CoolWallet S: Product Review

CoolWallet S

The cryptocurrency market has been growing at an astounding pace bringing in big investors and thieves into the blockchain industry. The blockchain technology is stated to be the most secure network ever built but hackers have still found a way to bypass the system. While coin holders have been scammed off by intercepting authentication messages and stealing private key, hackers have also developed sophisticated tools for taking out entire exchanges. Hackers have generally exploited security lapses on the part of exchanges to steal client funds stored with exchanges.

The list of hacks that have happened in the Crypto network is long and ever growing:

2013 (October)
Exchange: Silk Road
Amount: $270,000,000 (171,955 BTC)
2014 (March)
Exchange: MtGox
Amount: $700,000,000 (850,000 BTC)
2014 (July)
Exchange: Cryptsy
Amount: $9,500,000 (13,000 BTC and 300,000 LTC)
2014 (December)
Exchange: Mintpal
Amount: $3,200,000 (3,894 BTC)
2015 (January)
Exchange: Bitstamp
Amount: $5,100,000 (19,000 BTC)
2015 (February)
Exchange: Bter
Amount: $1,750,000 (7,000 BTC)
2016 (August)
Exchange: Bitfinex
Amount: $72,000,000 (120,000 BTC)
2017 (December)
Exchange: Nicehash
Amount: $60,000,000 (4,000 BTC)
2018 (January)
Exchange: Coincheck
Amount: $534,800,000 (523,000,000 NEM)
2018 (February)
Exchange: BitGrail
Amount: $195,000,000 (17,000,000 NANO)
2018 (April)
Exchange: CoinSecure
2018 (June)
Exchange: Coinrail
Amount: $40,000,000 (in various tokens)

Most of these hacks have happened either because of employee indulging in stealing or exchanges not adopting the best security measures. Exchange who keeps their client tokens in hot wallets. Wallets have been the most sought out for hacking attempts and successful withdrawal by hackers.

There are three types of wallet:

  • Software Wallets
  • Hardware Wallet
  • Paper Wallet
Pairing with CoolWallet S

While each of the wallets have their own advantages and disadvantages, Hardware Wallets have been the go to choice for investors. Hardware wallets offer more security than all the other types of wallets, are portable and can be easily folded and kept in the pocket. Moreover, Hardware Wallets cannot be hacked and can be used to several cryptocurrencies.

The beauty of hardware wallets is that, using pin access, they can connect to your computer and internet to allow you to easily exchange and manage your assets. However, when you are done managing your funds, you can disconnect your wallet from the internet and store it in a physically safe location — making your private keys off-limits to cyber hackers.

Most hardware wallets have additional features to make them more secure and easy to use such as small screens and two-factor authentication.

CoolWallet is one of the most revolutionary mobile cold storage hardware wallet for Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, and ERC20 Tokens. Coolwallet S hardware wallet was launched by the Taiwanese financial-tech company founded by Michael Ou. The wallet is sleek, smart, light and the only mobile cold storage that is wireless.

Coolwallet currently has one version that is currently being sold in the open market:

1) CoolWallet S

CoolWallet S is a sleek looking card that comes with a power cord and power dock. It has an encrypted Bluetooth technology that lets you store your coins and connect to the blockchain network for transactions. It can be paired with phone having Android (5 above) and IOS (9.1 later).

Hardware Features of this Wallet:

  • Size: 85.6(L) x 53.98(H) x 0.8(T)mm
  • Battery charging: 2 hours to full charge
  • Power consumption : 5 days for standby or 20 operating cycles
  • Secure chip : Common Criteria EAL5+ certified Tamper proof
  • Material : Lithium ion rechargeable battery with 15 mah capacity
  • Bluetooth : BLE4.1
  • In the Box: Card’s charger, a USB connection, directions, a blank seed card, and a Coolwallet sticker.
Specifications of CoolWallet S

Talking about the functions and Technical aspect, CoolWallet has the best in class security with the latest algorithms in place to ensure that there is no lapse in the security aspect of this wallet.

The wallet supports transaction signing algorithm ECDSA with specified elliptic curve secp256k1. The Coolwallet S seed generation does adhere to the traditional BIP 39 protocol — which means users can easily restore funds into any BIP 44 supporting alternative wallet.

Sleek design of CoolWallet S

VERDICT

There are a variety of hardware wallets to choose from but the CoolWallet S stands out for its cool and sleek design. It can be carried easily in a wallet and used on the go. The team is continuously increasing the number of Altcoins that can be stored in the wallet and the support and apps associated with the product is great.
The price of CoolWallet S has been reduced to USD 99 a piece from USD 199 making it comparable to other wallets in the field. The Coolwallet S has a lot more features to offer at the same price when compared to other hardware wallets (eg: Trezor).
The wallet prides itself as a solution to clients that need mobility, durability and security for their crypto assets. Thus, the value of CoolWallet S seems to be justified as it is a piece of cutting edge technology that has been assembled with careful precision and innovative technology which is providing better accessibility to the crypto community.

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