{
  "license": "CC-BY-4.0",
  "licenseUrl": "https://creativecommons.org/licenses/by/4.0/",
  "attribution": "ChainChoice (https://chainchoice.io)",
  "url": "https://chainchoice.io/data/methodology/2026.10.2.json",
  "version": "2026.10.2",
  "status": "archived",
  "publishedAt": "2026-10-01",
  "title": "Hardware wallets are ranked on what a buyer cannot check alone",
  "supersededBy": "2026.10.3",
  "previous": "2026.10.1",
  "changelog": {
    "url": "https://chainchoice.io/methodology/changelog/archive#v-2026.10.2",
    "entry": {
      "version": "2026.10.2",
      "publishedAt": "2026-10-01",
      "title": "Hardware wallets are ranked on what a buyer cannot check alone",
      "summary": "Hardware wallets move from two broad criteria to four published ladders: a secure element whose part number and certificate anyone can look up (35), firmware that someone independent has rebuilt from source and matched to the shipped binary (35), signing and recovering without the maker (15), and years in buyers' hands without a device-level fund loss (15). Every criterion is graded on the model each row prices, the cheapest one the maker sells, and every score carries a quote and a source. Air-gapped signing and Bitcoin-only builds become requirements you can set in Find my best rather than points.",
      "rationale": "The two-criterion model scored a certification level the maker claimed and the years since the brand's first device, so a chip nobody could look up scored like a certified one, and a model that shipped last year inherited a decade of someone else's record. Two things decide whether a hardware wallet deserves trust and a buyer cannot check either alone: whether the chip guarding the key is certified, and whether the firmware it runs is the code anyone can read. Both are now graded from public registries and signed build records. The owner approved the four ladders, the weights, the grading unit and every listed policy on 2026-10-01, and ruled the same day that firmware installed as a signed file by an open-source tool, with no live maker server, is not a dependency on the maker.",
      "affectedCategories": [
        "hardware_wallet"
      ],
      "changes": [
        {
          "type": "added",
          "description": "Four hardware_wallet criteria with published 0-10 ladders: secure element you can look up (35: a named part with a certificate listed by a Common Criteria, FIPS 140-3 level 3, CSPN or PSA Level 3 registry; 10 needs EAL6+ valid on the read date or expired less than 180 days before it; an unfixed key-extraction attack caps the part at 3), firmware anyone can rebuild and match (35: a signed public build record by a verifier independent of the maker, read from WalletScrutiny's Nostr records; 10 needs the newest release matched and the whole key path in open code), sign and recover without the maker (15: standard backup 4, an independent wallet signs 6, with no maker app, server or hosted page in pairing, signing or setup 8, two such wallets 10), and years in buyers' hands without a device-level fund loss (15: no loss 5, then one point a year from two years to six; a fixed and remediated loss 1, an older one 3, an open one 0)."
        },
        {
          "type": "changed",
          "description": "hardware_wallet ranks through scoreCriterionObjective on fitStrength, like the other criterion-ranked categories; the hand-written two-axis scorer is deleted. All 56 criterion scores across 14 rows carry a quote and source in research-pending/rereads/2026-10-01-hardware_wallet.json (receipts and a refute-by-default model run per row); the 37 WalletScrutiny build records the evidence cites are archived as signed events with each signer's verified profile, ids recomputed and signatures checked, in research-pending/receipts/2026-10-01-hardware_wallet-build-records.json, and tests/build-record-receipts.test.ts re-verifies them offline and requires every firmware score of 6 or more to cite one."
        },
        {
          "type": "changed",
          "description": "Grading unit: every criterion, the track record included, is graded on the model the row prices, the cheapest model the maker sells under the row. CoolWallet is graded on the CoolWallet Go ($69), not the Pro ($149); Jade on the Jade Classic ($67); OneKey on the Classic 1S Pure ($79). Launch year now means the year that model first shipped: the Trezor Safe 3 counts from 2023, not the Model One of 2014."
        },
        {
          "type": "changed",
          "description": "Vendor independence, owner ruling 2026-10-01: firmware that is a published, signed file the device verifies itself, installed by an open-source path with no live maker server, is not a maker dependency. Trezor (trezorctl) and BitBox02 (load_firmware.py) score 10; Ledger stays 6, because installing a signing app needs Ledger's live HSM; Passport stays 6, because setup checks in with Foundation's validation server."
        },
        {
          "type": "changed",
          "description": "Published hardware_wallet order: Trezor stays #1 (81). BitBox02 #2 and OneKey #3 hold; Keystone rises from #5 to #4, Blockstream Jade from #8 to #5 and COLDCARD from #10 to #7; Ledger falls from #4 to #6, Cypherock from #6 to #10, SafePal from #9 to #12 and Tangem from #7 to #14. Foundation Passport enters at #8 and KeepKey at #9. No other category moves."
