Armory Wallet Review: Is Armory Safe?
What is Armory?
Armory is the first open-source cold wallet for Bitcoin storage that also features multi-signature support. The wallet has advanced security features and a comprehensible interface, which was designed for dedicated Bitcoin owners that are looking for a safe storage option.
Amory enables the setup of multiple wallet addresses which separate a user’s personal Bitcoin account form his other funds. The process of transferring Bitcoin funds is also protected by a password, a feature which adds extra security to the wallet.
Armory provides cold storage support, which means that your private keys are stored offline, keeping them away from any type of online attacks or hacks.
How Secure is Armory?
Armory’s wallet software is based on the Python programming language. It’s open source, meaning it can be used as a platform for creating Bitcoin apps such as exchanges and crowdfunding platforms.
As we mentioned above, the wallet provides multi-signature support and decentralized lockboxes, making the user the only one in control of the generation and storage of his cryptographic keys.
Even though the only way someone can get a hold of your Bitcoins is by physically having possession of your wallet, Armory’s has a very solid encryption, which the company claims centuries to achieve.
Armory is also popular because it uses the Glacier Protocol, which is famous for being implemented in the most secure of cold storage systems for bitcoins.
To use Armory, you do not have to coding knowledge like with other Bitcoin software.
Another bonus feature of Armory is that it’s free to install and use. You just have to access their official website BitcoinArmory.com and download the app compatible with your computer’s operating system.
The wallet is compatible with Windows, Mac OS X, and Linux systems.
It should also be noted that the wallet requires to download a full blockchain on Bitcoin core, so it may take up to several days for the download and installation process to be completely finished.
As the wallet created a mirror of the Bitcoin blockchain, it surpasses 40gb at this point, meaning that user must have additional storage space on their hard drive. This may deter Bitcoin enthusiasts that are looking for a more accessible wallet which is less memory- consuming.
The main feature of Armory is that you can build a secure offline Bitcoin wallet. This lets you manage your wallet on a computer that is never connected to the internet, making it a shut-tight system. All the private key data is kept only on the offline computer, significantly reducing any hacking chances.
The only cryptocurrency that the wallet supports is Bitcoin.
Armory Development Team
The person that initially developed Armory, Alan Reiner, announced that he was leaving the project and stopped updating the code in February 2016. After his departure, a new team of developers continued working on the project.
That new team consists of members that have an extensive background in cryptography and private key services. For example, the original development team worked together with Verisign on creating an advanced Identity Verification Specification for establishing trust on the internet.
Alan Reiner was employed for seven years at the Johns Hopkins Applied Physics Laboratory, where he developed real-time image and video processing algorithms for missile defense. Other important team members are Senior Developers Andy (CircusPeanut), Doug (doug_armory), and Charles (njaard).
The company also lists several of its cryptographic technology specialists as advisors.
Armory is a remarkable wallet considering its security features and community dedication. It has been reported that it does have a few bugs and it sometimes works very slow. The Armony wallet is rather advanced for beginner users, and the fact that it is a free service might make people skeptical about its safety.