BitLox Ltd is now shipping the BitLox bitcoin hardware wallet . The company claims that it is indestructible and calls it “the most advanced and secure hardware BitcoinCT r: 8 wallet ever developed.” We talked to Dana L. Coe, Director of BitLox Ltd (HK), to learn how the new BitLox could make sure that your Bitcoin transactions are never subjected to scrutiny. What is BitLox
BitLox is a device the size of a credit card; 4 mm thin, with a large 2" epaper screen with a full alphanumeric keypad on board. It works with your iPhone and has a five year guarantee. It can be powered via a micro USB cable for desktop use, and this also charges the on-board battery for mobile use. Under normal use conditions, it lasts the whole day, and recharges in around 45 minutes.
The user creates a Bitcoin wallet on the device and the private key stays on the device. “It can display the public receiving address as a scannable QR code on the screen for getting funds into it”, explains Coe. “In order to spend funds, one connects the BitLox to the computer (USB) or the smarphone (via Bluetooth) to build the transaction. Then the app sends the unsigned transaction to the device. The device parses the transaction and displays who gets paid what. You approve/disapprove each output including change. If you approve all of them, it signs the transaction and returns the signature to the app”.
Then the app may either send the signed transaction to the network (standard mode) or present the user the signed transaction in hex code (expert mode). That way it is possible to check the output with an independent tool, such as bitcoind or any decode tool on the various block explorer sites . “Once you are satisfied […]
