Jack Dorseys Square Inc. develops hardware wallet for bitcoins
What the hardware wallet from Square will look like in the end is not yet known. (Photo: Octus_Photography/ Shutterstock)
The digital payment company wants to bring out a physical device that stores bitcoins. The aim is for the cryptocurrency to gain popularity. The makers have also already determined the focus of the wallet.
The service provider’s CEO, Jack Dorsey, needed few words to silence the rumors. “We do it. #Bitcoin “handed in a retweet on the announcement by hardware department head Jesse Dorogusker. He wrote that the decision was made to build such a device in order to open up a mass market for Bitcoin custody. Subsequently, Dorogusker announced further details.
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Open source and community-driven
Square previously offered terminals and readers for card payments. Dorsey, who also runs Twitter, has repeatedly advocated Bitcoin in the past. Square then made it possible to buy and sell the cryptocurrency via app. During the Bitcoin Conference 2021 in June, Dorsey discussed the possibility of creating a hardware wallet. So far, cryptocurrencies have mainly been stored blockchain-secured in software wallets. Dorsey announced to make the development “completely open”. The entire hardware and software design should be freely accessible and open source. His hardware boss at Square has now announced that they want to involve the community as much as possible.
Mobile and Bitcoin Centered
Dorogusker announced on Twitter that he would be building a small, cross-functional team for the task. Max Guise, the security chief of the hardware department, should lead it. Square is currently looking for suitable applicants to develop the device. Dorogusker called for an application as a team member or partner via the address hardwallet -at- squareup.com. The hardware boss has already given a direction: The hard wallet should pay attention to “Bitcoin first”, be marketed globally and primarily intended for mobile use. In addition, the approach should be followed to establish an assisted self-preservation.
Users want an NFC-based device
The Belgian project brought several replies to the corresponding tweets Satochip wallet in the game. The smart card is cheap, NFC-compatible and open source, so you should orient yourself towards it, said various users. The company itself has also offered help. In addition to the advantages mentioned, the card is easy to use and transport, according to Belgium. So that forgetting passwords and codes is no longer a problem, some entries require biometric authentication – for example via an iris or fingerprint scan. Various crypto fans criticized the Bitcoin focus in view of other emerging digital currencies.
