Coinplus: Physical Cryptocurrency Metallic Bar For Secret Keys?
What Is Coinplus?
CoinPlus is a Luxembourg based company that has a product called Solo, which is a metallic bar on which we engrave secret keys that unlock crypto-asset units. There is a security hologram to cover each code. Currently, they support Bitcoin and Ethereum but are soon planning to expand to other assets too.
Coinplus Physical Crypto Metallic Bar For Secret Keys Features
- Simple: There is no need to install software or open an online account. You can simply buy and hodl it.
- Aesthetics: You can have the Solo in three varieties; Steel, Silver, and Gold.
- Durable: All the information on the Solo is engraved which means no electronic part sensitive to hardware failure and no battery issues. The Solo is robust and designed to last which makes it perfect for preserving your wealth.
- Pending Patent: The patent application describes our process to inscribe cryptographic codes on a physical support in such a way that nobody has ever had access to the full private key.
How Coinplus Works
Their creation process ensures that there is no possible instance when one person or computer has the access to a full private key. They generate and engrave on the Solo a secret code which is covered by a tamper-evident hologram. An external company then generates and engraves a second code which is also covered by a tamper-evident hologram. The private key, which unlocks the Crypto-asset, is only computed by the customer when combining both secret codes. This process is similar to 2FA physical bitcoins, or to BIP38 private keys, but without the risk of losing your password.
You can buy Solo in steel, silver or gold and in bitcoin or ether as of today. When you buy the Solo, it is not loaded. To store Crypto asset on your solo, you will need to send your Bitcoin or Ethereum to the address displayed on your Solo.
Solo steel or Solo gold are metal bars engraved with two secret keys. Each secret key is covered by tamper-evident holograms. These two secret codes together can be used to compute the private key and will unlock a Bitcoins or Ethers stored on the Solo. The application will request the two secret codes and the destination address. It then computes the private key and publishes a transaction to the destination address. This destination address can be a wallet address, an exchange deposit address or any other type of address in the same crypto as initially processed.
To redeem crypto-asset from the Solo, first remove both security holograms. It will reveal two secret codes. Enter both secret keys in the Coinplus application on your mobile phone. The app will request a destination address, and once you confirm, the transaction will be published on the network. Coinplus also provides the algorithm to compute the private key, so that you can implement your app.
The first version of the app is now available for both Android and iOS.
Frankly, the entire process of having a physical digital defeats the purpose of cryptocurrency in many ways. It is an oxymoron in itself.
However, if you want to have a physical representation of your favorite crypto assets, CoinPlus is the way to go. More information about them is available on coinplus.com/