup, high security

Yes

Yes

<30s

Yes

WaaS

Low

Zero setup, low security

Via a central custodian

No

<30s

No

Hardware wallets

High

Ledger: Slow setup, high- security

Must connect hardware wallet

Yes

Days

Yes

Smart Contract Wallets

High-moderate

Social recovery: Moderate setup, high-moderate security

N/A

Yes

N/A

Yes

Standard mobile apps (e.g., Uniswap)

High-moderate

Moderate setup, low security

Must export+import seed

Yes

Minutes

Yes

Standard browser extensions (e.g., Metamask)

Low-moderate

Moderate setup, low security

Must export+import seed

Yes

Minutes

Yes

Security Levels

Find more information on Silk's Security Model here

Low: Wallet can be drained by compromising a single web account

Many wallets have a single source of failure stemming for a primary account used to secure access to the private key, such as an email address or linking with a standard enterprise account like Google or iCloud. More recently, phishing attacks on iCloud have been shown to drain Metamask seed phrases backed up to Apple Keychain.

Low-moderate: Wallet can be drained by malware on a desktop device

Malware attacks are exceedingly common and have become more difficult to detect and prevent with new attack vectors emerging daily. Wallets must include multiple redundant precautions against key leaks due to malware intercepting passwords, key strokes, and authentication requests to name a few.

High-moderate: Wallet can be drained by malware on a mobile device

Mobile devices are less vulnerable to malware attacks due to higher standards on installable software and hardware security enclaves compared to standard desktops. However, mobile devices have become increasingly targeted with many unknown exploits still to be revealed.

High: Wallet cannot be drained by malware

The tightest security includes redundant procedures and precautions to prevent a malware program running locally on the user's machine from obtaining unauthorized access to their private keys. Note Hardware wallets have been shown to be vulnerable to malware, for example by or on the device they are connected to. While it is difficult to guard against this attack vector, Silk implements multiple protections that may make it more secure (pending audit) than a hardware wallet for these sorts of vulnerabilities.

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