Tangem ring wallet?
Is the EAL6+ secure element chip open source?
Someone can wear it like a ring. It looks like a ring but I think it would be very dangerous for someone to wear a wallet to everywhere he is going to. I will prefer to keep my wallet secure somewhere at home for privacy reasons.
I prefer mostly the wallet that make use of QR code and camera but I think it is making use of NFC.
Hi! I'll answer each of your questions in turn.
Firstly, Tangem is indeed developing a wallet in the form of a ring - however, there is no clear release date, and from what we understand it will be much more expensive than RingWallet. Additionally, our unique implementation of Shamir's Secret Sharing for wallet backup is a crucial feature that only RingWallet supports.
Secondly, the chip used inside the ring is manufactured by NXP, which is the leading semiconductor manufacturer for bank card chips. Their chips are used in billions of bank cards around the world, and it is not open source. However, they have never been involved in any cases where the security of the chips have been breached, and they actively spend many millions each year making sure the chips are bulletproof.
Thirdly, there's arguments to keeping some wallets at home and others with you. Personally, I have had several hardware wallets for many years - some come with me everywhere, while others stay at home. However, RingWallet is indistinguishable from any other ceramic, non-smart ring. If the ring is stolen, your funds remain safe.
Finally, yes the chip communicates with your phone using NFC. We are aiming to onboard a lot of new people into the space as well, and the vast majority of the population is used to tapping their card to pay for things - so it makes sense for them to tap their wallet on their phone. Communication is secure and encrypted, but I understand why you might prefer a different communication method - it's all about preference, which is why more competition in the hardware space is a positive for the industry and for the user experience.
Someone can wear it like a ring. It looks like a ring but I think it would be very dangerous for someone to wear a wallet to everywhere he is going to. I will prefer to keep my wallet secure somewhere at home for privacy reasons.
This is my main grip (amongst others) with "wearable" cold wallet devices - once it gets mass marketed and known to the general audience, the user will have a mark on his/her back from ill intended individuals. I easily see users of the device being victims of the famous $5 wrench attack.
We're not just revolutionising the form factor - we've completely redesigned the way you backup your wallet. Ace Cards use Shamir's Secret to allow you to safely recover your wallet, without ever writing down your seed phrase. Each ring comes with 4 Ace Cards, but you can order more if you want in packs of 4,8 or 12. If you lose a card, you're still safe, as each individual card does not contain enough information for recovery.
Since the devices comes already wtih 4 Ace Cards, it is my understanding that the user doesn't generate a new wallet (as opposed to hardware wallets) and instead the ring comes already "configured" with the seed phase that comes within the 4 Ace Cards using Shamir's Secret correct? If so, how can the user be sure that the whole process of generating the keys was safe?
Just to clarify - the Ace Cards or RingWallet don't come preconfigured. This is the setup flow for the RingWallet and it's AceCards:
1. Install RingWallet App
2. Bring RingWallet next to phone for initialisation and wallet generation.
3. Choose if you wish to use Ace Cards (using Shamir's Secret Sharing) for backup, or write down your seed phrase.
4. If you choose Ace Cards, the app then prompts you to bring each card next to the phone so that it can record the appropriate data.
For more info about how Shamir's Secret Sharing works, this is a pretty simple to understand article
https://medium.com/@keylesstech/a-beginners-guide-to-shamir-s-secret-sharing-e864efbf3648.
Someone can wear it like a ring. It looks like a ring but I think it would be very dangerous for someone to wear a wallet to everywhere he is going to. I will prefer to keep my wallet secure somewhere at home for privacy reasons.
Well I just checked their site and they claim that even if your ring gets misplaced or lost, you do not need to worry as it is bind with your biometric information and no one can steal the crypto.
If your ring ever gets misplaced, you can rest assured that your crypto is safe. You can order a new ring and restore your wallet. Your old ring is useless without your biometric verification.
I don't know how this works and how secure it is but since the ring can be misplaced more often as it is with you all the time, even if you are sure that losing the ring will not lose your crypto, still buying a new ring again and again for 84$ is still expensive
(assuming that ring is more likely to get misplaced more often as compared to a hardware wallet stored in a safe location).
Hi!
Yeah, the ring itself can't be accessed without the pin used in the app/biometric info. You can think of it as similar to the passcode required to open apps on a ledger.
Since RingWallet can be worn at all times, without the need to take it off for charging or showering - it would be quite hard to lose. Consider the fact that people go a lifetime without losing their wedding bands, so I doubt you would need to be buying a new ring every few months to restore your wallet. Additionally, if you choose to write down your seed phrase rather than use AceCards, you can simply use that seed phrase to access your wallet - without buying a new RingWallet. Furthermore, you don't actually have to wear your RingWallet - you can keep it stashed away at home in a secure location if you wish to do so, and only wear it when you need to access your assets on the go.
Nice website! Really pushes the product over the features.
Looks like you are looking to grab irreversible currency for vapourware. :/ Negative trust left to avoid impulse buyers. I will remove it if you provide one of:
a) answers to
any of the questions asked
b) provide corporation KYC as required by law
c) provide a list of partners, instead of a signup form
You could try an angel investor.Hi! Not sure what you mean by vapourware - we spent a lot of time developing unique and security centric features for RingWallet that improve the overall UX and I can assure you none of it is vapourware. If any of the features seems to be vapourware to you, let me know and I'll explain the reasoning behind building it.
Our team is doxxed. We are incorporated in Romania (Europe) and we are also establishing an entity in the US. We are not new in web3, and the core team has been building various companies in the space for many years. I am not sure what legal requirement for corporation KYC you are referring to - but if you could elaborate I am happy to provide all applicable information to you.
We will gradually reveal partnerships on our website and social media page. At the moment we have partnerships established with several L1s and L2s, as well as some infrastructure projects - but these will all be revealed in due course. The sign up form is simply a bonus for those who discover RingWallet early on, to offer them a 15% discount on the RingWallet once we start to take preorders.
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