No matter how advanced and amazing cryptocurrencies are, they are still digital money. One could argue that things that are tangible just seem a lot more valuable and real. But what if you could hold your digital cash in your hand and use it as well. Does that sound too much like a fantasy? Well, not if this startup from Indiegogo has a say in it.
Introducing HooFoo. Claiming to be “The World’s First Hackproof Bitcoin Wallet” that is designed to look like a real coin.
The HooFoo wallet consists of three main parts: the mobile app, the Dime and Box.
The app: Using the app, you can connect with the wallet on-the-go and make transactions anytime and anywhere you want.
The Dime: The waterproof Dime secures the private key and signs the transaction offline, completely isolating the signing step from the bitcoin network and making it virtually hackproof. HooFoo keeps your private key in the hardware wallet and never exposes it.
The Box: The Dime can be placed inside the Box which is a physical device that stores your private keys as a backup, apart from doubling as a wireless charging stand for the Dime.
The first thing that came to my mind when I saw this was: what a gimmick. Apart from the fact that it looks like a futuristic adaptation of a quarter with its modern texture on the ring, why would anyone choose this over the other hardware wallets on the market like the Trezor or the Ledger Nano S?
That’s where it gets interesting. The design might be the most aesthetically pleasing thing about the device but if you are someone who is more interested in what it has to offer in terms of practical application, then read on.
No More Cables:
Other crypto-wallets on the market require all (or some) of the following things to make a transaction happen: a USB-connection between a laptop and the wallet, an adapter to charge the wallet and a Wi-Fi connection. HooFoo does away with most of that by using advanced Bluetooth 4.0 for its connection. This also allows the device to not only connect to your laptop more seamlessly but your smartphone as well.
What does this change? Well, USB ports and drives are relatively quite insecure. Malware and viruses can be installed in the firmware of any USB and that puts your private key under potential exposure. Your hardware wallet can be hacked while your computer is connected to the internet through the use of USB technology. Now, if you’re using Bluetooth 4.0, that creates an added layer of security for your wallet. HooFoo Inc even goes as far as to call the device “virtually hack-proof”.
Innovative security measures:
HooFoo says that all other hardware crypto-wallets on the market are built with an STM32 Chip which is vulnerable to malware attacks. Whereas, HooFoo uses a new highly secure X chip to store your private keys which provides much more secure protection.
Apart from that, the HooFoo app also utilizes your smartphone’s fingerprint-security and facial-recognition as well for an added authentication factor.
Instead of depending completely on Wi-Fi-enabled transferability, HooFoo signs transactions totally offline via encrypted QR-code and removes the signing part from the bitcoin network. This way, the device secures the private key and makes it virtually impossible to hack.
Also, did we mention that it’s waterproof?
Perhaps the most important feature about the HooFoo wallet is that it is the only hardware wallet in the market as of this writing that supports iOS devices, which is only possible due to its ability to connect via Bluetooth 4.0.
Pricing & availability:
As of this writing, the website for the wallet is live and it says that the device will be available soon for 289 USD. You can check the companies Twitter for more updates here: https://twitter.com/hoofoowallet. Their recent update does give some hope where they state that:
To backers who support us on Indiegogo campaign, we’re pleased to announce that we will start shipping out the first batches of HooFoo wallet in September! More shipping detail will be given out soon, please double check your shipping address and make sure it’s up to date.
So let’s keep our fingers crossed!