Arduino Hardware wallet

Hello,

I'm putting together a little project to use arduino as a hardware wallet for cryptocurrencies/authentication.
Here you get a little demo:

I decided to use arduino zero (samd21) for it's superior speed and flash size. But I would consider Blue Pill as alternative. (for the low price)
So far I can process ETH and BTC transactions. Next on the list is implementing U2F(universal 2 factor).

What do you think about the idea? Is it practical?
Would you buy/build/utilize such a device(once it hits maturity) in favor of a more expensive product (such as trezor)?

What other features would you want from a security dongle like that?

A secure element? Air gap? Reduced size?

The total prototype cost is ~25$. I'd be interested if you know any ways of reducing the cost of production.

Thank you!

How do you intend to get money in and out?

I'd think that a smartphone is better suited for handling crypto currencies. The security is implemented in the blockchain, not in the wallets.

DrDiettrich:
How do you intend to get money in and out?

I'd think that a smartphone is better suited for handling crypto currencies. The security is implemented in the blockchain, not in the wallets.

Hey, good question!

Actually the device represents a wallet. It holds a cryptographic secret (like a password) that is used for transferring cryptocoins. (Only if you have this secret key you can use your money)

Normal wallets have this secret stored on the phone/computer. This is BAD! If you get a virus your secret key can be stolen!

Devices like this one are great because they hold the secret key offline, outside your computer or phone, so a virus on your PC could never steal it.
This device allows you to use the secret key and transfer coins in and out only if you confirm with the button press. (and no other possible way ever)
In this way you have some protection against hacking. (hacking of your pc, phone, email address etc.)

The blockchain security is meant to protect the blockchain, not it's users. You, as a user can still get scammed or hacked if you are not careful.

Thanks for the feedback! :smiley:

Reference:

1 Like

It can be good to create something similar to Trezor. Read about their features Trezor Model T Review 2020: Most Safe Hardware Wallet and decide how you can secure crypto on the wallet. It is very important. Because if you lose the private key it is very-very bad