Digital currency owners are aware of the risks involved, should they lose their private keys. It is important to find a wallet that is not only secure but is user-friendly. Users prefer hardware wallets, since private keys are protected from the computer, the Internet and viruses. Recently, Coinkite announced a new wallet under the name of Coinkite Coldcard. CEO & founder Rodolfo Novak tweeted that it would be ‘Open, Cheap and Ultrasecure’ and available to use with Bitcoin and Litecoin.
What Is Coinkite Coldcard?
Coldcard allows you to sign transactions and use the wallet offline. Quite a lot of people have been raising issues on what would happen if a person loses their private keys. Coinkite Coldcard plans on solving this problem by using BIP39, just like the Ledger Nano S does – it will generate a mnemonic code so you can restore your wallet only if you write the words in the correct sequence. It will also allow you to create multiple accounts and payment addresses.
The Coldcard looks like a mini pocket calculator, but what makes this wallet different is the fact that it can literally be used as a hard disk. You can drag and drop files without downloading any software. The private keys are also saved in a secure chip. A MicroSD card is also present so that important information and data is not lost. You can use it to transfer signed/unsigned transactions from an offline computer to an online computer, and vice versa. Additionally, if you are a programmer then you can also modify the wallet since it is open source.
What Makes it Different From the Other Wallets?
One of the most notable features of this wallet is the option to create a second PIN code. In case someone steals your Coldcard or forces you to hand over the key, you can give them the second one. It will work exactly like it should – except it won’t allow access into the first wallet or give any secret information. Also, the microchip used to store the key uses SHA-256 hashing and True Random Number Generator (TRNG) – simply put, the hacker can’t access the secret even if he/she decides to take out the chip manually. The chip also includes ‘Genuine’ and ‘Cautious’ green and red lights to inform you if anyone tampers with the wallet. Some other features include firmware updates and debug mode.
Coinkit Coldcard seems promising so far – especially with the addition of extra security features which ensure the safety of private keys. Using a True Random Number Generator (TRNG) is also a good move considering the randomness of RNG from computer programs is not completely ‘random’ or secure. The company has also kept the design simple to lower its cost to $49.99. If you are interested in learning more about the product, then click the link here.