Contactless NFC hardware wallet authorizes one-touch crypto-currency transactions
Keycard is a new credit card sized hardware wallet with Near Field Communication (NFC) for authorizing crypto-currency transactions. At launch, it features integration with the combined private messaging/wallet/DeFi browser app, Status App, although further integrations are planned.
The Keycard team has also released an open application programming interface (API) and software development kits (SDK) for Android, iOS and Go, so developers can incorporate Keycard functionality into any application that requires authorization or other user authentication.
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Secure storage and communication of private keys
Security is the key. In fact, when it comes to the security of crypto currencies, it literally all depends on the private key used to access your account. One of the most secure options for storing private keys is to use a hardware wallet, and there are certainly an increasing number to choose from.
However, the method for sharing keys and/or authorizing transactions between the hardware wallet and the mobile or desktop front-end differs greatly between devices. From the first USB-connected wallets, to the wireless versions with Bluetooth, and even the recently announced NGRAVE that communicates only through visual QR codes.
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The Keycard uses NFC to allow authorization of transactions by simply touching a credit card sized wallet against your mobile device. Meanwhile, the keys remain securely stored on the device itself.
What is the status?
Keycard is produced by Status Network, which also develops the Status App with which it is integrated at launch. The Status App combines private messaging functionality, an Ethereum wallet supporting ERC-20 and ERC-721 tokens and a decentralized web browser.
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However, the release of the API and SDKs allows the technology to be easily implemented in a large number of wallets and other applications. Either to store private keys and authorize transactions, or as part of a two-factor authentication system.
Keycard’s project manager, Guy-Louis Grau, believes that the use of such technology should become the industry standard:
„As a project with an open source API, we believe that the Keycard model will be an industry standard for all kinds of products that expect normal people to interact directly with their cryptomoney. Touching an access card against your phone as an additional layer of authorization and ownership of your private keys should be the norm whenever someone wants to log in, send money, store value and more.
Another benefit over the increasingly complex technologies employed by other wallet manufacturers to secure private keys is price, as an NFC-enabled access card costs only $32.