Currently, there are various types of Hardware Wallets available, including USB-connected ones we're familiar with, like Trezor; Bluetooth-connected ones, like OneKey Classic 1S; QR-based connections, like Keystone 3 Pro; and NFC (Near Field Communication) connections, which allow for easy transactions by simply tapping a mobile phone, such as the Tangem Wallet, which will be reviewed in this article.
Before diving into the Shiba x Tangem Wallet project, let's get acquainted with the Tangem Wallet.
Topics in this article:
- What can Tangem Wallet do?
- Tangem Wallet creation options
- Connecting Tangem Wallet to various devices
- Supported coins and Blockchains
- Tangem Wallet Security
- What is Shiba INU x Tangem Wallet?
- How are Tangem Wallet 2.0 and Shiba INU x Tangem Wallet best used?
What is Tangem Wallet?
Tangem Wallet is a card-shaped Hardware Wallet designed for ease of use without the need to write down a Seed Phrase. It supports various transactions such as Deposit, Withdraw, Send, and Swap, all done easily via a mobile application by connecting the card via NFC.
Tangem Wallet offers a choice of 2-3 cards for backup to prevent loss. If one card becomes unusable or is lost, the backup cards can still be used to access the wallet and manage digital assets. If stolen, the cards cannot be used to unlock the wallet without an access code, PIN, or facial scan (Version 2.0 allows disabling the card-based PIN unlock function, but Version 1.0 does not, meaning if the PIN is forgotten in Version 1.0, the card can be used to unlock it).
Tangem Wallet creation options
For creating a Tangem Wallet, there are three methods to choose from:
Method 1: Create a wallet using True Random Number Generator (TRNG)
TRNG wallet creation, or simply creating a wallet without needing to write down a Seed Phrase. The key is generated and stored within the card's chip. Tangem recommends this method because there is no external backup of data, reducing the risk of the key being compromised.
However, this method has a caveat: since there is no data backup elsewhere besides the three cards, if all three cards are lost or become unusable, you will no longer be able to access your wallet.
Method 2: Create a wallet using a BIP-39 Seed Phrase
This method of wallet creation is what we are familiar with: generating a 12, 18, or 24-word Seed Phrase to be written down on paper or stored on a Seed Phrase storage device. This phrase is then encrypted and stored in the card's chip, and subsequently backed up to the second and third cards. This differs from the first method in that if the cards are lost or damaged, the Seed Phrase can be used to restore the wallet on another device.
However, this method also has a caveat: it's not possible to generate a Seed Phrase offline directly on the Hardware Wallet, as it requires the application to function. Therefore, generating a Seed Phrase via a mobile screen might expose the Seed Phrase.
Method 3: Create a wallet by importing a Seed Phrase from another wallet
This method is for creating a wallet when you already have one and wish to use it with a Tangem Wallet for convenience.
However, this method has a caveat: if you import a Seed Phrase from another wallet, it could potentially be exposed online, as you are entering the Seed Phrase online.
Therefore, each of these three creation methods has different advantages and disadvantages. It is important to understand the risks and usage before creating a wallet to prevent potential damage, such as being unable to access your wallet.
Connecting Tangem Wallet to various devices
It connects via NFC and cannot be used with tablets or PCs because they do not support NFC. Tangem Wallet can only be used with NFC-enabled devices, such as Android 6.0 (with full NFC support) or iOS 14.5 and above (with NFC support), excluding iPhone 6/6s and iPhone SE (1st generation).
Supported coins and Blockchains
Currently, Tangem Wallet supports over 50 Blockchains and many coins such as BTC, ETH, USDT, BNB, SOL, SHIB, ADA, etc. You can check other supported coins here.
Tangem Wallet Security
Tangem's highlight is the embedded chip in every card, which uses a Secure Element chip EAL6+, the highest security standard in the current Hardware Wallet market. The card is also resistant to dust, water, and extreme temperatures (–25° to 50°C), and is X-ray proof, allowing it to pass through airport scanners. It is always ready for use as it does not require a battery.
Currently, Tangem Wallet has open-sourced its Application software, but not its Hardware and Firmware, making it partially open-source.
If you are interested in the latest Tangem 2.0, you can order it from us here, ready for delivery.
What is Shiba INU x Tangem Wallet?
Image source: Everything You Need to Know About Shiba Inu Tangem Wallets
This project is a collaboration between the Shiba community and Tangem, leveraging the security and functionality of Tangem 1.0 and adding the charming logo of the Shiba community, or SHIBArmy, to enhance the wallet's appeal.
The Shiba x Tangem Wallet was produced in a limited quantity of only 5,000 sets. Currently, fewer than 700 sets remain. SHIB enthusiasts can order here and even pay with $SHIB.
The Shiba INU Tangem wallet will have all the same features as the Tangem Wallet 1.0. It will not allow wallet creation by generating a Seed Phrase yourself, nor will it support importing a Seed Phrase from another wallet.
How are Tangem Wallet 2.0 and Shiba INU x Tangem Wallet best used?
From a personal perspective, the author believes that Tangem wallet is designed for ease of use, as it can be operated via NFC with NFC-enabled devices such as modern mobile phones. This makes it convenient for frequent wallet users and ideal for trading wallets, but less suitable for long-term storage of digital assets.
Reference:
Tangem official website: https://tangem.com/en/
FAQ about Tangem Wallet: https://tangem.com/en/help_center/general/#a5713472141341
Everything You Need to Know About Shiba Inu Tangem Wallets: https://tangem.com/en/blog/post/shiba-inu-tangem-wallet/
Buy Shiba INU x Tangem Wallet: https://shiba.tangem.com/
Twitter announced Shiba x Tangem: https://x.com/Tangem/status/1666103055178244097?lang=e
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