Abstract: CoinDesk on September 12, former BTCC, Bitcoin China co-founder and CEO Bo Qie (Bobby Lee) announced a return to the market after a year of silence. In this return, Li Qiyuan brought a new multi-currency, non-electronic digital asset wallet called Ballet.
It is reported that at 10 am local time on September 12 in Singapore, Li Qiyuan officially announced his new product, the Ballet wallet, at the "Invest: Asia" event hosted by CoinDesk. Li Qiyuan said in his speech:
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“We are committed to promoting the wider spread of Bitcoin and digital assets around the world, creating a simple and elegant physical wallet for users of different ages, identities and backgrounds. Based on this goal, Ballet Wallet is pre-generated for users. The wallet address and private key allow zero-based users to easily receive, store, and send digital assets."
Simple user experience, multiple asset support, and digital assets at your fingertips
“In the past, how to hold and store digital assets has always been a headache for the average user. The industry experience of the past 8 years has also made me realize this. The traditional hardware wallet has complicated wallet settings, backup, and hardware compatibility. Many problems, such as firmware upgrades, have even become industry barriers, making those who are interested in digital assets daunting."
Li Qiyuan said:
“But with the Ballet wallet, users only need to scan the wallet address on the wallet to save the digital assets.”
The Ballet wallet consists of a credit card-sized stainless steel card and a two-layer sticker with a QR code for the wallet address information. Under the QR code sticker of each wallet, a layer of encrypted private key sticker is attached. The bottom of the card is engraved with the wallet code covered by the coating, which the user must scratch to see. It is understood that Ballet's iOS and Android mobile app "Ballet Crypto" has also been officially launched on the same day. With Ballet Crypto, users can easily add management cards, get real-time visibility into assets, and activate multiple digital assets on a single card. In addition, users of this app can also send their digital assets at an extremely low fee without restriction.
"We have been working hard to develop the Ballet wallet since January of this year. So far it has experienced six iterations." Li Qiyuan said in his speech. At present, Ballet wallet has supported more than ten mainstream digital assets such as BTC, LTC, XRP, ETH, USDT.
Industry's highest safety standards, firmly control digital assets
When talking about the security issues of the wallet that users are most concerned about, Li Qiyuan said: "The private key of Ballet wallet is divided into two parts: wallet password and encrypted private key. For the first time in the industry, "private key multinational production process (Two-factor key) Generation)", generated on offline computers in China and the United States. First, the wallet password is generated at the headquarters in Las Vegas, USA; then based on this wallet password, a non-confidential intermediate code (intermedia code) is randomly generated. ), sent to the office in Shanghai, China; finally, on the offline computer, the encrypted private key is randomly generated based on the intermediate code. The process follows the BIP38 industry standard. The wallet password and the encrypted private key are located in thousands of miles apart. Different employees are responsible for the generation, and no one can obtain the key information of all the two sets of private keys, thus ensuring that the production of Ballet wallet is at the highest level of safety.” It is reported that Ballet's innovative multinational private key production process is still patent pending.
According to Li Qiyuan, using the BIP38 industry standard, the private key of the Ballet wallet can be encrypted in a "double-blind" manner, and the encrypted private key can be generated without obtaining the wallet password itself. In addition, by encrypting the private key, a public key, a public address, and a confirmation code can be generated. By combining the confirmation code, the public address, and the wallet password, it is possible to verify whether the match is made without exposing the encrypted private key. Therefore, in the entire production process of the Ballet wallet, the wallet password and the encrypted private key do not need to be electronically combined at all, further ensuring the absolute security of the wallet.
For long-term storage, say goodbye to "wallet bricks"
"In addition to complex and difficult to use, traditional hardware wallets generally have problems such as component failure, battery, device compatibility, firmware upgrades, etc. Once it happens, the wallet will not work properly, and the digital assets stored therein may be lost. We think these phenomena The reliability of the wallet is greatly reduced, and it is also unfriendly to most of the novice users. The Ballet wallet solves these problems well. Since all components are non-electronic, no need to upgrade, users no longer have to worry about their wallets. Change bricks. In addition, the 100% offline cold storage of Ballet wallet also eliminates hacking and unauthorized tampering." Li Qiyuan said in his speech. “Considering the product's useful life and compatibility, we store the encrypted private key and wallet password in text form, ensuring that digital assets are not lost under the circumstance of technology. We choose durable stainless steel for the purpose of Ensure that the Ballet wallet will not be easily damaged and escort the long-term storage of your digital assets."
Li Qiyuan is well known in the industry for operating Bitcoin China, the earliest bitcoin exchange in China (later renamed BTCC). In 2013, he joined Bitcoin China as a co-founder and CEO, helping the company get a $5 million investment in Lightspeed. In 2015, Bitcoin China officially changed its name to BTCC, and its business has gradually expanded from the original exchange to wallet, mining pool and other businesses. In 2018, BTCC was formally acquired by a Hong Kong investment company.
The Ballet Wallet project was launched in January 2019 and was invested by Ribbit Capital, a well-known venture capital firm that also invested in Coinbase and Libra. Ballet's corporate headquarters is located in Las Vegas, USA, and has offices in Shanghai, China. Its international team currently has more than 20 employees.
More Ballet trends:
Li Qiyuan will attend the 2nd Annual Lite Cloud Summit on October 28th, when he will discuss the digital assets with his brother, Lite Coin founder Charlie Lee, and well-known investor Tim Draper. Multi-application scenarios and bringing the simple and secure Ballet wallet to the mass market.
It is reported that Ballet has started to promote in the Chinese market, and its brand and products will be unveiled at the C6 booth at the Wuzhen Blockchain Conference on November 8-9. In addition, users can already pre-purchase all of Ballet's products for sale through the official Taobao store of CoinWallet, an authorized dealer of Ballet China.
Watch Ballet Chinese video introduction:
Tencent video https://v.qq.com/x/page/o301165ztzb.html
Original link: https://www.coindesk.com/early-bitcoin-entrepreneur-returns-with-a-crypto-hardware-wallet-for-the-masses