Bitcoin NFC payment / cold storage cards (Demand survey,Preordes,Fundraising)

[underhood]

So guys

there is new project of Bitcoin NFC payment and cold storage card.
Cards are standard Visa/MasterCard format and material with Magstripe on the back side and NFC (wireless) chip inside.
Manufactured on professional equipment (same machines that produce regular debit/credit cards)

Two types:
Cold storage only:
Public address of your wallet will be printed on the card (qr code) which will be also encoded on mag-stripe. Private key will be stored only inside NFC chip encrypted with customer requested password. Android application will be provided to allow to extract private key from card (after supplying password with which it is encrypted). The same application will be able to change encryption password of private key on card or load new private key (if you desire backup more wallets on this card).

Full NFC payment card:
There will be additional wallet on the card and chip capable of signing transactions so that private key never leaves card and is only used to sign transactions (in the bitcoin tresor fashion). Android application will be provided that able to make secure transactions. All functions of first type will be included in Full NFC card too

Later if the project catches on we are set to manufature ATMs and POS terminals for those cards.

What we hope to do is enable easy and fast day-to-day payments with Bitcoin in the same fashion as you use regular banking card.

Please help raise the funds if you are interested. If you are not able to provide financial help at least spread the word. Thank you for supporting us.
Indiegogo campaign: http://igg.me/at/bitcoin-card/x/5713465
Bitcoin fundraising: 1N8HNfHf9YaX9RKAVT5HSzcz4DqeyeCPjw

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[kaito]

Generally, I'm interested in bitcoin smartcards but I'm not fond of using keys generated by someone else. If I change the key, that'd leave me with an unused address printed on it.
Personally, I'd hesitate to enter my password into any POS terminals. You'd need a reputable company willing to handle & compensate fraud cases first.
I'd expect the protocol/software to be open source, preferably free as well.

[underhood]

We were thinking about trust issue. And solution is easy.

You will generate your wallet (public/private key pair) yourself. Customer will be provided with open-source software that will encrypt private key with customer selected password (for cold storage part). You will send us encrypted private key and public key ---> we will manufacture and send card. We will never see/have your private key.

For POS payment there will be another wallet inside the card. Private key also encrypted and POS terminal will never have access to private key also your password for decryption of wallet is not available to POS. Only signed transaction will leave the chip ... like it is with trezor bitcoin wallet. Details on implementation later.

[kaito]

You will generate your wallet (public/private key pair) yourself. Customer will be provided with open-source software that will encrypt private key with customer selected password (for cold storage part). You will send us encrypted private key and public key ---> we will manufacture and send card. We will never see/have your private key.

That sounds like a workable solution. I'm hoping this applies to the smartcard too?

For POS payment there will be another wallet inside the card. Private key also encrypted and POS terminal will never have access to private key also your password for decryption of wallet is not available to POS. Only signed transaction will leave the chip ... like it is with trezor bitcoin wallet. Details on implementation later.

That much is clear to me, but I will need to authorize the signing somehow, probably with a password/PIN entered into the terminal.

[underhood]

That sounds like a workable solution. I'm hoping this applies to the smartcard too?

Yes it does. My goal and absolute necessity is we will never have access to none of the private keys on the card. This way no trust is needed. Is also good for us. We don't want to be falsely accused of stealing money for example caused by user loading his private key to computer that has Trojan inside.

That much is clear to me, but I will need to authorize the signing somehow, probably with a password/PIN entered into the terminal.

Yes but this password/PIN is not the password for your wallet. There will be separate wallet inside a card accessible only by chip. Chip will enforce things like Daily/Monthly limits. Also general sense is to have on this wallet only reasonable amount of money. Savings can be stored on cold storage wallet not accessible by POS terminal or any other wallet. With your credit card you also don't have all your money savings accesible.

[FlappySocks]

YES!  Full NFC payment card. This is what I have been waiting for.  Use it to sign transaction from your phone, PC (with USB NFC reader), & POS terminals.

The Trezor comes close, but no NFC.  What were they thinking of?

[FlappySocks]

Something like this
 http://www.engadget.com/2012/01/11/nxp-gesture-smart-card-nfc/

[underhood]

Thanks it is nice to see some enthusiasm about this project. Next week I will post pictures and info about our first batch of development/testing sample cards. 

[underhood]

Hi,

so we are moving on with this project. Account opening available soon. Sifro.co

 

[underhood]

Account opening available  https://Sifro.co