        },
        {
          "type": "added",
          "description": "Foundation Passport is ranked, graded on the Passport Prime ($349). KeepKey is ranked too: its earlier refusal rested on being outmatched on two broad axes, and on the four ladders it has no refusal ground (no secure element, but firmware rebuilt and matched, independent wallets, and no fund loss since 2015). NGRAVE ZERO and imKey are refused: neither names a secure element a certification body lists, and neither publishes device code, so there is nothing to look up or rebuild. SATSCARD and Opendime are refused because their keys leave the device, under the restored scope rule; Krux and Specter DIY because they are builds, not products. Every refusal is rewritten in the terms of the four criteria."
        },
        {
          "type": "changed",
          "description": "Find my best: \"Air-gapped signing\" and \"Bitcoin only\" were boosts of 3 points each and are now published requirements (SITUATIONAL_REQUIREMENTS) on the priced model's facts airGap and bitcoinOnlyBuild (an official firmware supports Bitcoin alone, shipped that way or installable by the owner). \"Other chains too, such as Ethereum\" is a new requirement on nonBitcoinChains, which removes Blockstream Jade and COLDCARD. The 2-point \"Fully open-source\" boost became \"Firmware I can verify\", which marks firmware anyone can rebuild as required (its weight doubled). The importance question is replaced by the priorities step, one card per criterion."
        },
        {
          "type": "changed",
          "description": "COLDCARD's July 2026 seed-generation loss (Coinkite advisory, 30 July 2026: firmware before 5.6.0 weakened seeds made on Mk4, Mk5 and Q to about 72 bits, and attackers stole funds from weak seeds; no model-by-model victim list is published) scores 1 on the fund-loss ladder, fixed and remediated. Its score is not capped further, since that would count the loss twice; a dated warning leads its row and its verdict."
        },
        {
          "type": "changed",
          "description": "Corrected 2026-10-14: the lines above left out GridPlus Lattice1, whose score rose from 47 to 52 (#12 to #11). Every published hardware_wallet row this version moved, rank and score before and after: Trezor #1 84 → #1 81; BitBox02 #2 78 → #2 73; OneKey #3 76 → #3 73; Keystone #5 63 → #4 70; Blockstream Jade #8 56 → #5 70; Ledger #4 65 → #6 65; Coldcard #10 50 → #7 65; Foundation Passport enters at #8 (65); KeepKey enters at #9 (62); Cypherock X1 #6 62 → #10 61; GridPlus Lattice1 #12 47 → #11 52; SafePal S1 #9 52 → #12 48; Tangem #7 62 → #14 41; NGRAVE ZERO leaves the ranking (was #11 at 48). CoolWallet keeps #13 at 45."
        }
      ],
      "approvedBy": "mathias-siemonsmeier"
    }
  },
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    "formula": {
      "step1_weightedTotal": "weightedTotal = round((SUM over dimensions of (breakdown[d] / baseWeight[d]) * weight[d]) / (SUM of weight[d]) * 86, 6 decimal places), where every breakdown[d] is a multiple of 0.1",
      "step2_absoluteScore": "absolute = min(99, max(40, round(weightedTotal <= 20 ? 40 + weightedTotal * ((60 + (20 / 86) * 38 - 40) / 20) : 60 + (weightedTotal / 86) * 38)))",
      "step3_poolRelative": "score = round(min(min(99, max(41, leaderScore - (leaderWeighted - weightedTotal) * 2.6)), scoreOfRowAbove))",
      "tieBreakChain": [
        "availabilitySource, for a reader who states a country only: in perp_dex, perp_house_vaults, options_vaults, prediction_markets, a row whose availability in that country rests on a region tag its record gives no source for (no availability note quoting the provider's terms, and no dated country entry) sorts below every row whose availability is sourced. No row carries it in the orders published in this file, which state no country.",
        "weightedTotal as step 1 states it, higher first. Only rows whose weighted totals are exactly equal reach the keys below.",
        "unroundedWeightedTotal, higher first: step 1 over the dimension points before they are kept to a tenth of a point, published per product. Since methodology v2 a shared weighted total from different unrounded points is ordered by those points, so only rows equal on both reach the keys below.",
        "criteriaAverage, higher first: the row's unrounded weighted average of its published criterion scores (0 to 10) under the weights in use. Applied only when both rows are scored on their category's criteria and the averages differ; otherwise the keys below decide. Since methodology 2026.09.12.",
        "tiebreakDelta, higher first: the sum of three factors. (1) Price: when the category has one comparable pricing basis that may decide rank (priced for at least two of its catalog rows, not an entry-plan figure derived from a price ladder, and quoted in a single currency), a priced row earns 0 to 2 points in proportion to where its price sits between the highest and the lowest in the pool, or 1 point when every published price on that basis is equal; a row with no price on that basis, and every row of a category without such a basis, earns 0. (2) Strength: 1 point when at least three of the row's catalog fitStrength values are 9 or above; those values are its published criterion scores, plus further strength keys on some rows. (3) Dimension: 1 point when the row scores at least 85% of the maximum on the highest-weighted dimension of the weights in use (the first in weights order when two are equal). A row outside the alternate product catalog (every payment_gateway row) carries 0. It orders rows and is never added to a score.",
        "objectiveFit points, higher first.",
        "product name, alphabetical."
