Tangem hardware multi sig wallets for Cardano to grow the ecosystem

Talks are in progress with Tangem, a company with incredibly low-cost wallets to develop a Cardano wallet.

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Tangem Note

Tangem Note is a separate, highly secure hardware cold wallet on a physical plastic card with a chip and NFC antenna inside which is fixed to a certain cryptocurrency and can hold only one private key at a time. Tangem Note is made to be easily usable by any consumer with or without prior experience in cryptocurrencies or technology. The technology allows you to store and carry this cryptocurrency and allows you to physically sell or give a Tangem Note to anyone who can verify the authenticity and value with their own smartphone by holding the card against a NFC enabled mobile phone. The chip inside a Tangem Note creates its own private key and will never disclose it under any circumstances which means it is not possible to import or export the private key.

At any point, you can extract the whole value of a Tangem Note using the official Android app and deposit the value into any cryptocurrency account. For safety, this requires you to hold your Android phone carefully against a Tangem Note for one or two minutes. After extraction, a Tangem Note is basically empty until reactivated through a special process. The wallet can be topped up with more funds and for best results, you should never top up a Tangem Note to a value above its denomination.

Specially built Tangem variant card for Cardano

What if I lose a Tangem Note or somebody steals it?

Currently as it stands, if you lose a Bitcoin Tangem note you lose all value, however, Charles has mentioned Cardano is in negotiations with Tangem to develop a two pack card where one Tangem card is the spending wallet for ADA with its own spending pin code and another Tangem card is a recovery card used to recover funds to a safe address if the spending wallet is lost, stolen, or the spending pin is forgotten.

Questions:

What are your thoughts on other cool features that can be done with Tangem?

Would this hardware wallet be able to one day emulate ‘tap and go’ commerce like we currently do for Visa and Mastercard for store purchases? Maybe Tangem could partner with a POS provider like Square to accept crypto and provide equivalent fiat to merchant.

Will Cardano get the ‘reusable’ version which means an unlimited number of transactions are permitted and the card can be reused again after extraction?

Maybe if mass produced at low cost, we could eventually subsidise through treasury to provide free of charge to developing nations.

Maybe a silly question, will staking be able to be done on card?

Let’s get a convo started on this topic…

5 Likes

Very interesting. I think I wouldn’t want to use such wallet for a large amount of ADA but I can imagine carrying it around and using it as my spending account (like my debit card, for example). The security will, of course, be of major importance.

Yea…small amounts only but there already is a solution for this. What is the compelling reason for adoption? ATM/ debit cards are already around. For the unbanked, yes this is a great idea. But if you lose that second card you’re assed out. I can lose a hundred debit cards and I still have my money. If your house burns down and those cards have everything you own, you’re done for. That’s easy enough for someone who doesn’t like you. They’ll set your house on fire and while you’re busy saving your family you forget the card, the house burns down and the means to get your family food and temporary shelter are lost somewhere never to be recovered. You’re now not only homeless but broke and homeless. Hmmm…I wouldn’t store my savings on this and there is no compelling reason to use this instead of fiat. Why take money out of your bank and onto this card? What’s the compelling reason for this besides PayPal, Venmo, Apple pay, Samsung Pay, etc?