New solutions for how to store our private keys keep coming out of the the woodwork. As is typical with new tech, those improvements are often seen in micronizing the technology. VaultTel has just released a new product, using the tiny IntelliChip, which is a cold-storage wallet for your crypto holdings. This new wallet is tiny, about the size of a SIM card, which shrinks away from the USB connection used by popular cold-storage wallets, Ledger and Trezor.
The VaultTel wallet features the chip, which can be directly inserted in to devices (typically Android) with an extra SIM card slot. For iOS users, there's an included dongle used to house the chip, which can then be plugged into the Lightning port on the device. Though this device is tiny, it offers an impressive suite of features.
- Device Locks: This allows a user to designate a specific device to access the VAULTtel wallet. Can be great if you have a specific device you want to use to access your crypto, just don't lose your phone!
- Geo Locks: This feature will only allow access to the wallet within a certain "geo fence", or predetermined geographic area.
- Wallet Backup: This is a nice feature, especially if you're going to be implementing the Device Lock feature. The backup option enables the user to use additional VaultTel chips to back up their wallet. Not surprisingly, the company recommends the use of an additional chip (or chips) to back up wallets, but we also tend to agree. If only Quadriga had agreed with this sentiment.
- Encryption: The wallet uses a robust AES512 encryption.
- BIPs/Standards: VaultTel is an HD wallet (can be restored on other devices/wallet providers, and uses a 24-word recovery seed.
- Anti-Theft: This wallet uses biometrics to authenticate a send transaction. While this is nice and specific feature, some have issues with biometrics, as this type of authentication could be forced from you by any potential attackers (as one could force your thumb to a sensor, or your face to stare at the screen). While some may wish for the option for a PIN based authenticator, no spy recorder or trojan can be used to record your input data as the device is not connected to your laptop or system resources.
At this point the company is taking pre-orders for either the Android or iOS version of the device. While it's not what we consider to be low-priced at $100 USD for Android, and $130 USD for iOS (£75 for Android and £100 for iOS), it's still a very competitive price. No we aren't being paid to talk about this product, but we do like to give light to those in the space making strides and improvements to the crypto landscape. We'll look forward to actually being able to test this out, but with something so small, and simple, we think it's a great way to discreetly and securely store your valuable private keys.