Innovation in the ecosystem caused by Bitcoin never stops, and the latest in this string of breakthroughs comes in the form of Coinkite Coldcard, Opendime’s latest wallet project. Beautiful in a funky-looking way, the wallet promises to have equally funky security features as well.
If cypherpunks (not to be confused with cyberpunks) can design their own wallets, chances are it would look a lot like Coinkite Coldcard, Opendime’s latest offering.
One of their projects is the 2nd iteration of their USB stick, which allows holders to store their digital assets more like fiat currency in the sense of its physicality, and can also be used multiple times, as can be seen in this video.
Coinkite, which is Opendime’s “parent”, is known for its solid work, and the Canadian-based firm already has a long history within the ecosystem.
Five Dollar Wrench
Standard security features combined with an old-school, 1980s calculator design are aplenty in their bitcoin improvement proposal (BIP) BIP39-based coldcard. However, one recurring technique that hackers use is what came to be called as the “five dollar wrench attack.” How it’s done is already in the name: Give someone a blunt piece of object (like a wrench) and continuously beat another someone with it until that person gives up passphrases just to avoid another sharp hit on the head.
Opendime hopes to alleviate this with a secondary PIN code that can unlock a different wallet. Other storage wallets (like Trezor and Digital Bitbox) have roughly similar answers.
Furthermore, the announcement by the company reveals that no specialized software or companion app in your computer is required. It looks like a normal hard drive, and one can simply drag and drop files into it. And at the time of publication time, it costs only around $50.
Another one of its security features boasts a real “crypto security chip. Your private key is stored in a dedicated security chip, not the main micro’s flash,” the company stresses. It’s also open source, for anyone who’s inclined to mess with devices. What’s more, it has a MicroSD card slot that can be used for backup storage, and according to the company, also allows “truly offline signing, by transferring the unsigned/signed transactions on sneakernet.”
The possibilities already seem great. It is due spring of 2018, and pre-orders are now open.