Someone can wear it like a ring. It looks like a ring but I think it would be very dangerous for someone to wear a wallet to everywhere he is going to. I will prefer to keep my wallet secure somewhere at home for privacy reasons.
Well I just checked their site and they claim that even if your ring gets misplaced or lost, you do not need to worry as it is bind with your biometric information and no one can steal the crypto.
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If your ring ever gets misplaced, you can rest assured that your crypto is safe. You can order a new ring and restore your wallet. Your old ring is useless without your biometric verification.
I don't know how this works and how secure it is but since the ring can be misplaced more often as it is with you all the time, even if you are sure that losing the ring will not lose your crypto, still buying a new ring again and again for 84$ is still expensive
(assuming that ring is more likely to get misplaced more often as compared to a hardware wallet stored in a safe location).Hi!
Yeah, the ring itself can't be accessed without the pin used in the app/biometric info. You can think of it as similar to the passcode required to open apps on a ledger.
Since RingWallet can be worn at all times, without the need to take it off for charging or showering - it would be quite hard to lose. Consider the fact that people go a lifetime without losing their wedding bands, so I doubt you would need to be buying a new ring every few months to restore your wallet. Additionally, if you choose to write down your seed phrase rather than use AceCards, you can simply use that seed phrase to access your wallet - without buying a new RingWallet. Furthermore, you don't actually have to wear your RingWallet - you can keep it stashed away at home in a secure location if you wish to do so, and only wear it when you need to access your assets on the go.
Anyone who would be buying the "ring wallet" will be buying with the intention that it is a hardware wallet. So if the wallet can be accessed with only seed phrases too, without the need of the ring wallet then why spend so much money on the hardware? One can use the desktop wallet like Electrum and it is free too
Let's suppose someone get hold of the seed phrases, so it does not matter we are having the ring wallet (the hardware device) with us, the hacker can import that seed phrase in any software wallet and get our funds. This just denies the purpose of the ring wallet, except for those who want to try new technologies. Don't you think it is a big security concern that the funds in the wallet can be access without the hardware device too ?
Hey, so let me answer this in two parts since it might be easier:
1. The case you are describing can only happen if when creating your wallet you choose to back it up with a seed phrase. This, however, is literally how a seed phrase works, it's the same case for your trezor, ledger or any other seed phrase based wallet out there. Also, the seed phrase is a physically written set of words, I don't really understand how a hacker would get a hold of this unless the "hacker" is your family/friends who got into your house, knew where your seed phrase was and then stole it?
2. But most importantly, when you setup your ringwallet initially, you get a choice about how you want to setup your wallet. Sure, you can choose the seed phrase as above, but you have the option to setup your wallet backed by Ace Cards in which case everything you've described cannot happen, because if you back it up with the Ace cards you would indeed have to restore it only through the app on another ring. Perhaps in the future we may try to add the ability of restoring Ace Cards into other places as well, but for now if your ring is set up with this backup method you can only restore it on a new ring through the app, so in this case the hacker or thief or whatever would have to find and steal multiple ace cards to even have a chance of restoring your wallet.