Foundation
Foundation refers to the Passport, a Bitcoin-only hardware wallet by Foundation Devices that securely stores private keys offline for self-custody.
What Is a Foundation?
A Foundation is the Passport, a Bitcoin-only hardware wallet from Foundation Devices. It stores private keys offline. Users gain self-custody of their Bitcoin assets. Also known as Foundation Passport or Passport wallet.
The Passport operates air-gapped. It avoids USB or Bluetooth connections. Instead, it uses QR codes. Connect it to the Envoy mobile app by scanning QR codes with its built-in camera. To sign a transaction, scan an unsigned QR code from Envoy. The device signs it offline. Output a signed QR code for broadcasting. Private keys never leave the device.
Foundation matters for security in cryptocurrency. Online wallets risk hacks. Hardware wallets like Passport keep keys offline. Bitcoin-only focus minimizes bugs from multi-coin support. Open-source code invites audits. Users verify firmware themselves.
Key characteristics include:
- Air-gapped QR code signing
- Open-source hardware and software
- Supports single-sig and multisig wallets
- BIP-39 seed phrase backup with dice rolls for entropy
- Touchscreen for easy navigation
Bitcoin (BTC) is the first decentralized cryptocurrency, launched in 2009. It uses blockchain technology for secure, peer-to-peer digital transactions without intermediaries.
Read full definitionSelf-custody means users control their own private keys to manage cryptocurrency assets directly, without third-party custodians. It embodies 'not your keys, not your coins.'
Read full definitionCryptocurrency is a digital or virtual currency secured by cryptography, operating on decentralized blockchain networks to enable secure, peer-to-peer transactions.
Read full definitionUTXO (Unspent Transaction Output) is a unit of cryptocurrency from a previous transaction that remains unspent and serves as input for new transactions in blockchains like Bitcoin.
Read full definitionQR Code Signing is a method used in cryptocurrency transactions where a QR code is generated to confirm and sign a transaction, enhancing security and user convenience.
Read full definitionMultisig (multi-signature) is a security feature that requires multiple private keys to authorize a transaction, enhancing protection against unauthorized access in blockchain networks.
Read full definitionBIP39 is a standard for generating mnemonic seed phrases that are used to create deterministic wallets and securely back up cryptocurrency private keys.
Read full definitionA backup in cryptocurrency is a secure copy of a wallet's seed phrase or private keys. It enables recovery of funds if the original wallet is lost or damaged.
Read full definitionEntropy is the randomness used to generate secure cryptographic keys or seeds in blockchain and cryptocurrency systems.
Read full definitionReal-World Examples
Example 1: Initial Setup
A user unboxes their Foundation Passport. They power it on using the touchscreen. The device generates a BIP-39 seed phrase. Roll dice for entropy or use the default. Back up the 12 or 24 words on paper. Verify the phrase on the device.
- Scan the seed QR code into the Envoy app.
- Label the wallet, e.g., 'Savings'.
This establishes self-custody of Bitcoin.
Example 2: Signing a Transaction
In the Envoy app, create a send transaction to pay a friend 0.001 BTC. The app displays an unsigned QR code. Scan it with the Foundation Passport's camera. Review details on the touchscreen. Tap to sign offline. Scan the signed QR back to Envoy for broadcast.
- Private keys stay air-gapped.
- No USB or Bluetooth exposure.
Transaction confirms on the blockchain.
Example 3: Multisig Wallet
Set up a 2-of-3 multisig with two Foundation Passports and Envoy as the third key. Create the wallet in Envoy. Export config QR codes. Import to each device. To spend, sign partial transactions on two Passports via QR scans. Combine signatures in Envoy.
- Enhances security for large holdings.
- One device loss does not risk funds.
Ideal for shared custody or inheritance.
Example 4: Recovery
Replace a lost Foundation Passport. Install Envoy on a new phone. Select 'Recover'. Scan or enter the BIP-39 seed phrase from backup. The device restores the wallet. Verify balance matches previous.
- Dice rolls ensure strong entropy at setup.
- Open-source firmware allows verification.
BIP39 is a standard for generating mnemonic seed phrases that are used to create deterministic wallets and securely back up cryptocurrency private keys.
Read full definitionEntropy is the randomness used to generate secure cryptographic keys or seeds in blockchain and cryptocurrency systems.
Read full definitionSelf-custody means users control their own private keys to manage cryptocurrency assets directly, without third-party custodians. It embodies 'not your keys, not your coins.'
Read full definitionBitcoin (BTC) is the first decentralized cryptocurrency, launched in 2009. It uses blockchain technology for secure, peer-to-peer digital transactions without intermediaries.
Read full definitionMultisig (multi-signature) is a security feature that requires multiple private keys to authorize a transaction, enhancing protection against unauthorized access in blockchain networks.
Read full definitionRecovery is the process of restoring access to a cryptocurrency wallet using its seed phrase or mnemonic backup if the original wallet is lost or inaccessible.
Read full definitionA backup in cryptocurrency is a secure copy of a wallet's seed phrase or private keys. It enables recovery of funds if the original wallet is lost or damaged.
Read full definitionReady to Choose a Secure Wallet?
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