Safe-T Mini Hardware Wallet
Archos, a French multinational electronics company that used to create portable media players, is set to launch a cryptocurrency hardware wallet. The wallet, which is called Safe-T mini, will cost $62 and shipment is scheduled to start sometime in June 2018. Safe-T mini is similar to the Ledger Nano S, its prime competitor, in that it will generate a unqiue private key the first time it is turned on. This wallet is designed in a manner that the key remains restricted to the device itself.
In case the device is lost or stolen, the stored digital currencies can be retrieved by providing a 24 word recovery SEED. According to Archos, its hardware wallet will be able to securely hold Bitcoin, Bitcoin Cash, Ethereum, and Zcash only. However, the company says its device will be able to carry more cryptocurrencies in the foreseeable future.
Safe-T Mini’s Key Features
Advanced features of the Safe-T mini also allow it to be used for securing other wallets, which include Mycrypto and Mycelium. In case tokens need to be transferred to an external address, the transaction must be processed through the actual device. This also happens to be the way the Ledger Nano S and Trezor handle similar transactions. Notably, the Safe-T mini comes with a small display and a few boutons that show transaction details such as the total amount being sent, along with the recipient’s address.
Although Archos is known to freely allow its logo to placed on many devices, this time around the company claims that the Safe-T mini has been created by its own research and development (R&D) unit. The firm’s R&D group is based in France, and it’s also where the wallet will be manufactured. Currently, Ledger manufactures its wallets in Vierzon, France as well.
Notable Security Specifications
The Safe-T mini not only generates a unique private key, but it also stores it securely offline. This is done so that the key is not compromised to hackers, who could use it to steal all the funds stored on the device. As mentioned earlier, the wallet’s screen that displays transaction information makes it impossible for hackers to alter transactions without being detected. Additionally, only proprietary, manufacturer designed software can be installed on the device, which requires that a safety PIN code be set by the user. This serves to provide even more security, because access becomes restricted to just the owner of Archor’s hardware wallet.
Although these features seem promising, crypto investors and traders will probably be better off using the more established hardware wallets such as the Ledger Nano S. Archor’s new wallet will have a lot to prove, and one should only consider purchasing it after it has proven itself to be an effective device.