Sony has found a way to bridge the gap between the security of a hardware crypto wallet with the benefits of a software wallet. Until now, if you store your cryptos on a hardware wallet, in order to spend them you need to plug it into your computer and move them manually. However, Sony has created a new type of hardware wallet that will allow crypto owners to make contactless payments by tapping the device on a crypto POS machine. This new contactless system could revolutionize the way cryptos are both stored and used.
Next Generation Wallet
Sony’s new hardware wallet will use features from a software wallet and a hardware wallet to make this possible. The contactless chip will hold the wallet’s private keys, as well as the private keys needed to make transactions. The transaction will occur off-chain, but in order for the merchant to receive the Bitcoin it will need to broadcast the transaction to the network. It will work similarly to the Lightning Network in this respect. In many ways, this represents the next generation of wallet, or at least an early form of it.
Hardware Wallets Stepping up Their Game
It isn’t just Sony that’s stepping up its hardware wallet game, Cobo has developed a hardware wallet that will self-destruct if it’s tampered with. This next level security measure might seem a bit extreme for most crypto holders, but if your entire life savings are on your hardware wallet you will want the best security. Trezor is also joining the hardware wallet upgrade party. Its new wallet will allow holders to exchange crytpos from within their wallets. While Trezor’s new wallet exchange system will end up costing you more in the long run, it could help you in times of extreme volatility.
Not All Cold Storage is Safe
If you have your cryptos in an exchange’s cold storage, you might want to think again. Recently Trade.io had its cold storage system hacked, despite the fact it was being held in a secure bank. Hackers managed to trick Trade.io’s system in order to make it release funds from cold storage to their accounts. It’s the first hack of its kind, and most likely it won’t be the last.
Sony’s new hardware wallet is a total game changer and will give the crypto industry a huge boost. It will help power the next wave of mass adoption by making cryptos a feasible currency to use when making purchases – effectively bringing them in line with debit cards.