Cryptocurrency wallets have been a critical component of the cryptocurrency and blockchain universe. These are basically software programs that help all stakeholders of the crypto universe to hold their crypto coins and token. Be it an exchange, institution or an individual investor, no one can function without a crypto wallet. What a crypto wallet basically does, is it store the public and private keys of the owner and helps him to interact with the blockchain allowing him to transact his tokens as well as keep a watch on his balance.
Over the past decade, there have been several crypto wallets that have mushroomed but not many have been successful in making it simple for the user to use it. Security issues further divided the wallet community into two- basically the online or the hot wallets and offline wallets or the cold wallets, each coming with its own set of advantages and challenges.
Ballet Wallet – A Cold Wallet targeted towards Mass Adoption
Even after being a critical component of the cryptocurrency ecosystem, most mobile wallets have not been that user-friendly. A lot of people usually struggle with issues related to passwords, backups, managing multiple wallets and some even trusting the third-party to take care of their assets. While most users continue their technical struggles, they are always burdened under the risk of doing something wrong and losing their coins in seconds.
Staying in the crypto game for more than 8 years and working towards the global adoption of Bitcoin and cryptocurrency, Bobby Lee, former CEO and co-founder of China’s first cryptocurrency exchange, to experience these struggles first hand. Hence, to tackle the problems of user-friendliness as well as that of security and accessibility, he designed and launched a wallet called Ballet- worlds first non-electronic, multicurrency, hardware wallet which provides user 100% Offline Cold Storage.
The vision behind Ballet is to “make cryptocurrency truly accessible to everyone, regardless of age or background”. Hence the dev team behind the wallet has worked on the core aspects elegance and usability giving the user a seamless experience of managing and transacting cryptocurrencies without having the hassles they previously faced.
What looks like a stainless-steel credit card, Ballet tries to answer all the queries, questions and complications which surround cryptocurrency ownership and transaction capabilities. The wallet tries to enable people to use cryptocurrencies like cash.
Key Features of the Wallet
- No Registration or Account Login: The wallet doesn’t require any registration or account login information. The users just have to scan the QR code which is present on the Ballet Wallet and start using the mobile app. There is no need for KYC or any kind of registration required to initiate a transaction.
- Easy Transacting Assets: Ballet makes it super easy for users to transact in cryptocurrencies. The screen instructions on the app are super easy and provide clear guidelines without actually creating any confusion and hassles.
- Access To Portfolio Value in Real-time: The app is really simple and provides user real-time market value of their assets. There is no hassle in using the app.
- Privacy: The mobile app is designed in a manner which doesn’t retain or store any private keys used by the user. The wallet also doesn’t track or store any personal or financial information of the user outside the devices it is installed on.
- Multicurrency Activation: The app has capabilities of holding multiple currencies in one place. Although there are additional fees and charges associated with it.
- Industry Standard: The Ballet wallet and App have been competitively developed and use standard BIP38 protocol for generating private keys matching the industry standard followed throughout.
Ballet, by design, works without limitations or boundaries usually associated with crypto wallets in accessing transacting and managing cryptocurrencies. Ballet neither requires any setup software or drivers to be installed or hardware nor does it require any kind of passwords or KYC. Be it a child or his grandparent, be it a technical guy or a layman, using Ballet is a cakewalk for everyone.
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Safety and Security
A lot of crypto wallets, today, have failed to match the safety and security very much required for cryptocurrencies. The threat of hackers or trusting a third party to keep custody of the assets have been key issues with most crypto wallet companies. Considering the same, Ballet has taken extra care to design this feature, giving true peace of mind to the coin holders.
Ballet, for the first time, has introduced the 2-Factor Key Generation (2FKG) to bring in a layer of additional security. This is the process that the wallet uses for production and generation of private keys for its physical card wallets. This technology also ensures the best safety standards for the crypto asset that reside in the wallet.
The physical wallet designed as a card provides a 100 % offline Cold Storage to prevent unauthorized access to the coins and tokens in the wallet. The card also has a tamper-free design and easy to detect if the wallet has been manipulated.
The steel card has a variety of security features which shows details like –
- Primary Coin in the Card
- Unique Serial Number of the card
- QR code with an easily noticeable tamper evidence
- Invisible marking which is only visible under the UV light
- Wallet Passphrase which needs to be scratched- again providing tamper evidence
On the basis of initial impressions, Ballet wallet could become good solution for investors who hold a portfolio of currencies. One of the biggest hurdles with all good wallets was that they provide support to a few currencies. This is where Ballet wallet fills in and provides support to 16 major crypto coins including BTC, ETH XRP, etc. with support coming in for 18 more coins.
The Mobile App
To use the Ballet Wallet, the company has launched a companion app for mobile which allows users to receive, send as well as maintain their cryptocurrencies. The app also gives users to check their balances in real-time and also to activate addition currencies apart from the primary coin. The app is available on AppStore and Google PlayStore. The team has also launched an Android APK for further development.
Initial Community Review on the Ballet Wallet
The community had mixed to negative reviews on the wallet launch. Going by the forum discussion on Bitcointalk, certain users were not really happy with the wallet. Some raised queries based on Bobby Lee’ BTCC strategy of selling physical coins that they mined directly and issues off centralization while a few mentioned that they were not fond of pre-funded physical coins. A few even raised the question of the private key being generated by the manufacturer calling it crazy.
Difference between Hot and Cold Wallet
While both, hot and cold wallets, provide the basic function of storing cryptocurrencies for its owners, they are fairly distinct in terms of the other features they provide. Accessibility and security are definitely the main points that differ a hot wallet from a cold wallet and the users have to make a wise decision on which wallet is more suitable for them.
|Hot wallets are available online and are always connected to the internet.||Offline wallets usually reside on some kind of hardware which could be as simple as a paper or a little complex like a Pendrive. These wallets are required to connect to the internet before a transaction can take place.|
|As Hot Wallets are always online, accessibility and transactions happen instantly.||Offline wallets usually take some time to perform a transaction as they need to be connected to the internet before a transaction can be performed. Some hardware wallets also require users to install base drivers before it can be bought to use.|
|Being connected to the internet all the time, Hot wallets are vulnerable to hacks and attacks. Even the best of the wallet cannot assure 100% security to these malicious activities.||Security is the biggest plus why cold wallets are important. Not having any connection to the internet (unless connected by the user), cold wallets are difficult to hack.|
|Preferred by traders and users who frequently transact cryptos.||Preferred by investors or users who use cryptocurrencies not very frequently.|
What Bobby Lee has tried to bring to the world is definitely worth looking. Although the community is not very happy with certain features and team Ballet Wallet has some work in hand to deal with those shortcomings. Never the Less, the experience that Bobby brings with himself is definitely worth the call and the backing of Ribbit Capital can only take this venture higher. Once in use, the wallet will give a better idea of how its future pans out.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.