CoolWallet is a hardware wallet for the cryptocurrency. It is a credit-card-size Bluetooth device compatible with iOS and Android devices with BLE4.0. An appropriately-sized hardware device to keep hackers away from your private keys, the device is promoted as a hack-proof, theft-proof, and waterproof bitcoin wallet.
The CoolWallet transfers information over a local Bluetooth network between you and your devices, allowing you to keep your device information on your iOS or Android phone. The device comes with a warranty for 12 months. The OTP (one-time-pin) system allows only the user to sign the transaction offline.
What’s Included in the Hardware Package
- SE (Secure Element: Common Criteria EAL5+ certified) chip to store Bitcoin private keys
- A communication module including BLE (Bluetooth Low Energy 4.0)
- NFC (Near Field Communication)
- An e-paper display (bistable, ultra-low power consumption, good contrast ratio 7:1, wide view angle (almost 180 degrees and readable under the sunshine)
- Durable/pressure resistant)
- A rechargeable battery
- An OTP (One Time Password) generator
The primary issue that CoolWallet solves is that people lose bitcoins from malware, inadequate backups, losing their device or theft. The anonymous nature of Bitcoin makes it nearly impossible to find the hacker. That’s where having CoolWallet helps keep your private keys safe.
A convenient feature of CoolWallet is the Watchdog which can be used to set up an alert service which informs you when your Bitcoin wallet and mobile phone are a certain distance apart.
The Wallet Device
The core of CoolWallet is an ARM-based secure element. The hardware wallet device is able to display the OTP (one-time password) generated when you make transactions using the CoolWallet app. It also contains a button used to authorize transactions before they’re executed by the CoolWallet systems. The card is operated via Bluetooth Low Energy Near field communication (NFC). It has a lithium ion rechargeable battery; 3V; 10mAh; 500 recharging cycles and having two years battery life.
How does it work?
- Connect your smartphone to the internet
- Switch on the Bluetooth
- Launch the CoolWallet App
- Tap ‘Connect’ once you see the CoolWallet serial number
- Type the one-time password shown on the CoolWallet Display and then tap “Pair with this device”. You can pair up one CoolWallet with three devices
Once the device is paired up, you can create a new wallet and backup your wallet by noting down the seed sets generated by the CoolWallet mobile app. Note down all the seed numbers on the recovery card provided by the company. This will help you recover your bitcoin wallet in case you lose the wallet device or your smartphone.
To be able to send and receive bitcoins:
- Press the down arrow icon to go to the receive page
- Use the addresses shown in grey
- Choose an address and press “Edit Label”
- Tap the “Up” button to go to the send page
- Paste the bitcoin address from the clipboard or tap the camera icon to scan the QR code
- Enter the amount needed in Bitcoin or Fiat
Press “Send” and you are done (one last step is to press the button on the wallet device to finalize the transaction)
Users can customize the security policies of the app.
For charging the device it is accompanied by an induction mat used for wireless charging. The hardware device is priced at $119 which contains one CoolWallet device and a charger. Another package is sold at $189 which contains two CoolWallet devices and two chargers.
One of the closest competitors of CoolWallet is Trezor which only works with USB compatible devices like laptop and PCs. It means that CoolWallet applies the 2-Factor authentication in its true spirit (a password that you can enter and a device you have to execute the transaction).
However, a potential limitation of CoolWallet is that it focuses only on Bitcoin and you will not be able to make transactions in other cryptocurrencies. The company plans to support other cryptocurrencies, however does not share the timeline for the future release.
Since the company offers a custom designed CoolWallet as well, grab one by contacting directly.
Here’s the CoolWallet’s video tutorial to help you understand the device and get started with device.