Tangem has introduced the Tangem Ring, the world’s first ring-shaped hardware wallet. In a recent interview with BeInCrypto, Tangem’s CCO, Darya Karpukova, discussed the inspiration behind this device.
The Tangem Ring aims to make crypto storage easy, stylish, and secure. Users can manage their digital assets with a simple tap. In this article, we’ll explore the journey behind the Tangem Ring, from the design and technical challenges to what users think of it. Let’s get into it!
The Vision Behind the Tangem Ring
- What inspired Tangem to create the world’s first ring-shaped hardware wallet?
At Tangem, our vision has always been to make cryptocurrency management as accessible and secure as possible. The idea for the Tangem Ring was inspired by the need for a more portable and convenient solution that seamlessly integrates into everyday life.
According to Statista, as of 2023, the global cryptocurrency user base has reached over 400 million users, showing a significant increase from previous years.
This growing user base aligns with the increasing preference for secure storage solutions. A study revealed that 74% of crypto holders prefer hardware wallets due to their superior security features compared to software wallets and exchanges.
The ring form factor embodies our aspiration to innovate, blending cutting-edge technology with wearable design and redefining how people interact with their crypto assets.
- Can you describe the design process behind the Tangem Ring? What were the key considerations in terms of aesthetics and functionality?
We were inspired to create a ring a few years ago, but we encountered three challenges. First, we needed to find a material that meets Tangem’s standards for durability and longevity.
Secondly, we wanted to ensure the ring is monolithic for maximum reliability. Thirdly, another challenge was fitting an NFC antenna and Tangem chip into the small casing while preserving its radio-electronic properties. We sought to make it visually appealing. We chose high-purity hypoallergenic zirconia ceramic for its sleek appearance and resilience against scratches and extreme conditions.
Our goal was to create a device that everyone could use daily, anywhere, and for many years. We are proud that our wallet is highly resistant and durable: it’s waterproof, resistant to extreme temperatures, and has an industry-leading 25-year warranty.
Functionality was equally crucial, leading us to integrate the same advanced technologies, such as NFC antennas and a secure EAL6+ CC-certified element, used in the Tangem Wallet cards.
The Whole Crypto Universe in Your Pocket
- Can you explain how the Tangem Ring integrates with the Tangem app and other compatible devices? Which functionality does the Ring provide?
The Tangem Ring connects to the Tangem app and is installed on other compatible smartphones through NFC technology. Simply tapping the ring against your smartphone allows you to manage all your crypto assets effortlessly. After activation, the ring and two Tangem cards are linked to the same wallet and hold the same private key.
The ring provides access to over 6,000 cryptocurrencies and supports a full range of services. Users can send, receive, buy, transfer, stake, and swap thousands of tokens and coins and access NFTs and DeFi.
Enhanced Security with EAL6+ CC-Certified Secure Element
- How does the EAL6+ CC-certified secure element in the Tangem Ring enhance security compared to other hardware wallets?
The EAL6+ CC-certified secure element in the Tangem Ring ensures superior protection against both invasive and non-invasive attacks. Developed in collaboration with Samsung Semiconductors, this secure element is a critical component of our product that ensures the safety of users’ private keys.
It is designed to withstand sophisticated hacking attempts, giving users peace of mind that their assets are securely stored.
Unlike other hardware wallets, Tangem cards and Tangem rings only have a secure element that is protected. On one hand, this minimizes attack vectors; on the other hand, nothing can break.
- Could you elaborate on the Smart Backup Technology? (how does it ensure the safety and recoverability of crypto assets?)
The private key is generated in the secure element using a certified hardware true random number generator during activation. The entropy for the random number is taken from the chip’s physical sensors. This means that no one can ever know your private key, and it can never be reproduced. The hardware random number generator is a component of the Samsung-produced chip.
When this key is created, a secure communication channel is established between the cards and ring using the Diffie-Hellman key exchange protocol, after which the keys are securely transferred from the ring to the cards.
This ensures there are no other copies of the private keys in existence. This mechanism is fully protected against man-in-the-middle attacks since the first step involves the chip authenticating each other with a two-way attestation, and the encryption is done with a 256-bit key. In other words, the ring and the two cards communicate with each other, and the application cannot decrypt this information.
Our innovative backup avoids the need for a seed phrase, which is a much less secure way to back up your private keys.
“If you want to keep a secret, you must also hide it from yourself” George Orwell, 1984
Interesting insight: Our innovative backup makes it possible to activate the Tangem Wallet with or without a seed phrase. We are glad that 80% of our users activate the Tangem Wallet without a seed phrase.
By using Tangem technology, no one can ever know your private key—neither Tangem nor you or anyone else. In this case, it can not be lost or stolen.
This is also a huge step towards mass adoption: crypto newcomers don’t have to complicate themselves by storing 12 to 24 words or spending hours on wallet activation anymore.
