Has anyone seen my Crypto Wallet?
Where do I put my crypto?
Back in the golden days of 2014 when most still lived a life without the internet (sarcasm) – one of the first crypto ‘wallets’ was released. It’s a hardware-style (USB-looking) wallet for people to store their digital assets on; Ledger being the most popular of its type.
At the time it was considered the best way of keeping/securing your Bitcoin and other cryptocurrencies. But many are still scared of losing it or having it stolen because logistically speaking, all your eggs are in that one basket. So, if someone comes along and swipes it from you or (if you’re like me) you’d be capable of losing your own head if it weren’t attached to your body, that’s all your digital treasures down the drain.
This brings us down to two other options:
- Using a paper wallet – Which is virtually impossible. You can write your private keys on a piece of paper and store them in a safe place, but paper is as digital as your 90-year-old granny trying to use the latest iPhone.
- Online wallets – You can of course access your private software wallets when out and about on your phone (or mini iPad if you’re one of those guys). But this poses many security risks for more reasons than you would like to know. The most popular ones currently are apps such as the Coinbase Wallet or Kraken.
They are simple and used to access Crypto, but in the words of Coinbase themselves “because your private info is online, your protection against hackers is only as good as your wallet provider’s security – so make sure you look for features like two-factor verification”. So if you choose an online wallet because you like to have everything on your phone, then stay safe!
You can steal or lose a paper wallet or a hardware wallet – and you can most likely hack into an online software wallet. So then what happens?
In doing research on crypto wallets, we came across a start-up that is new on the scene and solves the current problem of keeping your digital dosh safe – Ryder.
The two founders, Louise and Marvin, decided it didn’t make sense to have something so old school in the ever-evolving crypto world and society, in general, is diversifying as fast as Kim K changes the colour of her hair (this means FAST).
More about how Ryder was born here.
So what is Ryder?
Ryder is a wearable crypto device that stores your digital identities. It does everything the currently available hardware wallets do, but with more disruptive features & is much safer. Where people can use their decentralised identities (DIDs) with the emerging demands of the digital world, as it converges with the physical one.
You will be able to:
- Send transactions via NFC (near field communications – shorter field than Bluetooth), basically tap your phone onto a Ryder to send a transaction.
- See a much more user-friendly UI (User Interface) on the device. Normally, when performing a transaction such as transferring tokens or buying NFTs, you create a ‘smart contract’ (an application that runs on top of the blockchain claiming whatever transaction is taking place as pertaining to you) that looks like you’ve accidentally plugged into the matrix. The Ryder interface makes it nice and simple (dumb and dumber-friendly).
- Sleep safe at night knowing your wallet is safe. Using NFC technology, you will be able to split your master keys over multiple trusted Ryders, allowing you to recover your assets in case of loss only when in the physical presence of these selected individuals.
- NFC technology also makes it possible to use your Ryder to enter events with a tap. Or in Gen Z terms, instead of just flexing your NFT on your Instagram or Twitter profile picture, you can wear it on your wrist as well. #flex
They were founded in 2020 and in Q4 of this year, they will be releasing their first version of the Ryder available for sale! Link here to sign up for the pre-sale.
With the idea of security and making crypto accessible to all being at the forefront of it all, Ryder is super disruptive in the world of crypto wallets and seems like a pretty good option for someone who is looking for a more secure and fun way to use your crypto (in my opinion)!
What other innovative crypto start-ups do you know of that we could feature in this weekly newsletter? Please email email@example.com
* This is not professional financial advice *
📅 This Week in Crypto 📅
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The newly-appointed Prime Minister of the UK said she wants to see friendly crypto regulations that do not limit their development. Liz Truss has been an advocate for Crypto for some time, tweeting in 2018 “We should welcome #cryptocurrencies in a way that doesn’t constrain their potential. Liberate free enterprise areas by removing regulations that restrict prosperity. #PolicyExchange #futureoffreedom #shakeup“. Liz has also reaffirmed her statements recently.
At the Blockchain Futurist Conference in Toronto in early August, Ethereum co-founder Vitalik Buterin stood before an excitable audience to deliver some big news. “The Merge is coming,” he told the crowd, “this effort that we have been working on for basically the last eight years . . . Ethereum will finally become a proof-of-stake system . . . Yay!”.