One of the issues faced by hardware wallet is that it cannot be used for spending in real life. This gap is going to be filled by San Francisco based-ilmatic, which would start shipping out a secure and wearable wallet by December 2018. Initially, the hardware wallet will support Ripple (XRP), Bitcoin (BTC) on Lightning Network, Bitcoin Cash (BCH), and Litecoin (LTC). Users will be able to make a payment by simply tapping the wallet. The contactless real life payment wallet will also facilitate credit card payments.
The ilmatic engineering team has been working on this project for the past two years. The team has experience of working in consumer electronics (Silicon Valley), technology research center EURECAT, the U.S. Department of Defense, and the LoRaWAN project. Ilmatic may become the first wearable cryptowallet to arrive in the blockchain space. The team also confirmed that it is creating a special cryptocurrency protocol called MIL, which would work in tandem with the wallet for spending cryptocurrencies in real life.
ilmatic founder and CEO Danny Tamez says believes that the wallet will serve an important part in unlocking true cryptocurrency payments in physical spaces.
“Secure hardware is the key to putting virtual currency into the hands of everyday people. Software alone will always be less secure and leave you more exposed to hackers.”
The device has an in-built NFC chip, which enables wireless transactions. A micro-controller protects the user’s private keys.
ilmatic has started accepting pre-orders for the ilmatic wallet. The registration fee is $20, while the cost of the wallet is $275, including Founding membership (special discounts, etc.). There is also a guaranteed early bird prize. Buyers can choose from three colors- natural, brown, and black. The device is made out of machined metal, while the wrist strap is made from top grain leather from USA or Italy.
The pre-orders are booked through Shopify, which does not support cryptocurrency transactions. Buyers who wish to pay by cryptocurrency can contact the company by email. ilmatic currently accepts BTC, BCH, and ETH as cryptocurrency payments.