Method for securing cryptocurrency wallets

A method for securing cryptocurrency wallets involves a system comprising a user terminal device storing cryptocurrency wallet software, wherein the method includes the following steps:

• creating a cryptocurrency wallet on the system by the user, through the user terminal device;
• generating a private key, by the system, based on the EIP2333 (Ethereum improvement proposal 2333) standard;
• authenticating the cryptocurrency wallet using an NFC (Near-Field Communication) card, including:
• placing the NFC card with a compatible data field installed, where the compatible data field is in a data format that can be read from and written to the NFC card, near the user terminal device,
• receiving, by the user terminal device, signals from the NFC card using React Native technology along with a React Native NFC Manager library to authenticate the cryptocurrency wallet;
• encrypting the private key, by the system, using two-layer encryption technology in the following sequence:
• generating a first-layer encrypted segment by performing a first layer of encryption, wherein the first layer of encryption comprises encrypting, using a SHA256 (Secure Hash Algorithm 256-bit) hash algorithm, a combination of a user terminal device identifier (Device ID) and a specific default password, and
• generating a private key encrypted segment by performing a second layer of encryption, wherein the second layer of encryption comprises encrypting, using an AES (Advanced Encryption Standard) block cipher method, a combination of the first-layer encrypted segment and the generated private key;
• splitting the private key encrypted segment into two halves;
• and
• storing one half in the memory of the user terminal device, and writing the other half into the data field on the NFC card.