HooFoo is a new bitcoin hardware wallet that aims to revolutionize the industry. Find out how it works today in our review.
What is HooFoo?
HooFoo describes itself as “the new generation bitcoin hardware wallet”. It’s being marketed as the first app and hardware combination wallet, designed to secure and simplify your cryptocurrency transactions using your iOS or Android device.
The developers recently launched a Kickstarter page for the project, although that project is not currently live. According to a press release issued on November 20, the project will go live (and begin accepting wallet orders) on November 28, 2017.
The key innovation with HooFoo is that it doesn’t require any USB connection to spend your coins. Instead, all communication is done via Bluetooth 4.0, which is one of the most secure communication protocols.
HooFoo advertises all of the following features:
- A two in one combination wallet, including a mobile app and a hardware device
- “Virtually hack proof” Bluetooth 4.0 connection
- Secure backup solution for your cryptocurrencies
- Real-time currency chart
- iOS and Android devices compatible
- Multiple cryptocurrencies
How Does HooFoo Work?
HooFoo consists of two components, including a mobile app and a physical device. That physical device is called the “Dime”. The Dime secures the private key and signs the transaction offline, completely isolating the signing step from the bitcoin network and making it virtually hackproof. HooFoo keeps your private key in the hardware wallet and never exposes it.
Another key component of HooFoo is the “Mother Box”, which is a physical device that stores your private keys as a backup. It also works as a wireless charging stand for the Dime. You place the Dime on the Mother Box to charge when not in use.
Your HooFoo purchase comes with the Dime and the Mother Box.
Why Pick HooFoo Over Other Crypto Wallets?
Obviously, there are a number of popular cryptocurrency wallets on the market today. Why would you pick HooFoo over other options? HooFoo advertises the following benefits over hardware and software wallets:
Safer Communication Method and Better Overall Security
USB ports and drives have always been an infection point for malware to get a foothold on computers. Malware can be installed in the firmware of any USB, making the wallet less resistant to the virus. With access to the USB port, your hardware wallet can be hacked while your computer is connected to the internet.
HooFoo, meanwhile, sends encrypted transmissions through Bluetooth 4.0, one of the most secure communication protocols. This “makes it impossible for hackers to steal your coins,” explains the official website.
Basically, when you avoid physical contact between your hardware wallet and an internet-connected computer, you’re removing one more attack vector for malware.
STM32 Chip Versus the HooFoo X Chip
The STM32 chip has been widely used in many major hardware wallets and is vulnerable to malware injection, according to the HooFoo Kickstarter page. Meanwhile, their device uses the new HooFoo X chip, “which provides much more secure protection for your coins.”
Faster Transactions and Less Risk
For traditional hardware wallets, you need a laptop, a USB connected wallet, a USB cable, an adapter, and a Wi-Fi connection to complete the transaction. The average transaction time spent using hardware wallets is about 6 minutes. The longer you spend completing the transaction, the more you’re exposing yourself to the risk of a malware injection. This puts your private key at risk of being stolen.
HooFoo, on the other hand, promises easier transactions. All you need is your HooFoo wallet (the physical Dime device) and your phone. HooFoo lets you safely transfer funds anywhere, anytime. You don’t need to carry a heavy laptop or access Wi-Fi. It takes only seconds to finish a complete offline transaction in a fully secured environment.
How Does the HooFoo App Work?
The HooFoo hardware wallet operates with your smartphone, letting you invest and trade anytime and anywhere you want. Real-time cryptocurrency price charts allow you to monitor the coin market. HooFoo’s app even has an investing alarm that notifies you when it’s a good time to invest.
Overall, HooFoo’s app promises to make your coin transactions more mobile and smart.
You can login to the app using a PIN, your fingerprint, or a face recognition check. The app also supports two factor authentication to give you an extra layer of protection.
Using the app is straightforward. You login, enter the address of your recipient, and select the amount you wish to send. The wallet will sign the transaction in an isolated environment before sending transaction data back to the blockchain. The app lets you know when the transaction was successful.
HooFoo Tech Specs
Here are the important tech specs for HooFoo’s Dime:
Battery Life: 1 charge lasts 100 uses
Battery Type: Lithium polymer battery (wireless charging)
Connectivity: Bluetooth 4.0
Device Compatibility: iPhone 4S and later, iPad 3rd generation and later, and Android 4.4 and above
HooFoo is priced at the following rates, according to the draft page currently on Kickstarter:
1 Wallet (Available in 2 Colors, White or Grey): $169 USD (early bird) to $289 (final retail price)
2 Wallets: $329 (early bird) or $578 (final retail price)
5 Wallets: $945 (early bird) or $1445 (final retail price)
10 Wallets: $1790 (early bird) or $2890 (final retail price)
25 Wallets: $4350 (early bird) or $7225 (final retail price)
The project is expected to launch on Kickstarter on November 28, 2017.
HooFoo is a new hardware wallet that consists of an app and a physical device. It promises to provide better security by sending encrypted messages over Bluetooth 4.0, including an off-chain signing process authorized by the hardware device.
To learn more about HooFoo, visit their Kickstarter page today here.