Crypto hardware wallets are big business, with more and more individuals realizing that a physical device is the safest way to store their crypto. Veterans like Trezor and Ledger have led the way for some time, but there is a new breed of cryptocurrency wallets doing the rounds, offering a new way of securing your funds. One of these is HASHWAllet, whose unique approach to security could see them disrupt the competition.
HASHWallet is a biometric wallet with a credit-card style format that features an e-ink display, similar to that seen on eBook readers like Amazon’s newer Kindle devices. The card itself is not programmable in any way, meaning that the information present on the card, and thus the funds stored on it and any transactions carried out via it, cannot be remotely read or controlled by a third party.
This negates so-called ‘man in the middle’ attacks, which are a constant concern when conducting transactions online – malware that changes the destination address of a transaction has been around for years.
Users can verify details of a transaction using the smartphone app, but there is no direct connection between the two, meaning that even if the smartphone with the app on has been compromised, the card, and the user’s funds, can’t be.
‘Two keys’ Recovery Method
Another unique feature of HASHWallet is the wallet recovery service. Gone are the days of securing a 12-word long string of random words – HASHWallet uses a ‘two keys’ method of securing their wallets. This involves the generation of two codes, one of which is kept by the company (or the user, if they prefer) while the other is kept by the user. Only the two codes presented together can recover the wallet, with the fingerprint scanner adding another layer of security.
The wallet’s private and public keys are never presented to anyone upon creation, even the user, meaning that no one can compromise them. HASHWallet states that this makes its wallets “invulnerable to external attacks”.
HASHWallet Shows Real Innovation
Innovation in the cryptocurrency wallet sector is something that has been somewhat slow in coming, but with cryptocurrencies rapidly becoming big business, quality custodial solutions will be key to ensure adoption.
HASHWallet looks to have a unique and innovative perspective on security, and with a launch date of Q4 2020, we don’t have all that long to wait before we see the next generation on crypto wallets.