CryptoLabs founder Melanie Shapiro the pursuit of security has created complexity and led to an extremely cumbersome experience, destroying any incentive for the average user to adopt Bitcoin. She adds:
“Security and ease-of-use are a huge problem in the bitcoin space. We are the most secure option because we’re a piece of dedicated hardware. We use multi-sig authentication. There are three keys and each of those keys is stored in a different location.”
The CryptoLabs website says:
We’re building a dedicated hardware wallet that’s easier to use than a credit card and more secure than a bank vault… a grandma-proof bitcoin wallet. We promise to deliver on both of these fronts. No compromises.
The device is equipped with a fingerprint scanner and a camera to ensure access, keys to access wallets are embedded in a device, located on a specific server and stored in cold storage (access to each key is secured by different layers of authentication).
The device will be available for pre-sale in December for around $200 and is headed out for its first small-batch manufacturing run in the next two weeks. Once the devices are certified, CryptoLabs will open them up for sale.
What do you think of this new secure Bitcoin hardware wallet option? Comment below!
Images from CryptoLabs.