Hardware wallets are very user-friendly and offer a maximum level of security for virtual resources. The elimination of direct contact of private keys with the Internet allows users to worry less about third party threats. Therefore, a hardware wallet such as the Coolwallet S is clearly superior to online and paper variants.
Design of the Coolwallet
The device looks like a bank card (size 85.6 x 53.98 x 0.8 mm). The case is completely made of plastic, but strong enough to withstand a bend of 15 degrees in the wallet, as well as the temperature of -10 to 60 ° C and 1 hour in water. A small black and white display (22.5 x 13.5 mm) made of electronic paper is used to display the information. A metal button is located just below the screen to confirm the operation.
It is recommended to charge the device first. To get started, users must download a special client from the App Store or Google Play to their phone (links are on the official website of the product). Then all operations are performed only through the application, and the hardware wallet is only required for confirmation. Users must synchronize the device by setting the PIN and confirming it.
Like the ledger Nano S or the Trezor T, the COOLWALLET S Wallet does not have to be connected to a telephone, tablet or PC via USB. Instead, data exchange is synchronized via Bluetooth or NFC. The battery must be charged regularly and has a life of at least 2 years. In the event of faults, the manufacturer will replace the product in the first year. The work is possible via a special client or a compatible desktop wallet. However, there is no official information on compatibility with certain products. With the Hardware Wallet, users can create multiple accounts, but for each there is a limit of 232 transactions. Like the Trezor T and Ledger Nano S models, the device enables the storage and execution of operations with common crypto currencies:
Bitcoin Cash (BCH)
and all tokens of the ERC20 format of the top 100 after capitalization.
The list is not too large, but all important assets are available. A step-by-step extension of the list is planned, which will be added automatically with the updates.
The operation of the Wallet is similar to working with a mobile wallet for crypto currencies and the COOLWALLET is only used for confirmation. The application has a number of standard tools with which you can adjust the commission amount, view detailed information on payments and make additional settings. It is possible to delete the data of a wallet or a separate account.
At the moment the firmware code is "Closed Sourced", so users cannot make their own changes. 4 minutes after use, the display switches off automatically, but must be charged every 20 cycles when operation is active.
Despite the visual fragility, the device is quite strong. Magnets, moisture penetration, bending and other unfavorable factors do not interfere with operation, but it is desirable that users store the Hardware Wallet in a wallet or in a safe place.
Private keys never leave the COOLWALLET and all transmitted information is encrypted using cryptography so that users cannot make payment without the device itself. The PIN also protects against physical access.
If one of the devices is lost or damaged, access to the tools can only be restored with the sequence of digits. The developers claim that any application that supports BIP32 is suitable for the Hardware Wallet. The creation of a backup guarantees the complete security of assets.