A sneak peak at the future of Bitcoin Cold Storage

[crazy_rabbit]

So, I've been working on this for awhile and I'm in the later (hopefully final) prototype stage of a new type of Cold Storage and Bitcoin Vault device. Like a physical bitcoin, but more of a personal vault. It is beautiful, solid, secure, wireless (NFC), durable, multi-sig compatible, very nearly counterfeit proof (The CIA can probably counterfeit anything), clone proof (again, the CIA probably could) and if all the kinks in the manufacturing process can be ironed out, provide a truly random source of entropy for creating secure bitcoin transactions. (Hopefully it will also be a little bit smaller)

So here's hoping. A lot of work has going into this baby, and I'm still not there yet but it's a work in progress.



Small gif, hopefully will have a new round of prototypes in a couple weeks. The light is the sun glinting off it- i can only wish it could make that light itself!

EDIT: And you don't have to trust the manufacturer to use it!

[Nav270]

Interesting; would their be a way to disable NFC if one so chooses? (Small switch or something...)

Looks like a cool product to store BTC!   

[fryarminer]

How soon do you think you'll have it available? I'd purchase as soon as you have it in stock (please don't do that whole pre-order thing!)

[crazy_rabbit]

There would be a way to disable the NFC- but I wouldn't do it with a switch. It's really enough to just block the radio waves. Although really, for the purposes it's designed for, it's probably not necessary. The device is not intended (at the moment) to be reprogrammable or tradable. It's meant for long term storage, and once the NFC is locked, it's locked. But it's a good idea.

As for pre-orders. No, we've seen enough of that. I'll probably sell them in batches until I work up enough capital to make them in bulk. I still have to work on the software as well. :-)

[Nav270]

Good to know; I look forward to seeing this develop.

[jparsley]

Sounds nice cant wait to test it

[zolace]

Wow looks great kinds of reminds of the superman crystal, anyway would be nice to see bitcoin cold storage like that, let me know when u have it out.

[crazy_rabbit]

Wow looks great kinds of reminds of the superman crystal, anyway would be nice to see bitcoin cold storage like that, let me know when u have it out.

The superman crystal was actually an inspiration. I'm glad someone picked up on it already.

Here is another shot of the current prototype. Next iteration should be a bit smaller, more uniform in the color (This is as tricky process- it's coated with a really special process using plasma lightning in a super hot vacuum chamber, using a badass technology that was previously used to coat warheads or other such military uses by the soviets. Indeed the factory is in one of the post-communist states. The coating is ultra hard. Seriously crazy/cool.)



The idea is for it to be a one time use only- you put your bitcoin inside, and you store it away for that one day when bitcoin hits $1 million. The idea came originally from my attempt to laser engrave bitcoin private keys inside diamonds. It's a fantastic idea, but there's no way to get away from the fact that you have to trust the manufacturer. These devices you don't have to trust the manufacturer (me) at all to use it.

But I wanted to pick up on the same sort of value and, nearly, durability of diamonds. A problem with paper wallets is they aren't necessarily obviously valuable to everyone. Nor are QR codes on objects. So I thought to make a device that if someone like your descent were to find, they would naturally protect the device and recognize that it has value, even if they don't know what it really is. Hopefully should help to prevent accidentally lost bitcoins, and because the device is not cheap, it's like a piece of sculpture or art, it should also make anyone tempted to panic sell think twice before destroying the device to get the bitcoin inside. Yes, to obtain the bitcoin inside, it must be destroyed. :-)

[CounterEntropy]

So, I've been working on this for awhile and I'm in the later (hopefully final) prototype stage of a new type of Cold Storage and Bitcoin Vault device. Like a physical bitcoin, but more of a personal vault. It is beautiful, solid, secure, wireless (NFC), durable, multi-sig compatible, very nearly counterfeit proof (The CIA can probably counterfeit anything), clone proof (again, the CIA probably could) and if all the kinks in the manufacturing process can be ironed out, provide a truly random source of entropy for creating secure bitcoin transactions. (Hopefully it will also be a little bit smaller)

So here's hoping. A lot of work has going into this baby, and I'm still not there yet but it's a work in progress.



Small gif, hopefully will have a new round of prototypes in a couple weeks. The light is the sun glinting off it- i can only wish it could make that light itself!

EDIT: And you don't have to trust the manufacturer to use it!

What if someone accidentally generate the same address from a private key that is stored in your device ? Can u stop that guy ? If a seed is coming from linear congruential generator, it may be traced back. I understand chances are very very veryyyyyyyyyyy low... but

[tryexcept]

Very cool! Looks pretty too! We should collaborate!

For those that have Android, GreenAddress.it Android Wallet app offers NFC login  (and soon NFC payment functionality).

