As the cryptocurrency world continues to change and expand in the digital age, crypto users are concerned about the safety of their cryptocurrency and protecting their assets. There are quite a few types of crypto, ranging from DogeCoin to Ethereum. No matter what kind of crypto you’re invested in, you want to keep your coins safe in your crypto wallet.
In order to keep crypto safe, Jack Dorsey is working with Jesse Dorogusker, Hardware Chief of Block (formerly called Square), to create a crypto wallet that looks like a rock.
Jack Dorsey and Block
Jack Dorsey is most famous for being the co-founder of Twitter, which launched in 2006. He was CEO of Twitter from the launch until 2008 and again from 2015 through November 2021 and was even a board member until May 2022, before he stepped down from the role.
Dorsey is currently the CEO of Block, a payments company. Formerly called “Square,” the company was founded in 2009. The company went public in 2015. As of April 2020, Dorsey promised to donate $1 billion to many causes, including COVID-19 relief.
What is a Crypto Wallet?
A cryptocurrency wallet is like a normal wallet or bank account used for storing cash, coins, and credit cards. They’re just in the digital realm. These wallets can be programs or devices, and they store public or private keys for your crypto transactions. A cryptocurrency wallet can do more than store your keys, though. The newest, most recent crypto wallets introduce blockchain to the masses. Previously, you needed long keys to send cryptocurrencies, making it a manual task.
At their core, cryptocurrency wallets are just software applications that live on your computer, phone, tablet, or soon — Dorsey’s rock-like crypto wallet. Using an internet connection allows users to access blockchain networks for crypto usage. Cryptocurrencies are stored all across the database, making it safer and easier to send and receive coins.
What Will the Rock Crypto Wallet Do?
The new rock-like crypto wallet is a small, sleek, hexagonal artificial rock with a small button on top. The button looks like a fingerprint reader (think: older iPhone generations.) There is also a pin option for users who are unable to access their device using a fingerprint. There are also USB Type-C ports on the device, and it comes in five different options.
These products are far from ready to hit the market. According to Block’s head of product, partnerships, and marketing, Lindsey Grossman, these “rock wallets” are just prototypes Dorsey and Block are experimenting with for a final hardware component of the wallet to come. The three most valuable components to this wallet, according to the company, are as follows. The wallet includes a mobile app to ensure ease of use. Next, a hardware device is imperative for added security. Lastly, recovery tools will allow customers to recover some or all of their wallets if lost.
The whole purpose of the physical rock crypto wallet is to provide added security to crypto transactions in the future.
The app on the rock wallet will allow users to manage their own Bitcoin in a safe and secure way. The hardware wallet will have added security features when sending or receiving money. This will allow the wallet to act as a recovery kit if the customer ever loses their physical wallet.
Block shared a blog post on their plans for the new crypto wallet a few months ago, in which they discussed their plans for the cryptocurrency wallet they’re building. The plan is to make sure the wallet is safe and easy-to-use, and very reliable.
Unlike a real wallet that you always want to keep with you, it is recommended that you leave your rock crypto wallet in a safe place. The physical, hardware device and the mobile app work as one using near-field communication — also called NFC — when you choose to move a larger amount of money. Leaving the hardware device at home provides an added layer of protection.
What Happens if You Lose Your Phone with the Mobile App on it?
If you lose your phone, which has happened to the best of us, don’t panic. You can fully recover your wallet by getting your phone replaced. While you wait for a new phone, you can unlock your hardware rock wallet device using a fingerprint or PIN option in the meantime.
So, you can read more about Dorsey’s crypto rock wallet here and decide if you think the idea is genius or stupid for yourself.
Genius or Stupid – What Do You Think?
Whether you use crypto or not, it looks like the digital currency is here to stay for quite some time. In short, there are lots of Crypto choices on the market, but there are also a lot of ways to compromise your assets. Crypto wallets, like Dorsey’s latest creation, can protect all of your cryptocurrencies and give you peace of mind. You can find more information on the various types of cryptocurrency software packages here.