The world of cryptocurrency has seen some interesting innovations. Especially when it comes to making this form of money more accessible, a lot of work is being done. A company called Layer has come up with a concept known as TROVE, which will undoubtedly generate some interest among crypto enthusiasts around the world.
TROVE in a Nutshell
It is important to point out that TROVE has nothing to do with the free-to-play video game which was released a few years ago. Instead, this is a new product designed for cryptocurrency enthusiasts. It takes the concept of hardware wallets for Bitcoin and altcoins to a whole new level, Whether or not it will gain any traction is a different matter altogether.
TROVE is a wearable device, similar to a smartwatch. Rather than tracking one’s health, movements, and so forth, the product is designed to store cryptocurrencies in a safe and secure manner. Moreover, it is done in such a way that consumers can carry their holdings on their person at all times.
Whether or not that is something cryptocurrency enthusiasts are actively looking for remains to be seen. Wearables have not yet made a major impact in the financial sector, let alone when it comes to Bitcoin and other cryptocurrencies. Even so, TROVE is designed to manage digital currencies for daily spending and trading purposes. That in itself is pretty remarkable, although it remains to be seen how people will respond to this new piece of hardware.
Under the hood, TROVE stores cryptocurrency on the hardware unit itself to avoid funds from being stolen by hackers. Unlocking one’s holdings requires a biometric method of authentication which is based on the user’s heartbeat pattern. It’s a very remarkable approach that takes device security to a whole new level, although it remains to be seen if the technology will work as advertised.
Once a user authenticates his or her identity, TROVE will communicate with their smartphone via Bluetooth. It is the smartphone companion app which will be used to manage and transfer funds accordingly. There is no complex recovery seed to contend with, as everything is based on the biometric authentication method. Not having a fail-safe may not be the best of ideas, though, but it is certainly a different take on things.
For the time being, TROVE has not received any official release date, nor has any pricing information been made available. All things considered, this seems to be a very unique device which will undoubtedly appeal to some consumers who are getting involved with cryptocurrency. Having more options to store one’s holdings in a safe and secure manner is never a bad thing.