Unlike other hardware wallets where you get one wallet per hardware, you can create 3 different wallets in a single Cypherock X1. What that means is, you can secure seed phrases or make transactions through upto 3 different wallets in a single device.
Shamir's Secret Sharing Algorithm allows the distribution of private keys such that it does not have a single point of failure. Even if a hacker gets a hold of one of the cards, it is not possible for him to extract the private keys since atleast 2 cards are needed. Also, even if 2 cards are lost, you can still recover your private keys from the remaining two cards. Due to its distributed architecture, it has similar security properties as that of multisig wallets.
The cyCards offer cold storage of private keys which never even needs connection to an internet connected device. The private keys are stored completely offline, that too never in a single place. Even if two of the cards are corrupted or lost due to an environmental hazard like fire, earthquake or a cyclone, even then you can recover your assets from the remaining two cards. Hence the architecture is secure and environment proof.
The private keys are broken down into 4 unique keys, each of which is then encrypted using the password and stored into EAL 6+ secure element on the cyCard. EAL 6+ security is the highest grade security available today for consumers. Only the most recent debit and credit cards offer that level of security. Even the most secure hardware wallets today use EAL 5+ secure elements in their product.
Cypherock X1 has the provision to store more than 20+ Cryptocurrencies in the first version with the ability to add support for all the Blockchains in due time. It offers battle tested security for all the Blockchains which is not the case for multisig wallets today due to its non-standard implementation across the Blockchains.
Cypherock X1 has 3 layers of security for the safety of your private keys. The bottom most layer is the Shamir's Secret Sharing Algorithm. It allows you to construct the Private Key From Any 2 out of 4 cyCards. The 2nd layer is an optional password encryption on top of each card that guards each secret. It helps against brute force attacks on the cards. The topmost layer is the physical separation of cards in remote geographical locations that exponentially increases security of the assets.