Up to this point, most of us know two types of crypto wallet. That is hardware or software-based wallet. Ledger Nano and Trezor are the examples of hardware wallet, Electrum and Metamask are the software-based ones. Both of those wallets can’t be used without using our computer/phone. You have to connect them first/boot up your device before you can use those wallets. Don’t you think we need a new ‘type’ of wallet that we can use instantly without relying on computer or phones?
Meet Sidera, the next generation of crypto wallet.
Another Hardware Wallet?
If you visit their website or read the whitepaper for the first time, probably you are skeptical and think, “Nah, this is just another hardware wallet”. Well, it is true and both false at the same time.
Yes, Sidera (or precisely, SmartBit, their product) is a hardware wallet. But, saying “just another wallet” is not quite right. This is not just another hardware wallet, but SmartBit is a new, revolutionary wallet that can change the way you use your cryptocurrencies drastically. Starting from generating a new address to sending your cryptocurrencies.
How does that happen? I’ll tell you how.
Blockchain and IoT Combined : Sidera’s Whitepaper Digest
Explaining Sidera in full is not my purpose here. I’ll only tell you some interesting facts from Sidera’s whitepaper from my point of view. That’s why, as always, I’d recommended you to read the whitepaper by yourself and discover how cool Sidera (SmartBit) works.
So what’s so interesting about Sidera?
#1 Combining Blockchain and IoT altogether
SmartBit, Sidera product, is a smartwatch with the main function as your cryptocurrencies wallet. This mean, you can fully operate your cryptocurrencies just by your hands, without any additional devices except your SmartBit watch.
We’ve already familiar with a smartwatch, and in the future, IoT market is expected to reach 51.60 billion USD by 2022. By doing this, crypto adoption will be faster than before, because people can use SmartBit to enter the cryptocurrencies business without requiring any prior knowledge before. Not only that, Sidera will create a network where people can use SmartBit to pay/buy things directly.
This mean, SmartBit is not just another version of the hardware wallet. It is a new, revolutionary wallet and crypto IoT that can change how average user uses and participate in the crypto ecosystem.
**#2 Changing how we create wallet address **
I believe this is one of the coolest things you can find in SmartBit. With SmartBit, you can generate a new address by moving your wrist. This can happen because Sidera will install a built-in accelerometer that can make your device calculate or generate an entropy.
With just a few movements you can create a new wallet address, without even need to boot up your computer, type a seed, and so on. Saves a lot of your time, isn’t it? I personally love to see whether it is possible to use our DNA fingerprint to create a new wallet, but with this feature, Sidera is already moving toward the future and surpassing the past competitors that don’t have such cool feature in their hardware wallet.
A graphical depiction of wallet address generation in SmartBit
After generating the address, as usual, you’ll need to write down your seed to make sure you can back up and use it again. Your private key on the device will never be exposed because it will be stored securely in the sandbox, fully encrypted with AES-2048, and not only that, you’ll only be able to connect the smartwatch to devices that have been authorized by yourself. Don’t worry, the companion app won’t have access to your private key too.
#3 Changing how we send & receive payments
Sidera smartwatch will also change how we send and receive payments. You will get notifications on the display if someone has sent or request a payment. After that, you can instantly choose whether you will send the money, save the address, or doing other things. With this approach, you’ll save time and energy typing/copying address and double check it to make sure you send to the correct address.
You can also send cryptocurrencies directly to other SmartBit devices because of its off-chain transfer. With this, you can trade crypto easily with someone else. This technology works similarly to NFC (in this case, SmartBit use Bluetooth and WiFi), where you can put devices at a close range and they’ll do the transfer of data securely.
The risk of getting scammed by an imposter, phishing and so on will be greatly reduced, and at the same time, you will be able to trade locally easily than ever. There will be PIN confirmation so that nobody can steal your money, and you can also set how much you can send with this feature so that you’ll be safe from risking a lot of money. You can read more about this on page 21 in the whitepaper.
A graphical depiction of sending crypto to other devices
#4 Lots of new cool technology for your smart-wallet
Sidera SmartBit has a lot of advanced technologies and features. I highly recommended you to read the full whitepaper to know it better. But, I can name a few features that truly excited me; Ghost Mode and SATS.
Ghost Mode is a mode of the smartwatch that will hide any crypto-related functions on your app. This will make your SmartBit looks like a regular watch and it is impossible for another person to know whether your watch stores your crypto or not. This is very important to use when you want to hide your crypto assets from another person, especially if somebody stole your smartwatch.
In such extreme cases such as losing your smartwatch, you don’t have to worry about the security of your assets because the SATS, which stands for Secure Anti-Theft System. Your smartwatch will have body sensor, biometric, facial recognition and multi-layer system that will stop anyone other than you to gain access to the smartwatch. Hence, this means, when your device is lost, it will be useless. Only you can use it. Cool, huh?
You can read more on the white paper, but as always, here’s the conclusion based on what I’ve written above: Sidera will be the first of the next generation cryptocurrency wallet that will make the usage of crypto become much easier, fun, and secure. Don’t forget to follow this project, you can follow them using the links below: