Bobby Lee Launches a Pseudo-Hardware Wallet
By its manufacturer, Ballet is positioned as a new participant in the highly competitive space of hardware crypto-wallets, where brands such as Trezor, Ledger and KeepKey are already represented. Lee claims his device will stand out thanks to the ability to generate public addresses and private keys in advance. It is assumed that this feature will simplify the experience of interaction for inexperienced users. On this, however, all the “hardware” Ballet ends.
Each wallet will be delivered with a QR code corresponding to the public address, as well as an encryption code under the protective layer. By combining the two codes in the wallet application, the user will be able to see the private key, “which will be the same for all cryptocurrencies on a variety of supported blockchains.”
As follows from the description, Ballet is a hardware wallet or, in the words of Lee himself, a “hardware wallet”, that is, by definition, a device that operates due to electronic or mechanical components.
“The best feature is that the wallet is not electronic, that is, it is free from compatibility problems. He doesn’t have Bluetooth, NFC, a chip that needs constant updates, batteries, cables, USB connections,” Lee says right away. — “Literally, you can transfer your BTCs to it and put it under the mattress. We call it the world’s first multi-currency non-electronic hardware wallet.”
Judging by the information presented, Ballet is another variation of the paper wallet, or in this case steel, which are usually generated and printed by the users themselves, although this is also not always safe. When using Ballet, the stage of decrypting the key is added using publicly available open-source software. Some users have already expressed doubts about the security of Lee’s wallet, all the keys on which the manufacturer will put it. No additional protection, like a paper wallet, is also provided in case of loss or theft of Ballet.
“We generated the keys for you in two locations thousands of miles apart,” he said. “[After that] we manufacture ourselves out of the process.”
What could be expected, and this follows from the video posted above, to store various cryptocurrencies, the user will have to buy a separate wallet each time. The developer’s declared ability to use one key to gain access to many assets, in this case, refers, perhaps, to Ethereum tokens.
Lee plans to sell Ballet at the pre-order stage for $29. Estimated delivery will begin in October.
Author: Marko Vidrih
Published at Thu, 12 Sep 2019 11:15:25 +0000
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By trendingtopics on 2019-03-21 04:39:15
