Introduction
Waphy Vault is a device with wifi connectivity which, when connected to your home network, allows you to make secure transactions with Bitcoin or other cryptos. The hard wallet can be managed from any device from the same local network but will always require confirmation from a paired app to make it sign a transaction. This makes it even more secure, since private keys never leave the device, but to make a transaction you would need to control two devices, your secured mobile and the computer he is using.
You can imagine it as a server, which is accessible only at home, guarding your private keys, and in which we have inserted an ui similar to blockchain.info.
The product is designed for true nocoiners. Beginners who do not understand bitcoin and will not swallow the "blockchain introduction". People who, in order to start using cryptos just need an extremely simple and intuitive device that protects them from risks that they do not even have to know.
So, once your Waphy is connected, users will see a familiar environment which looks just like online banking, and a similar way of operating.
Waphy Vault setup
- Waphy Vault comes in a format similar to a pendrive but uses the USB connector only to power it (not for data transmission).
- When unboxing it, the user is asked to download a mobile APP in order to start the device.
- The app detects the device and asks the user to select the home network and enter the password.
- Waphy vault creates all the secrets needed to manage communications and shares them with the app
- The app asks the user to enter a pin code to access his Waphy Vault app.
- The device now asks the user to put an NFC card (included) to backup the seed that will generate its different addresses, and the configuration, encrypted with the password
- he typed before. The NFC card has a data retention up to 100 years.
- The device asks the user to write down the 12 to 24 words of his private key in a fancy piece of paper (included)
- Waphy Vault now connects to the router.
- Waphy Vault now starts its webserver and makes the "https: //waphy.local" web accessible from the lan.
- Waphy can be left on or off. If it remains on, it will reject any connection from outside the local network.
Important notes:
- Although the router usually has its ports closed and filters connections from the outside, Waphy Vault also prevents connections from outside the local network.
- Waphy Vault uses the home Wi-Fi network so that all Wi-Fi devices in the home can be securely paired to pay with the wallet. In the future we believe that this will enable other domestic appliances to be authorized to pay with cryptos by delegating authentication / confirmation to the strategy defined in the device. Ex, the washing machine buying energy.
User Interface
- To enter the user interface you have to write an OTP that is shown on the mobile app.
- The user interface will be extremely simple, with only 3 possible operations in version 1.0, Send transactions, Receive transactions and View transaction history.
- It will show both, the amount of coins you have and the price of those in local currency in real time.
- Later, we will add services via partners (for example, link a debit card that is loaded with bitcoins). (This is the main business model, not selling the device itself)
- When sending a transaction from a device, for example your computer, you will have to open the mobile app in which the transaction will be detailed (in order to double check what you are sending). A 6-character alphanumeric string is also shown. This string must be entered on the device that generated the transaction for the Waphy Vault to sign (your computer). Then the device signs the transaction and broadcasts it.