Wallet to store Bitcoin (or any other cryptocurrency) is not a whole new idea. These gadgets, which are essentially enhanced flash drives, hold a PIN or passcode-protected private key, giving users secure access to cryptocurrency data. The data itself resides on the blockchain. Some of these “wallets” have their own displays, while others need to be used on computers and phones.
Most wallets support a variety of cryptocurrencies. In fact, it’s aimed at people who trade in multiple currencies and manage multiple keys. They make it a little easier to do, but they don’t make cryptocurrencies useful for the rest of us.
input square, The company that developed a small white dongle for smartphones that anyone can easily pay by credit card.
“We are building a hardware wallet for the next 100 million Bitcoin users,” the company writes. Recent recruitment information.. “Our goal is financial empowerment, starting with providing viewers around the world with easy-to-use and reliable self-management.”
Square first announced its hardware wallet plans in a series of tweets in June. The first tweet was by Square CEO Jack Dorsey. “Square is considering creating a hardware wallet for Bitcoin, so we can work with the community to build it completely open, from software to hardware design,” he said. It is stated in the tweet. (The company refused to comment further on this article.)
Since then, Square has posted job listings for the project on multiple job sites. The company has asked project managers, engineers, supply chain managers, software developers, security experts, and other professionals to work on the wallet. And in December, the company name was changed to “block”.
This is not Square’s first foray into cryptocurrencies. In late 2018, the company expanded its mobile payment platform, Cash App, to allow it to buy and sell Bitcoin and send it to other Cash App users. Square initially charged a fee for these transactions, but nowadays Dropped the charge And now they are profitable by acting as their own exchange, with slightly different trading prices.
However, the app is not a hardware wallet.The app leaves the user’s private key in the cloud — and Number of incidents Hackers were able to break into such online cryptocurrency accounts. Storing the private key offline in the hardware wallet greatly improves security but adds complexity to the user. Square CEO Dorsey said Square’s hardware wallet has the advantages of both security and simplicity, using what he calls “assisted self-management.”
Dorsey has been a shameless fan of Bitcoin since the early days. “Bitcoin will definitely change everything,” he told attendees. Bitcoin 2021 conference.. “I don’t think there is anything important to tackle in my life.”
Since he tweeted in 2019, he is all-in to Bitcoin against other cryptocurrencies. “Bitcoin is resilient. Bitcoin is the principle. Bitcoin is native to the ideals of the Internet.”
Therefore, unlike existing hardware wallets, Ledger Nano X, Tresor Model T, And that KeepKey, Square wallet does not support multiple cryptocurrencies, only Bitcoin.Dorsey has Bitcoin the Standard cryptocurrencies, tether, Ethereum, Binance, Ripple, and Dozens of other popular options In the dust. The movement of his hardware wallet may be the accelerator Bitcoin needs to do it.
When does this happen?Look for this crypto gadget later this year, says Dandrev, managing director and senior analyst at FinTech Equity Research. Mizuho, A global banking and financial services company.
And it’s not just a memory stick, Dolev says. He likened Square’s announcement to Apple’s entry into the smartphone market. “Before the iPhone was announced in 2007, there were a lot of smartphones connected to the internet, such as the Palm Pilot and Blackberry. And they worked, but they didn’t have a sense of the ecosystem. Hardware The same is true for wallets. ”
With Square’s involvement, he said: “We know that it’s not just the key to storing Bitcoin passwords. It will be something that people can use more. Maybe it will be like a debit card, maybe what. Or something else. Square’s ultimate goal is to build a global network of decentralized finance on top of the Bitcoin blockchain. ”
It’s not easy. People want to buy, sell, and hold cryptocurrencies, as well as buy things in the real world. As with the development of Near Field Communication (NFC) payments, hardware is not an issue. Rather, according to Dolev, the challenge involves working with merchants to accept currencies and find ways to reduce transaction costs.
And no one knows exactly what this gadget looks like, but of course its basic shape is probably a square. Or, Dolev says, “More likely is the block.”
“We don’t underestimate Square’s ability to succeed here,” he says. “Historically, everything they touched turned into gold.”
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