Is Blockchain going to change Bitcoin's self-custody, hardware wallet game? Probably


Exciting time at the block headquarters. In today’s world, self-preservation of your currency is one of the most important things. And Jack Dorsey’s bitcoin-centric company knows it. That’s why Block’s team is building a hardware wallet, although product design engineer Nick Slaney thinks it’s “too much.”

In a recent Twitter thread, Says Slaney“The self-custody product we’re working on in the block is one of the most exciting things I’ve ever done in any company.” And then he said in detail, “Jack starts saying what we’re doing in a hardware wallet, but even though we’re building a hardware device the name rarely does it justice. That’s too much. “

Is this device block working? Do they believe this will change the game of self-preservation? How advanced is it? When will we see it? How much will it cost? In the following text, we will answer some of those questions. Not all of them, though.

What will bring the products of the block to the table of self-custody?

By block / Square team mailing list“Our goal is to bring easy self-care to a global audience.” Simple words for a very ambitious goal. However, Nick Slaney seems confident that the company will close it. “If we do our job the way I think we’re going, explaining seed phrases to your dad would be a thing of the past.”

According to To Jesse DorogaskarThe head of the company’s hardware can be a summary of product directions:

  • “Bitcoin first,” so it may not be a bitcoin-only product.
  • “Global distribution,” so it will not only be for the so-called first world countries.
  • Multisig locally, to achieve “help-self-care”.
  • “Prioritize mobile usage.”

The second version of the block cited mailing list is detailed in the hardware section:

“We’re currently designing the product with a focus on hardware components – we’re working on the art design (how it looks and feels), the user experience (how people use it), and the technical architecture (what the interior is). We’re communicating with many choices involved, with a focus on keeping costs down. “

So, we can add product directions:

  • Low cost, so everyone can take care of themselves.

BTCUSD Price Chart 02/24/2022 - Tradingview

BTC price chart for 02/24/2022 on Bitstamp | Source: BTC/USD on

What does “native multisig” mean for the user?

Self-care brings risk. One mistake and you could lose your funds forever. That’s where multisig and “self-care” come into play. In the first number of blocks / squares Self-custody mailing listThey explain how the three key systems work:

“In our solution, we will have three keys: a hardware wallet, a mobile application and a Square server, protected by the same world-class security that we have brought to the rest of our ecosystem.”

In the second issue, the block / square explains how it will protect the user:

“In addition to designing the hardware, we’re diving into how we can create an intuitive, forgiving recovery experience that people can use when they lose their phone, hardware wallet, or both.” With our built-in use of the Multisensure Wallet, people will be able to easily recover from the loss of just one item, but there are some great design and implementation questions about the best way to get there and how to handle the loss of multiple items. “

Thus, product design is already dynamic, but far from ready. Nick Slaney has high hopes, though. “Being a native multisig, and building all (open source) software and hardware under one product perspective is going to enable a whole new experience,” he tweeted. And then, he says the product price offer:

“We’re combining the security of cold storage, the peace of mind of shared custody, and the benefits of a secure app – an easy-to-use solution that puts you in control of your own keys (and your financial security through extensions).”

Block Answer: Why self-custody? Why worldwide? What does ‘easy’ mean?

In the first issue of the newsletter, the block answers these three questions:

  1. “Self-protection is a fundamental element of decentralization, which is one of the underlying principles that compel Bitcoin.” Also, “If people do not have a realistic alternative to self-protection, we should expect that the limited global supply of bitcoin will be further controlled by a short list of custodial service providers.” And The story of Canada It tells us how that situation can end.
  2. “We want to enable everyone to access the growing crypto-enabled economy – not just the rich inhabitants of a few countries.”
  3. “In order for self-preservation to be a viable option for everyone, we need tools that are easy to use, safe and inexpensive to use.”

For the grand finale, we will bring back Nick Slaney. He promises: “The end result will be a product that allows anyone to keep their own keys easily and securely, intuitively huddling and transacting as much as possible, and exposing the future of financial sovereignty to a much wider audience.”

Block / Square Delivery? Can they achieve their ambitious goals? And, when can we expect products? What exactly is a low price? Where do I sign? These are questions we can’t answer yet.

Featured Image by FeeLoona on Pixabay | Charts by TradingView

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