Seamless Crypto at Your Fingertips: Tap-and-Go Functionality
- What steps did you take to ensure the Tangem Ring is user-friendly for both new and experienced crypto users?
We prioritized simplicity and ease of use in the design of the Tangem Ring. The tap-and-go functionality allows users to manage their crypto with just a tap, eliminating the need for complex setups or cumbersome devices.
We also integrated a user-friendly app that guides users through every step, from activation to daily usage. UX is a critical part of our hardware wallet design. Without a UX that brings more users to crypto, the true benefits of disintermediation at the core of blockchain technology will never be realized.
We believe our world needs devices that can be used as easily and nearly thoughtlessly as our phones and laptops.
- How does the tap-and-go functionality work, and what benefits does it provide in terms of convenience and accessibility?
It is always ready to work—you don’t need to charge it. Users can instantly access their crypto by simply tapping the ring against a compatible smartphone, eliminating the need for cables, plugs, or additional hardware.
It saves time and gives you access to your crypto from anywhere and anytime.
Great Feedback, Future Enhancements, and Driving Mass Adoption
- What has been the initial feedback from users and industry experts who have tested the Tangem Ring?
Our test group and some industry influencers have called the crypto ring the future of the crypto industry. They noted that creating devices that are easy to manage while being secure is a trend that other companies should follow.
This will drive crypto adoption. Moreover, we are convinced that the crypto ring has the potential to go beyond crypto-native audiences and attract interest from non-crypto people and Web 2 companies. We are actively exchanging with fashion marketplaces for future collaboration as they are interested in selling rings as tech jewelry that bridges crypto with fashion.
- Are there any additional features or improvements planned for future versions of the Tangem Ring? How do you see Tangem’s product line evolving over the next few years?
While the current Tangem Ring version is already feature-rich, we are constantly exploring ways to enhance its functionality. Future updates might include expanded compatibility with more form factors, new integrated services, additional security features, and even more user-friendly enhancements.
We are set to integrate crypto markets, native staking, native NFT support, a wider range of exchanges, bridges, and more fiat on-ramp and off-ramp providers. Tangem is always integrating new blockchain networks, tokens, and coins to keep our leading position in the number of assets supported.
In addition, we are also willing to diversify the line of our wearable devices and introduce crypto bracelets, which are primarily requested by our community, and other portable and wearable form factors.
We want to diversify the ring’s design and are open to collaboration with creative designers, jewelry makers, and fashion brands. We also want to explore new use cases for the ring, such as NFT storage and tokenization of various products.
- What strategies are you employing to drive mass adoption of the Tangem Ring?
The Tangem Ring is more than a hardware wallet; it’s a fashion statement and a technological innovation. We’re showcasing how cool and effortless it is to use — imagine managing your crypto with a simple tap.
There’s no need for seed phrases, computers, and USB cables, giving users peace of mind with maximum security. It’s about wearing your crypto and interacting with it daily from a device as simple as a ring.
We emphasize the convenience of managing your crypto from anywhere, no matter what you’re doing. Whether you’re at the gym, traveling, or just out and about, your crypto is always on your finger.
This convenience resonates with broader consumer trends, as a survey found that 52% of consumers are interested in wearable devices that enhance convenience and integrate seamlessly into their daily lives.
Furthermore, the global wearables market is projected to grow from $115.8 billion in 2021 to $260.6 billion by 2028, at a CAGR of 14.9%. This significant growth highlights the increasing demand for innovative, user-friendly wearable technology, which aligns perfectly with the vision behind the Tangem Ring.
- In what ways do you think the introduction of a wearable hardware wallet will influence crypto asset management (hardware wallet industry) and security?
Introducing the Tangem Ring as a wearable hardware wallet represents a significant shift in how people manage their crypto assets. It offers unprecedented convenience and accessibility, making it easier for users to incorporate crypto into their daily lives.
From the perspective of mass adoption of crypto and simplifying the way people interact with crypto, Tangem Ring set new standards for protecting and managing your digital assets. We believe this innovation will inspire further advancements in the industry, driving more competition and developing even more user-friendly and secure solutions.
Step Into the Future of Hardware Wallets
The Tangem Ring is a big step forward in the evolution of cryptocurrency storage. This stylish and secure ring makes it easy for anyone to manage their crypto assets on the go.
The blend of advanced security features, such as the EAL6+ CC-certified secure element, and the ease of use makes this ring stand out. You don’t need to worry about complex setups, seed phrases, or bulky hardware. The ring is durable, waterproof, and comes with a remarkable 25-year warranty, ensuring it’s a reliable companion for the long haul.
The seamless connection with the Tangem app allows users to manage, buy, sell, and stake over 6000 crypto assets effortlessly. Learn more about the Tangem Ring here.
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