The vault on your computer
The Keyward Service creates a key in the TPM that cannot be exported, wraps a data key with it, and encrypts the vault file under the data key with AES-256-GCM in a versioned envelope. The file is useless on another computer and on an imaged disk. Without a TPM, the service falls back to Windows' data protection and says so in every log line, never silently.
- The vault lives in the service account's directory, with permissions to that account only
- A reveal needs user presence through Windows Hello; the service holds the request until you answer or the lease times out