      ],
      "tieBreakNote": "The published per-category tieBreakRules are not yet applied by the engine; where two rows share a weighted total and an unrounded weighted total, the chain above decides. Since methodology 2026.09.12 the first key after the totals is the two rows' unrounded weighted criterion averages, so a tie between rows scored on the published criteria is ordered by those criteria; the generic factors decide only where the averages are equal or a row has no criterion scores. tieBreakDecisions counts only pairs equal on both totals, and againstCriteria lists any of them still ordered against the criteria.",
      "note": "boundBy names which limit decided the number when one did: floor, ceiling, row-above, or none. Rows marked floor sit at 41 and the multiplication alone gives a lower figure.",
      "baseWeights": {
        "availability": 20,
        "objectiveFit": 30,
        "frictionFit": 10,
        "trustBonus": 8,
        "quantitative": 18
      },
      "unweightedDimensions": [
        "profileFit"
      ],
      "unweightedNote": "These dimensions are computed and published in every breakdown but carry no weight in the total. profileFit left the composite in methodology 2026.09.2: it was constant inside all 114 categories, so its 20 points moved every product in a pool identically and ordered nothing. Sum the breakdown against baseWeights and the unweighted terms are simply absent from the arithmetic — that is the intended reading, not an omission.",
      "weightVersusInfluence": "A base weight is how much a dimension COULD move a score, not how much it did. Each category publishes dimensionSpread: the range that dimension actually covered across its pool. A spread of 0 means the dimension was constant there and decided nothing, however large its weight.",
      "objectiveBasis": "Each product names where its objectiveFit points came from. \"criteria\": the block is the weighted sum of the published criterion cells, min(30, 0.75 × Σ weight × cell/10 × 32) kept to a tenth of a point, and a pairwise ledger can itemise it per criterion. \"whole\": the category scores the block from structural facts or capability flags rather than per-criterion cells, so it enters a ledger as one term. \"sunset\": the product no longer operates (sunsetAt gives the date) and the block is zeroed regardless of its cells.",
      "totalBaseWeight": 86,
      "dimensionResolution": 0.1,
      "weightedTotalDecimals": 6,
      "resolutionNote": "Since methodology v2 every breakdown value is kept to dimensionResolution (a tenth of a point) before it is weighted, and each product also publishes unroundedWeightedTotal: step 1 over its points before that rounding. Two products that share a weightedTotal are ordered by unroundedWeightedTotal before any key of tieBreakChain after it.",
      "spreadPerWeightedPoint": 2.6,
      "scoreFloor": 41,
      "scoreCeiling": 99,
      "leaderRobustnessNote": "leaderSurvivesOnePointChange: whether this category keeps its #1 when any single criterion score moves by one point on the 0-10 scale — the smallest difference two competent raters can hold. False in 33 of 118 categories. A false does not mean the ranking is wrong; it means the evidence separates the top two by less than the width of a judgement call, and the file says so rather than letting the displayed gap imply otherwise. null means the sweep could not run — too few criteria or too small a pool — and is deliberately not reported as robust."
    },
    "recipe": "sha256 is the SHA-256 of the category spec (the file's \"spec\" field) written as compact JSON: every object's keys sorted, no spaces or line breaks, non-ASCII characters as UTF-8 (not escaped), no trailing newline. That is the serialisation of the rankings digest."
  },
  "rankings": {
    "ledger": "https://chainchoice.io/data/rankings-ledger.jsonl",
    "produced": [
      {
        "seq": 4080,
        "rankingsDigest": "1d8463a813299cb41fd8392a1d83458e31a060abd5e368f99f626eacaeee2f13",
        "ob": "2026-10-01",
        "src": "git:d2479cac6b272f09957114bc42acf08c376e3627",
        "engine": "2026.10.2"
      }
    ],
    "whenIntroduced": "1d8463a813299cb41fd8392a1d83458e31a060abd5e368f99f626eacaeee2f13",
    "whenSuperseded": "1d8463a813299cb41fd8392a1d83458e31a060abd5e368f99f626eacaeee2f13",
    "newest": null,
    "note": "produced lists the ledger's digest entries whose rankings.json was generated while this version was the newest changelog entry (seq is the entry's place in the ledger). whenIntroduced and whenSuperseded are the digests of the rankings.json committed with the first and the last commit of this version."
  },
  "gaps": [],
  "notes": []
}
