Amid the growing demands in cryptocurrency, various technology has been introduced to secure, protect the market.
Benjamin Hubert’s design studio Layer has launched Trove, a digital wallet and app system that allow you to store your cryptocurrency without fear of loss or theft.
Layer collaborated with Fintech startup Trove to launch the products, which are designed to make it safer and easier to store and manage digital currencies such as bitcoin.
The system keeps cryptocurrency offline, making it less susceptible to hackers, and also incorporates smart security systems, making it much harder to lose if you forget your password.
The designers call it unhackable and unloseable.
Trove consists of four parts: Coin, Keep, Safe, and the Trove app.
Coin is a small wearable device that allows users to store currency for everyday spending, like a wallet or purse.
Gleaning the Measuring just two centimeters wide, it can be easily carried around in a pocket or worn on the body like jewelers.
Currently in the prototype stage, the device comes with an inbuilt electrocardiogram (ECG) sensor that means it can only be opened biometrically. This means users need to press their skin against the contact zone on the front of the device for a few seconds to unlock it.
Just like fingerprint or iris detection, the ECG sensor recognizes the user’s unique heartbeat pattern, and uses it as a mode of verification.
This activates a Bluetooth connection with the Trove app, providing access to the data and funds contained within.
This feature makes the product markedly different from cryptocurrency wallets that use static encryption keys – complex passwords or pin numbers – to provide access.
“Researchers speculate that 35 per cent of all bitcoins have been lost due to irrecoverable passwords,” said Layer. “As the security of bitcoin is based on complex private keys that allow the transfer of funds, once the private key is lost, it is extremely improbable that lost coins can be recovered.”
“This system is much simpler than existing systems that require complex password recovery systems or the need to print multiple pages of unique cryptographic hashes,” it added.