The rise of cryptocurrencies has created more than a few new challenges. One of the biggest things that decentralization apparent is the need for new custodial solutions.
HASHWallet is a novel idea that has been a long time in the making. At its most basic level, it is a new hardware wallet for your cryptos, but it has some unique advantages.
Hardware wallets aren’t an established industry. The kinks are still being worked out, and if you have large crypto holdings (think millions of USD+) then even the best wallets aren’t going to offer you the same kind of protection that cold storage & hardware wallets do.
HASHWallet is a credit card sized wallet that offers its users a level of protection that is similar to cold-storage. With the growth of cryptos, there are currently a number of wallet options including: Web Wallet, Mobile Wallet, Desktop Wallet, Paper Wallet and of course, a Hardware Wallet.
While the actual level of security that any storage system can be debated, HASHWallet sets itself apart from the pack by using non-programmable hardware, as well as advanced safety features that allow a person to use their cryptos online with a higher level of confidence than other systems.
HASHWallet Device
HASHWallet has built a device that makes portable crypto storage safe, and easy to use. It has a digital ink screen that allows a user to view every aspect of a transaction, so that common scams (man-in-the-middle) are avoided. It is also small and can be carried easily.
If cryptos are going to move into a more mainstream financial role, devices like HASHWallet are the kinds of technology that can give crypto holders direct control over their tokens, but also allow them to be spent easily when needed.
HASHWallet Features
HASHWallet has been nearly a decade in the making, as was supported by The Fábrica Nacional de Moneda y Timbre (Royal Mint of Spain). The project wasn’t originally focused on cryptos, but as the crypto space has grown up, the application of the technology to cryptocurrencies was easy for its creators to see.
Here are some of the HASHWallet Key Features that make it a viable crypto storage solution:
Non-programmable Wallet
The idea of “What you see is what you sign” is very important to this technology. The HASHWallet team uses PKI technology as its basis, being the first non-programmable hardware wallet.
As a non-programmable device, nobody can modify the content stored on the wallet.
But why a non-programmable wallet? Will this new direction lead it to success?
Most common hardware wallets are programmable devices. This type of wallet is easy to use and also simple to upgrade.
In fact, many hardware wallets aren’t completely secure as experienced hackers can still attack if they have physical access to the device as was recently proven with the Trezor, Kraken found a way to extract the seeds from this popular device.
Since HASHWallet is a non-programmable device, it’s safer from these kinds of attacks.
Public-Private Keys Combined
A hardware wallet can be lost, stolen or damaged. In these cases, you need to restore your crypto assets and that is where an effective recovery system matters.
To restore access to your entire wallet, the most basic way is to use your recovery seed. The recovery seed is a list of 12 to 24 words, required when you set up your hardware wallet.
While the recovery seed can work for most cases, it still remains hacking risks once your wallet is stolen or someone knows your seed. With an innovative recovery system, HASHWallet helps lower considerably the percent of your security keys being hacked.
Endless lists of words from recovery seeds are not entirely safe, they can be lost and forgotten. HASHWallet recovery system integrates public-private key technology.
A post from eSignus explains:
“The basis of the technology used is PKI. The non-programmable device generates the pairs of public-private keys, that will serve the user to authenticate or sign transactions in a secure environment, the card. In addition, the fundamental concept of cryptography “What you see is what you sign” was developed through the implementation of the electronic ink screen, which until now had not been implemented in this format or with this concept.”
When the card is first activated, the key pairs will be randomly generated without any seed.
These public-private keys are kept inside the device without anybody having access to it, not even the user. The recovery key and recovery seed will be stored in separate safe places.
After properly stored in the system, the key pairs are permanently deleted from your card.
In the event that you have to restore access to your wallet, all you need to do is to get a new HASHWallet, follow its steps of the recovery process with the two security elements and voila, your old HASHWallet keys will be generated again.
This innovative key technology results in a tool with a very level of security and a low chance of cryptocurrency loss in case any unexpected issues happen to your wallet.
Biometric Security
Security is one of the biggest concerns when it comes to cryptocurrency wallets. Whether you’re new in the market or you already have a good level of knowledge about the world of cryptocurrency, it is crucial to get maximum security when storing your crypto in the long run.
HASHWallet uses Biometric Authentication technology to protect your identity at the highest level.
The system works in a similar way to Touch ID of IPhone: with a touch of your finger, you get access to HASHWallet’s system.
Not only does HASHWallet guarantee your identity security, it also gives you full control of any process related to crypto transfers as well. By using your fingerprint to register, you activate your wallet and manage your transaction signature.
The biometric system is only generated from the stage of registration. This way, it’s unable to change user data afterward and your identity is guaranteed to be protected. For stronger security, the system additionally enables more than a fingerprint to be registered if necessary.
The digital ink system that is built into HASHWallet allows its owner to see what is happening with their crypto transaction, and make sure that there isn’t anything suspicious. All of these tools make HASHWallet a viable way to safely store and spend cryptocurrencies, probably with a higher level of security than some other hardware wallets.
Conclusion
It was relatively simple to create the first blockchain platforms when compared to creating devices that allow tokens to be used in the same way that cash is. There is still a steep learning curve when it comes to using cryptocurrencies in the real-world, but HASHWallet is on the right track.
People need the kind of technically driven security features that HASHWallet is creating, as well as the ease of use that the device offers users. In some ways, the choice of a credit card form is perfect, as most people are very comfortable using a card to make purchases and will fit in your wallet next to your other cards.
While there is some level of technological know-how needed to use a device like HASHWallet, it looks like a great innovation that can be used by a wide range of people.
HASHWallet is not currently available to purchase as of yet and it’s currently going through Arrow Certification process.
Will this be the most secure wallet? It’s difficult to say at the moment, but it’s certainly worth taking a look at due it’s unique features and well designed interface.
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