VaultTel has presented a new very particular crypto hardware wallet for smartphones. It is a card that can be stored in the SIM slot of a common smartphone.
In addition to the Intellichip VaultTel tab, a special app is required which can use the smartphone’s authentication features to protect the user. Furthermore, this type of hardware wallet uses military-grade encryption, the Advanced Encryption Standard (AES), to keep private keys safe.
Thanks to the biometric authentication function only the owner of the phone has the authorisation to transfer the funds stored in the wallet, moreover, according to the company that markets it, no spyware or trojan can record its activity because this hardware wallet does not use the resources of the system.
The wallet is also equipped with additional features such as the ability to restrict access to the wallet to a single device or the “geolock” function to restrict access to a certain geographical area.
The card can be inserted in the SIM card slot of Android dual-SIM smartphones, or it can be used with a special adapter on iOS devices.
For the time being, the product has been launched on the American market and is expected to be available soon in European countries.
It is also possible to back up the wallet using other VaultTel chips (recommended).
The problem of storing private keys of cryptocurrency wallets is becoming increasingly important, and storage on physical devices is becoming more widespread.
However, physical storage brings with it some problems that initiatives like this one propose to solve with innovative solutions.
Obviously, it is not convenient to only store private keys on a device like this, because in case of theft or loss of the smartphone it may not be possible to recover them: this is why we recommend a backup on another physical medium stored in a very safe place.
The advantage of a solution like this is definitely portability. If the degree of security guaranteed is high, then with a good backup this really looks like an interesting solution.