Jolt Wallet has announced the release of their wireless hardware wallet. It is an open source wallet that supports Nano and other cryptocurrencies. It can be enabled via USB, WiFi and Bluetooth, meaning that you may connect it to a computer, smart phone or other companion device, or you may operate it in standalone mode.
The Jolt Wallet fills a need in the market for hardware wallets. Currently the Ledger Nano S (no relation to the aforementioned cryptocurrency), the Trezor and a few other companies provide hardware wallets, and they sell out quickly and occasionally run out of stock. With a new competitor entering the market for multi-currency hardware wallets, we may see new innovations from the bigger players in the space, and more competitive pricing overall.
Standalone, wireless functionality for the Jolt Wallet makes it easier to use, provided that it is connected to the internet via WiFi. This saves the user the added step of connecting the device to a computer or smart phone, meaning that transactions are now faster and easier. Risks associated with its wireless capabilities are as yet to be determined, such as possible security vulnerabilities. The website has an email signup form for early access to the wallet, but does not provide any information on any built-in security features. It should also be noted that the company’s Twitter and Reddit profiles are very sparse, and no information appears to be available on the project team. There is however, documentation on Github. Be sure to do your research before investing any money into this device or other options. Its expected retail price is $35.
Nano is a digital currency that’s advertised as a no-fee cryptocurrency that may be used to “pay for everything in life.” Most notably, there was a Nano hack on Bitgrail where $170 million USD in the coin was stolen. This should serve as a reminder to people to take their coins off of the exchanges when they’re not actively trading, to reduce any risks associated with theft, and hardware wallets are a great solution to this problem. NANO is currently trading at $4.28, up from a low of approximately $3.53 on May 29th, according to CoinMarketCap.
Nano launched in 2015 as RaiBlocks, and founded by Colin LeMahieu. It’s described as a “low-latency payment platform” meaning that it is fast. Because of its advertised speed as over 1000x more transactions per second than Bitcoin, and the no-fee model, it can arguably be used for everyday purchases. It works by creating a new blockchain for every account. Individual users verify their own transactions to reduce network overhead and huge blocks of data. It’s a Proof-of-Work (POW) coin that claims to be spam-proof, and its lightweight nodes are inexpensive to set up and run.
A wireless hardware wallet that can operate in standalone mode is definitely a gamechanger. If Jolt delivers their wallet and it functions as promised, then it may take significant marketshare away from Ledger, Trezor and other top players. If this happens, then it could also provide a “jolt” to the valuation of Nano as its native currency.
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