Bitcoin security is a topic of debate on a daily basis, and with more and more mainstream attention focusing on Bitcoin’s “flaws” and “vulnerabilities”, security measures need to be tightened even more. Especially when it comes to creating an easy-to-use, yet secure Bitcoin wallet to store your bitcoins, there are still plenty of avenues to explore. CoolWallet is trying their spin on this concept, as their IndieGogo campaign is generating a nice buzz in the world of both crypto and mainstream media.
CoolWallet – Very Convenient For Novice Bitcoin Users
Making the concept of Bitcoin easy to understand is not as easy as most enthusiasts would like, given all of the technological explanation most of us will try to dumb down a notch or two. However, most novice users are only interested in finding out how they can conveniently receive and send money over the Bitcoin protocol, yet keeps their bitcoins safe from harm at the same time.
In order to achieve that goal, CoolWallet will carry a familiar form factor for nearly everyone on the planet, as this cold storage Bitcoin wallet is a card-like device. Private keys are encrypted securely in the card itself, and will never be exposed or leave the device. Plus, it will come with the traditional features of allowing you to send, receive and store Bitcoins of course.
Because of its card-like design, CooLWallet can easily fit into your wallet, as its dimensions are roughly the same as a regular credit card. However, don’t be mistaken in thinking this is a card you need to connect to a computer in order to see what is going on, as the CoolWallet is equipped with an E-paper display (24.6mm x 21.9mm). E-paper display means it will use very little power, and it can be compared to an E-Ink screen on most e-readers.
Speaking of consuming little power, the Coolwallet is equipped with a 3V/10 mAh rechargeable lithium ion battery. The expected battery life is two years, and it can sustain roughly 500 charging cycles in total. Charging the battery can occur through Near-Field Communication (NFC), and it will take about 4 hours to fully charge the CoolWallet. While keeping your device on standby, the battery charge will last five full days.
Note from the author : By backing the Indiegogo campaign, you will receive a CoolLink device, which acts as both an NFC charged and bluetooth dongle for your CoolWallet.
Users will also find it interesting to note that their CoolWallet device is both flexible (bendable up to 15 degrees) and waterproof, which will come in handy on more occasions than you might anticipate. Every device will be subject to severe quality control measurements, and each package will go through both human and machine inspections.
Cold Storage Security
Coolwallet is a Hierarchically Deterministic wallet, which allows users to set up five different “accounts”, each of which can contain virtually unlimited bitcoin addresses. Additional security is provided by a randomly generated “seed”, which is presented to the end user as a string of 12 words, which need to be written down in case you ever need to recover one of the accounts on your CoolWallet.
Exposure of the private key of your Bitcoin address can lead to your funds being stolen at any given time. CoolWallet will prevent your private key from “leaking” to the internet, as they will not store private keys in the cloud, nor expose it to the internet at any time. All Bitcoin transactions can be signed offline by the end user.
In fact, the CoolWallet security is so strong that their team is also working on developing an exchange site based on CoolWallet. Bitcoins can be kept on the exchange until you are ready to sell them, which would provide a far more secure exchange solution compared to other bitcoin exchanges that are currently in existence.
As far as the chip inside the CoolWallet goes, this secure chip is Common Criteria EAL5+ Certified and tamper proof. It also comes packed with a true random number generator and a hardware crypto accelerator to provide customers with a proper security package to safely and securely store their digital wealth.
Many of you will be wondering which operating systems the CoolWallet will be compatible with. A fair question, seeing as how not every Bitcoin wallet solution is cross-compatible. CoolWallet will work on PC (Customized Multibit Software Wallet), iPhone (companion app with BLE communication) and Android (companion app with BLE/NFC Communication)