Shiba Inu, a top meme coin, has partnered with Tangem to produce a SHIB-themed cold wallet. Tangem is known for producing hard wallets that look like ordinary credit cards. The crypto wallet can be pre-ordered starting May 29, 2023. The original plan was to have only 2000 SHIB-themed wallets, but Tangem later announced in a tweet that this number would be increased due to clamor.
Crypto Investors are starting to see the importance of keeping their digital assets using self-custody wallets. The demand for keeping cryptocurrencies outside of centralized exchanges was spurred by the collapse of several crypto companies. The failure of these crypto institutions erased billions worth of investors’ assets. Investors could have prevented the loss of funds if they have kept their crypto outside of exchanges.
How Does the Shiba Inu Wallet Work?
Most crypto investors are familiar with self-custody wallets. Crypto wallets can be classified into two – hardware wallets and software wallets. Hardware wallets are physical devices designed to securely store digital assets offline. Software types secure crypto assets by using software or an app.
The SHIB-themed wallets belong to the hardware category. Shiba Inu hasn’t revealed the features of the new wallet, but we can assume that it will work just like a normal Tangem wallet. A Tangem wallet resembles an ordinary credit card. Unlike the usual hardware wallets, it doesn’t have any buttons or need a power source. The card uses Near Field Communication (NFC) to communicate with the app installed on an NFC-capable phone. Transactions are authorized by tapping the card on the phone. Users don’t need to remember their seed phrase, since it is stored in the card.
This video from Tangem will explain how it works.
Most devices will probably be useless after subjecting them to fire, water, or gunfire, but Tangem cards are nearly indestructible. It is probably the tank of crypto wallets.
Is it Secure?
The crypto community is no stranger to hacking. So one of the concerns of a crypto investor is about security. We asked Cryptonewsbytes’ resident cyber security expert and he gave us an encouraging answer. He said that Tangem uses the same chips as found on U.S. or UK passports. The algorithm is pretty good based on current technology. Breaking them with current technology is hard, but it might be possible in a decade or two. The backup cards also needed to be synced for security.
What if somebody scans the card? Our security experts said that it won’t necessarily lead to stolen crypto, since the algorithm is good according to our current standards. However, he notes that this level of security is not a lifelong guarantee since hacking tools may also evolve.
Should We All Sign Up for the Shiba Inu Wallet?
The original Tangem wallet looks good on paper and a collaboration with Shiba Inu will undoubtedly pique the interest of the SHIB community. Interest is so high, that Tangem already announced that they will offer more than the 2000 units originally planned. Keeping the volume low enough, will also give users the bonus of having limited-edition hardware.
If you are a Shiba Inu Fan and love small but capable devices, then this new wallet might be for you. If you like your devices to survive extreme temperatures, water, and even a warzone, then you might want to join the waitlist.
Other interesting articles:
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Cardano Creator Launches the New and Exciting Lace Wallet
Shiba Inu Aims to be Top Dog with Shibarium
This article is not a financial or security advice. It was made for educational and entertainment purposes only.
Featured image from Pixabay
