Recently there has been a project of a hardware wallet for storing crypto in the form of a chip, the place of which is in the SIM card slot of the phone. Is it safe?
Hardware wallet
Recently, we have noticed an interesting project of a hardware portfolio designed to secure our digital assets. On the market there are already fully safe and solid hardware wallets (hardware wallets) such as Ledger Nano S or Trezor, but we believe that the competition is conducive to development and we want to support and promote new ideas.
VaultTel, a company from Silicon Valley, USA, offers a hardware portfolio in the form of a chip (Intellichip), which works in the SIM card slot of the phone. This mobile and convenient solution has two interesting security features: a device lock, which allows you to assign access to your wallet only on a given smartphone. The second is a geolocation lock, which allows access to funds only in a specific geographical area.
It is impossible not to mention that the wallet itself includes software, an application for smartphones to manage and transfer our digital values on a daily basis.
Early stage
VaultTel has just started manufacturing equipment, has launched a Kickstarter campaign and is planning to raise $250,000. On their website you can place preorders. If the team manages to raise the amount of money by May, the production will go smoothly, because they expect to deliver the equipment to their customers as early as June this year. Orders will be delivered exclusively in the United States.
As far as operating system support is concerned, the above portfolio will naturally be available for Android and iOS. Important note for iOS devices: to be able to use your wallet properly, you will need a special accessory that comes with the kit. The price of the device and applications is 75 pounds for Android and 100 pounds for iOS.
Security
Security is the reason why we buy hardware wallets. What does VaultTel IntelliChip offer?
Data recovery is quick and easy with the extra card (chip) that comes with the kit, and there’s an instant way to get back up. In addition, VaultTel uses military-level encryption, AES 512, HD wallets and 24-word seed wallets (BIP: 32, 39, 44).
Due to the movement in the world of smartphones, access to the wallet is carried out using biometric identification, i.e. fingerprint on Android devices, as well as face recognition technology (only from iOS).
How do you like the new hardware portfolio described above? More and more often we encounter two SIM card slots in smartphones, is it a place for a VaultTel wallet? Please comment below.
