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A pair of hardware wallets from CoolBitX, known as the CoolWallet S and CoolWallet Pro, are looking to challenge industry mainstays like KeepKey, Trezor, and Ledger. These wallets provide some unique attributes that may set them apart from the pack – a necessity to lure users away from current offerings.
These devices are the same size as a traditional credit card. Within them, however, are a rechargeable battery, security chip, Bluetooth technology, an e-ink display, and a physical confirmation button. Working in unison with the devices is a slick, easy-to-use app (on both Android and iOS).
Boasting these features, the CoolWallet S and CoolWallet Pro are some of the first hardware wallets that make sense for spending on the go or long-term holdings. While competitors have devices resembling jump drives, they fit nicely inside a wallet with their sleek design. This allows for them to be used throughout your daily life while providing enhanced security associated with hardware wallets.
Why is it Needed?
With each passing day, a growing number of investors are seeing the benefits of digital assets. Like anything of value, though, digital assets require safekeeping. There have typically been three main ways of storing such assets.
On an Exchange: This is not recommended for anything more than what is needed. When assets are stored on an exchange, they are out of your control and at the service provider's mercy. While many reputable exchanges exist, this is simply a huge, unnecessary risk.
Desktop/Mobile Wallets: Wallets, such as Exodus, provide higher levels of security than storing on an exchange. Most importantly, these services typically provide their users with the private keys to their holdings, meaning they are in complete control of their funds. The main draw to mobile wallets is that you can bring your funds with you wherever you go, making them accessible for daily spending.
Hardware Wallets: Lastly, we have hardware wallets. This avenue is typically considered the most secure way to store digital assets and is typically reserved for long-term holdings.
While each storage method has its perks, the vast majority of investors would benefit from using each. To learn more about hardware wallets in particular, check out our top recommendations.
CoolWallet S and CoolWallet Pro
So, what is setting up and using these devices actually like? In total, it will take less than 10 minutes from unboxing to having a ready-to-use hardware wallet synced with a mobile device.
The devices themselves come in a discreet matte black cardboard box, measuring roughly 11.5×8.5cm. Within it, you will find the following,
- CoolWallet S or Pro
- Charging dock
- Recovery Seed Card x 2
- USB-A to Micro-USB charging cable
- Documentation with QR code for access to the App
The wallet and dock are each black, sharing a design aesthetic with the accompanying app.
Once unboxed, setup of the device is a breeze, taking no more than 10 minutes. To start the process, you must download the CoolBitX app. This is available for both Android and iOS systems.
It should be noted that the design of this wallet requires your mobile device to support Bluetooth.
When downloaded, open the app, turn on the wallet by pushing the integrated button, and pair the devices over encrypted Bluetooth. Once paired, the unit will give the option to either create or recover a wallet.
Seed generation can be tailored to 12/18/24 words or numbers. For increased security, the option to generate seeds linked to the card is an option, vs. the app. Make sure to have a calculator handy, as the device requires the sum of each seed figure to verify that everything was recorded correctly.
Note that the hub is only for charging purposes. The battery within the card is expected to last multiple months with normal use.
Using the CoolWallet S and CoolWallet Pro is a bit like using a combination wallet, taking the best parts of a mobile wallet and combining them with the perks of a hardware wallet. The result is a secure solution for storing your assets on the go.
Once set up, most of your interaction with the wallet will occur through your smartphone app. Here, you can tailor your portfolio, view holdings, receive and send funds, etc. Private keys are stored on the card itself, meaning they are required to access funds and the paired smartphone.
All items are simple but sleek. The wallet is especially interesting with the built-in E-ink display, which is comprised of three rows. The top shows the current asset being accessed, Bluetooth status, and battery indicator. The middle and bottom rows show upper and lower-case letters and numbers. It is here that balances, recovery phrases, etc., are displayed.
While the screen on the wallet itself is quite handy, the unit itself is primarily used as a confirmation device. Building transactions and portfolio monitoring are done via the app.
Notably, a feature that distinguishes the Pro from the S is the support for built-in POS staking.
While the early days saw CoolWallet products only support a select few assets, this is a thing of the past. Currently, the CoolWallet S supports a bevy of coins and tokens alike. The following graphics show the current crop of assets which can be stored.
CoolWallet notes that the S supports 10,000+ coins/tokens across 14 mainnets, while the Pro supports 12,000+ across 30+ mainnets.
*Provided the appropriate info is at hand, users can set up/add any ERC-20 token*
At the end of the day, a hardware wallet is only useful if it provides high levels of security. If it doesn’t offer this, why use one at all?
With the CoolWallet S, various steps were taken to ensure that funds remain safe. CoolBitX indicates that not only does the wallet use AES-256 encrypted Bluetooth connections but that no sensitive data is ever transferred wirelessly. Using an integrated security chip boasting CC EAL5+ certification, private keys are never shared. The CoolWallet Pro takes this one step further by offering a CC EAL6+ certification.
CoolBitX states, “This secure chip does the calculation of all the necessary algorithms and delivers only the result of the calculation (non-sensitive data) out to the phone via Bluetooth”.
When you consider the quality and design of this wallet, it's a safe and great solution to HODL different cryptocurrencies.
Joshua Stoner is a multi-faceted working professional. He has a great interest in the revolutionary 'blockchain' technology.
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