The creators of the well-known web wallet Coinkite have created their own hardware wallet in the form of a USB key. However, they presented a completely novel approach to the topic. The creators of the well-known Coinkite web wallet have created their own hardware wallet in the form of a USB key. However, they presented a completely innovative approach to the topic. What makes the OpenDime wallet different is that it is designed as a piggy bank or hardware cash. You can accumulate bitcoins on it but if you want to spend them the device must be damaged... just like a porcelain piggy bank. The device comes in the form of a small flash drive. Or actually a circuit board coated with transparent material. The principle of use is as follows: To activate the OpenDime piggy bank, connect it to a computer and upload any file(s) of at least 200kb to it. Producer recommends using for example private photos or data from random generator. This data will serve as a source of entropy needed to generate ONLY one address. After uploading the file, the device will disconnect for a moment to generate the keys and address. After reconnecting the device its content changes and you can see the files containing the address (in text form and QR code). At this point we can fund the device account. However, there is no access to the private key associated with the address. To be able to spend the money on the address you have to physically break the seal on the device (break a piece of the plate). After breaking the seal the content of the device changes - apart from the address you see the private key. The key must be imported into our favorite wallet and we can spend the funds accumulated on Opendime. Since a physical intervention is required to obtain the private key, its design makes it possible to tell at a glance whether the device is still secure or not (whether the private key has been read). This approach creates a whole new way of using bitcoin, where a powered OpenDime can be used like a physical coin of any denomination. The device completely secures access to the private key (even the owner doesn't know it) until it is physically "corrupted". Coinkite here proposes a completely new approach to using hardware wallets. Since you can see at a glance whether a given Opendime has been "opened", once it is loaded it can be passed on to the next person as payment in the form of hardware cash with no transactions visible in the blockchain. In a similar way behaved "physical bitcoins" Casascius - also you could see the damage to the hologram made when reading the private key. There, however, we had to trust the manufacturer that no one had access to the private key or the algorithm used to generate the keys. The device costs about $10 a piece, with a lead time of June/July this year for current orders. The manufacturer is so confident in the security of its device that it has launched a contest for hackers. All wallets have the private key to the account that holds the prize sewn into the software. This part of the software is of course unavailable to the user either before or after the seal is broken. To win the prize, all you have to do is break the wallet's security and spend funds from that address. Tags bitcoin btc OpenDime wallet offline wallet hardware wallet Hardware btcoin wallet
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