The wallet is both multisignature and BIP0032 enabled.

You can save your mnemonic login on NFC during registration or from settings.

When the NFC card (or object ^__^)  is put close to the phone the App starts and autologins.

Is not perfect or uber fast but it does its job and we're working on improving it, as usual all feedback and suggestions are highly welcome.

[crazy_rabbit]

So, I've been working on this for awhile and I'm in the later (hopefully final) prototype stage of a new type of Cold Storage and Bitcoin Vault device. Like a physical bitcoin, but more of a personal vault. It is beautiful, solid, secure, wireless (NFC), durable, multi-sig compatible, very nearly counterfeit proof (The CIA can probably counterfeit anything), clone proof (again, the CIA probably could) and if all the kinks in the manufacturing process can be ironed out, provide a truly random source of entropy for creating secure bitcoin transactions. (Hopefully it will also be a little bit smaller)

So here's hoping. A lot of work has going into this baby, and I'm still not there yet but it's a work in progress.



Small gif, hopefully will have a new round of prototypes in a couple weeks. The light is the sun glinting off it- i can only wish it could make that light itself!

EDIT: And you don't have to trust the manufacturer to use it!

What if someone accidentally generate the same address from a private key that is stored in your device ? Can u stop that guy ? If a seed is coming from linear congruential generator, it may be traced back. I understand chances are very very veryyyyyyyyyyy low... but

Hmm, I'm not sure if I entirely understand, but in general- the idea that two seperate individuals might generate the same address, while possible, is so statistically low, you're more likely to win every lottery ever held in the course of human history. So, that's not really an issue.

There could be an issue if someone were to attempt to perhaps get ahold of any manufacturing documents, and then try to brute force every bitcoin address ever created using this as a way to increase the odds in the attackers favor.

Simply salting the encryption with your own person password solves this problem however.

That said, the possessor of all m-of-n devices has access to the bitcoins, so you still have to protect the device itself. But another one of the inspirations was that we already know how to pretty well defend things like gold, so you simply take the same precautions you would use for something of really high value (gold, diamonds, etc) and you should be okay.

[crazy_rabbit]

Very cool! Looks pretty too! We should collaborate!

For those that have Android, GreenAddress.it Android Wallet app offers NFC login  (and soon NFC payment functionality).

The wallet is both multisignature and BIP0032 enabled.

You can save your mnemonic login on NFC during registration or from settings.

When the NFC card (or object ^__^)  is put close to the phone the App starts and autologins.

Is not perfect or uber fast but it does its job and we're working on improving it, as usual all feedback and suggestions are highly welcome.

Sure! PM me! I'm trying to see if Andrea's Andorid wallet can be integrated so that you can save your backups directly into the device. :-)

[tryexcept]

What about using a deterministic approach?
Random key pairs are more prone to random corruption and require backups regularly.

[crazy_rabbit]

What about using a deterministic approach?
Random key pairs are more prone to random corruption and require backups regularly.

Actually I decided to stay away from any key generation myself. There are great utilities out there already and I don't want to reinvent the wheel with the possibility for error. Additionally it will work for any other cryptocurrency out there, as well as passwords themselves.

[Beef Supreme]

So, I've been working on this for awhile and I'm in the later (hopefully final) prototype stage of a new type of Cold Storage and Bitcoin Vault device. Like a physical bitcoin, but more of a personal vault. It is beautiful, solid, secure, wireless (NFC), durable, multi-sig compatible, very nearly counterfeit proof (The CIA can probably counterfeit anything), clone proof (again, the CIA probably could) and if all the kinks in the manufacturing process can be ironed out, provide a truly random source of entropy for creating secure bitcoin transactions. (Hopefully it will also be a little bit smaller)

So here's hoping. A lot of work has going into this baby, and I'm still not there yet but it's a work in progress.



Small gif, hopefully will have a new round of prototypes in a couple weeks. The light is the sun glinting off it- i can only wish it could make that light itself!

EDIT: And you don't have to trust the manufacturer to use it!

That is one sweet ass cold storage device.  Keep working on it, you got a price for that little thingy?

[crazy_rabbit]

That is one sweet ass cold storage device.  Keep working on it, you got a price for that little thingy?

Thanks! No price so far, they won't be inexpensive though as there is a lot that goes into them. Also, I am thinking to sell them in packs of 3 to encourage multi-sig use for them. But we will see how it goes! If I get a high volume the price could go down, but I also plan to sell them with nice packaging and special container to (hopefully) make them EMP proof during storage and unreadable by nefarious 3rd parties.

[right wing authoritarian]

I don't get how it works. I assume you will tell us in time but can you elucidate how it might be better than a usb stick?

