A Ring Holds 10,000 Coins... Tried on the 'Tangem Ring'

Image=Tangem

Recently, hardware wallets have emerged as a method to securely store virtual assets (cryptocurrencies). In fact, the German Federal Office for Information Security (BSI) has actively recommended the use of hardware wallets, stating they are the safest way to store virtual assets.

Hardware wallets allow users to keep their private keys, which are necessary to access their virtual assets, offline, or in cold storage, thus keeping the keys secure. They are also protected by a PIN code, helping users create a secure backup.

On the other hand, storing assets on third-party platforms like exchanges offers convenience but can be vulnerable to hacker attacks. Similarly, self-custody wallets stored on smartphones or personal computers also carry the risk of private key theft, making it difficult to assert they are free from security flaws.

However, many hardware wallets are bulky, and carrying them separately can be inconvenient. To address these drawbacks, the world's first wearable hardware wallet, the 'Tangem Ring', has been introduced, and I had the opportunity to try it out.

Simplifying the Hardware Wallet Experience... 'Wearable Wallet' Tangem Ring

Wearing the wearable hardware wallet 'Tangem Ring'/Image=Bloomingbit Reporter Suhyun Lee

The 'Tangem Ring' is the world's first wearable hardware wallet developed by Tangem, a provider of self-custody virtual asset wallets. It offers the advantage of managing virtual assets anytime, anywhere, simply by wearing it on your finger, without the need to carry a separate hardware wallet.

The most notable feature of the Tangem Ring is that it comes with two cards that allow you to back up your private key. This prevents private key leakage, and both the securely connected card and ring can access a single wallet.

When I tried on the product, the lightweight feel was particularly impressive. According to Tangem, the ring is made of zirconia ceramic, which is lightweight yet resistant to impact and waterproof.

The usage is simple. The Tangem Ring is equipped with an NFC antenna, so when you remove the ring from your finger and scan it on the back of your phone, a message prompts you to download the Tangem app from the mobile app store. After launching the Tangem app and scanning the ring on the back of your phone, you scan the card to back up your private key, and the wallet setup is complete.

Tangem supports a total of 75 networks and can manage 13,000 coins. Therefore, when you scan the Tangem Ring to activate the wallet, you can manage a wide range of altcoins, from major coins like Bitcoin (BTC) and Ethereum (ETH) to meme coins like Pepe (PEPE) and Dogewhiffhat (WIF), without the need for an exchange.

Applying Visa-Collaborated Payment Technology 'Tangem Pay' to Tangem Ring

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Last July, Tangem announced that it is developing a new wallet payment technology called 'Tangem Pay' in collaboration with the global payment company Visa. Once Tangem Pay is launched, Tangem wallet users are expected to be able to make payments using virtual assets at millions of Visa-supported terminals worldwide.

Of course, Tangem plans to support this payment technology not only for Tangem wallet users but also for users of various wallets like MetaMask and Trust Wallet. This is to enable many self-custody wallet users to use virtual assets not just for management but also in everyday life.

Furthermore, the Tangem Pay technology will also be applied to the Tangem Ring. This will allow users to not only manage virtual assets with a single ring but also make payments in real life. The next-generation Tangem Ring with this technology is expected to be released next year.