by Liam J Kelly
As digital money moves to the mainstream, many users are baffled by the complexity in securing their crypto funds. The rising value of certain cryptocurrencies also makes the task incredibly important for those with large holdings. GIZA hopes to resolve these issues by providing a hardware wallet for mainstream users with the highest levels of crypto security while also streamlining user-interface models.
Catering to a Growing Market
The massive adoption of digital money in 2017 has earned more than its fair share of global attention. Even prior to 2017, however, cyberattacks have plagued the sector as exchanges and individuals alike were robbed of their cryptocurrencies. Naturally, there are a few different solutions to these problems.
Paper and hardware wallets have emerged as the most secure means of storing one’s holdings. Within the hardware wallet market, Trezor and Ledger Nano have taken the arena by storm insofar as they have offered affordable, easy-to-use, and secure platforms. Yet, they may not have gone far enough with a new entrant looking to offer wider functionality. Not only that, but the market for these products boasts massive amounts of money and only a few products able to accomplish these business objectives.
As these major wallets continue circulating en masse, new needs have also developed. The importance of smartphone accessibility, a password manager, and encrypted file storage are now expected by new entrants. The ability to connect with consumers mobile device also comes with more security concerns.
The GIZA Solution
The hardware wallet proposed by GIZA Device Ltd. offers an all-in-one device that satisfies current market trends while also implementing new features. Not only this, but the proposed water-resistant device will remain easier than ever for users to keep their funds safe. The hardware wallet will support bitcoin, ethereum, dash, litecoin, and more than 10 other cryptocurrencies, ERC20 and ERC23 tokens.
Instead of installing laborious software onto one’s PC, the GIZA device offers a Mozilla and Chrome browser extension through which individuals can send and receive payments. Outbound transactions are also possible, even with compromised computers as access to the device is necessary to confirm exchanges. These transactions and the myriad number of cryptocurrencies held on any single device are all backed up on GIZA’s encrypted blockchain feature in the case of loss or theft.
As the GIZA device also takes the role of a password manager, and does not require either software of browser extensions; users can input their usernames and passwords directly from the device.
Encrypted file storage is another main feature, where the GIZA hardware wallet provides 16GB of memory to store valuable files, documents and backups. In case of hostile situations where you may be forced to hand over your private keys, the GIZA device comes with an Emergency Data Erasure function with three triggers; a Pseudo Master Password input, a secret joystick combination and an incorrect input of the master password more than ‘X’ times.
As mentioned above, the device still offers industry standards of two-factor authentication, password management, and encrypted file storage; it has also developed an application for use on your mobile phone, compatible with both Android and iOS. Although this will never replace the security of the device, it does bring all features of the device to a single platform. The single platform makes managing information incredibly efficient.
The project also has a strong team behind it, with Ivan Larionov taking the role of designing the PCB boards for the GIZA device. Larionov has the needed experienced, with his previous work on Pastilda, an open source piece of hardware designed to manage your credentials. Others contributors to Pastilda are also working on the GIZA device, such as engineer Dmitry Shishov.
The Token Distribution Event
GIZA tokens are ERC20 tokens, and the Token Distribution Event (TDE) will thus take place on the Ethereum protocol. Moreover, the event will start continue until August 2018 or until the hard cap is raised. The objective of $3 million in funds will be dedicated to the development of the device after six months.
The token represents a unit of value of software license. Token holders can express their intention to lease their right to future GIZA devices users and entitled to a share of the income, proportional to their holdings. Subsequently, as the income of the company grows, so shoud the market price of the GIZA tokens.
Initial buyers will enjoy a rolling scale of bonuses for early contributions. During the first seven days of the pre-TDE, GIZA tokens will be offered at $0.20. During the following 23 days, the tokens will be offered at a price of $0.30 per token. The funds raised from the pre-TDE will be directed solely toward the development of a prototype device and its development.
The holders of these tokens can benefit from them as if they are assets, but formally the tokens are considered to have no value (and hence the term Token Distribution Event is used instead of Initial Coin Offering).
The launch date is to take place January 8, 2018. The main TDE is expected to begin October 2018 and all funds raised will be used for the launch of the mass production phase, with the GIZA tokens to be traded on exchanges by November 2018. By December 2018, we should see the models ready and their distribution to retailers, with 40,000 devices estaimted for the the first year of production.
For more information on one of the industry’s newest and most user-friendly hardware wallet, please read through their whitepaper and check out their GitHub page. You can also contact the team via Facebook, Telegram, or Twitter.