[crazy_rabbit]

I don't get how it works. I assume you will tell us in time but can you elucidate how it might be better than a usb stick?

Well it's better then a USB stick for a number of reasons, although it's not as multi-purpose as a USB stick. For one, to access your bitcoin, you have to destroy the device, meaning that it's one time use only. With my device you can be sure if you put it in your safe deposit box, and come back to it in 5 years, if it's still there and in one piece, then no one has accessed it without your knowledge. The same can't be said of the USB stick.

Also, once you lock the device, it is unchangable. Meaning that in 5 years time if your device is still intact, you know the data is also unchanged. The devices are also very, very, difficult to counterfeit in the details, so if you keep track of how the unique characteristics of the device look, you also know, within relative certainty that your device has not been substituted with a different device. You can't say that either of a USB stick. It's also very hard to say that of a paper backup. Yes you can encrypt your paper backups, but then you need to backup the password of your backup and now you have two things to keep track of. With this device, the idea is it's all self contained. You need only keep track of this device to secure your bitcoin.

Additionally with new NFC technology, you can be certain that the chip inside is exactly your chip- it has a unique authenticity signature, non-clonable, and most usefully, an access counter. Meaning that if your device has been scanned 5 times at the time you put it into your safe deposit box, and after 5 years you scan it an it says it's been scanned 6 times, then you know someone has illicitly gained access to it (edit: ATTEMPTED to gain access).

The idea is that it's a long term storage device. You set it, (multiple ones for multi-sig) and then you put it somewhere safe and you don't have to worry about it. My bank for example has some very specific terms governing the insurance on their safe deposit boxes and this device could help you set your terms regarding insurance if someone were to access your box.

Most the technological advantages of the device are available from the NFC chip right out of the box (access counter, etc...) but combined with a nearly non-counterfietable, secure device and it's a rather novel solution. The idea of making it an expensive, somewhat luxury device is intended to appeal to users who are looking for something a bit upmarket to hold their money, and something that can stand the test of time somewhat better. When I thought of making an expensive, aesthetic device it was with an eye towards a situation myself where my early bit address QR codes got thrown out as they were mistaken for trash. This wouldn't be mistaken for trash, even by someone who has never heard of bitcoin. It's also unique from anything else a person might have in their normal life. I have a pile of USB sticks in front of me for example, and I've never been so careful as to label them with what is on it. The price of the device, it's uniqueness and it's valuableness will serve to help users protect and care for their bitcoin in ways that are a bit easier to keep track of in normal life.

In short, protecting your passwords and bitcoin is quite difficult for regular people, and to be done comprehensively needs specific training and procedures to ensure the integrity of your secrets. It's not really quite as simple as saving them on a USB stick.

That said however, if you're the type of person that can handle your security on your own, and you don't have any people in your life who know nothing about security who might need to access your bitcoin to pay for your medical care in the case where you get into a car crash and are in a coma, then yes- USB sticks could probably work just fine for you. But with this device you could give one to your lawyer, one to your wife and one in a safe deposit box- and assuming your Lawyer and Wife don't gang up on you, you can rest fairly sure your bitcoin are safe. Indeed, even if you wife and Lawyer gang up on you, in a court of law you could prove they did it simply by demanding they produce the device intact- which if they did gang up on you, it would be impossible for them to do.

You can't say that about a USB stick.

But it's not for everyone. So lets see. Maybe down the line I'll make a more affordable version if it's possible.

[Bitcoin Magazine]

all u need to do is AES 256 encrypt the private key and store the encrypted data on your google drive

[crazy_rabbit]

all u need to do is AES 256 encrypt the private key and store the encrypted data on your google drive

That is the same situation as your USB key however. In this case however, you are actually giving a copy of your data to the NSA to try and crack. Not everyone has strong passwords (very few people do) and not everyone is good at not reusing passwords, and then you still need to backup that password as well. You're not going to google drive that as well, right? So what does a regular person do- write it down? On a piece of paper? And then put that where? And inform their next of kin of it's existence how?  It's entirely doable for some people, but not all people, and this product is for them.

Not to mention, 2FA for google is a smart idea, but what do you do in the event you are in a car crash that has left you in a coma and your phone with Google authenticator destoryed? Now you're wife is looking at you in the hospital bed trying to convince google of what- that they should give her access to your Google drive?

I'm not saying it's not possible, or realistic or doable, just that when bitcoin gets to regular people, it becomes more complicated. For most people that use "1234" as their password, AES encryption and storing it on servers they don't control, isn't exactly a solution. (Or it's a solution just until Google gets hacked, sold, or malware sniffs it.)

This is a KISS product. Keeping it simple. :-)