In an effort to provide a budget way to get multi-signature security for bitcoin transactions a new USB hardware wallet that provides users with access to their bitcoins has been released following a partnership between GreenAddress and BTChip.
Providing multi-signature security courtesy of GreenAddress, the new bitcoin wallet which has been called HW.1 by its creators BTChip is designed to provide an enhanced user experience and a higher level of security.
Advising that the new wallet had been designed to keep the user-centred bitcoin principles intact whilst bringing a banking level of security to users but keeping the prices low, Nicolas Bacca, the founder of BTChip said that the security policies that were currently in place for bitcoin wallets often left users frustrated and these are the users they are targeting with the new wallet. He went on to add that it would be incredibly easy for users to access their bitcoins thanks to the wallet’s multisig security provided by GreenAddress and the protection provided by the USB card itself.
The multisig feature would provide two-factors of authetication which would give users that extra security layer and this would greatly improve the experience of the user especially now that it is becoming faster, easier and safer to make bitcoin transactions, according to Bacca.
A chrome app that runs on Linux, Windows, Android and OS X will be required to use the HW.1 bitcoin wallet and it works through a standard USB port. A huge variety of Android-based tablets and smartphones will be able to use the new wallet using the USB-on-the-go feature. So far the specification for Android devices are Android version 4.x.x and the USB OTG feature whilst the actual devices tested so far are the Nexus S, Google/LG Nexus 5 and the Samsung Galaxy S5.
With its support for HD (BIP32) and multisig, GreenAddress was described as a highly innovative platform for bitcoin wallets and very promising by chief executive and co-founder of GreenAddress, Lawrence Nahum.
He went on to add that the new HW.1 wallet would not be affected by the BadUSB vulnerability that had recently been publicised as an exploit in devices that used USB for connectivity which could turn them into attack platforms that could be easily programmed.
The key use for the USB bitcoin wallet is when users want to plug into a system that they don’t trust when making bitcoin transactions as it is capable of dealing with man-in-the-middle attacks. When used along with GreenAddress an SMS or email is delivered to the user which provides them with authentication using a two-factor code.
Nahum advised that the new wallet was a device that could really be used on the go as along with having its own legacy wallet it would allow them to use their device without having to try to remember a lengthy passphrase, although users would still have to backup their details once they were put in the wallet.