Cypherpunk inspired USB device / Bitcoin Bearer Bond.
Spend Bitcoin like cash. Pass it on multiple times.
No miner fees, no confirmation delays.
Connect to USB to check balance.
Unseal any-time to spend.
A QR code / Text files contain Bitcoin address.
Private key is generated onboard, stored in a secure, tamper-proof chip & not disclosed until unsealed.
Bitcoin payment addresses & private keys in WIF format.
Key Benefits :-
It is often said that "you have to get Bitcoin to get OpenDime". Here's why.
Many established users of Bitcoin will quickly become familiar with Paper Wallets. They are basically a Bitcoin Blockchain Address and an associated private key printed on paper and usually showing both the text string and QR code version of the key data. Whilst paper wallets can be a quite secure way of keeping bitcoin they are vulnerable because if anyone sees the private key they can steal your bitcoin. The number one rule of Bitcoin is simply this "Not your Keys - Not your Money" and "Being your own Bank" means simply that YOU have to take responsibility for keeping your private keys secure. So paper wallets, whilst they offer many real world advantages, are vulnerable to physical loss much like a banknote. It is recommended that the private and public keys (and the associated Bitcoin address) are generated on a secure device you trust. Ideally an air gapped computer that is not normally connected to the internet with a trusted OS and absolutely not a public web-server.
So OpenDime may be thought of as a paper wallet but in the form of an electronic circuit. The key benefit being that the private keys are generated by a secure method on the device itself and stored on board the device in a secure chip from which they cannot be easily hacked. What's more the private keys are not visible to anyone (even you) until the device is physically altered by removing key components in the circuit board that allow the private keys to be disclosed. From that point the funds contained on the device can be imported (or swept) into any bitcoin wallet you choose.
Hence OpenDime has a different use case to a classic hardware wallet such as the Ledger Nano/Nano S and Digital Bitbox because if you actually lose these devices you have a backup of the private key and your funds are not lost. For sure OpenDime can be used for offline cold storage of bitcoin. And the funds cannot be stolen 'on sight' BUT YOU must keep the physical device safe because anyone who gains possession of the device itself can unlock funds.
Hence the description of OpenDime as a digital bearer bond. In this respect OpenDime has some very innovative use cases. For a start it can passed on to anyone. Essentially giving them control of the bitcoin it contains. Not by signing a transaction to transfer the funds to a blockchain address they control but by effectively handing over the private key itself. No transaction means anonymity for the person receiving the funds and of course no fees. The person receiving the funds can be sure that nobody knows the private key. Also that the bitcoin the OpenDime contains are absolutely available on the blockchain. And further that the OpenDime is genuine IE not a fake OpenDime and that the keys are evidently secure - because by visual inspection it is self evident that the circuit board is intact so therefore the private key cannot have ever been disclosed. As such an OpenDime can be passed from person to person endlessly - like a banknote - until it is cashed in and essentially scrapped.
OpenDime V3.0 features redesigned hardware with improved security to defeat any attempt at counterfeiting or cloning together with a a new “unseal” mechanism. Anti-Counterfeiting Chip. The powerful on board Atmel ATECC508A chip handles SHA-256 hashing, true random number generating (TRNG) and public key signing (ECDSA) and holds a number of secret keys that are impossible to extract.
At a high level this security chip holds a secret “factory key” that you can use to verify that you are connected to a real OpenDime. It will also verify that it’s a unique device and that it’s paired to the microprocessor that it was originally built with.
To unseal the new OpenDime you have to stick a paperclip (or other similarly-sized wire) into a small hole clearly marked on the back side. With a firm jab, you will break the seal that’s on the other side and unlock the Bitcoin in the device. For all this trick tech OpenDime is very easy to use. Simply plug it into a USB port it mounts as a drive much like any other USB storage device. Then simply follow the instructions and documentation on the device drive.