Square is creating a new "secondary storage" hardware wallet for Bitcoin! Twitter CEO Jack Dorsey recently confirmed that his other company, Square, is creating a new wallet for Bitcoin. The new wallet will be the so-called "Assisted Storage Hardware Wallet" - a product Dorsey hinted at last month.

Square will launch a self-service wallet

Dorsey made an announcement on Twitter, and Jesse Dorogusk, the head of hardware. The initial announcement was made on June 4, when Dorsey said that Jesse Dorogusker, himself and their team were considering creating a new hardware wallet. If they chose to establish it, they would create a dedicated Twitter and Github account.

More than a month later, Dorsi confirmed that earlier today, July 9, by forwarding Doroguska's own statement. The announcement said, "We have decided to establish a hardware wallet and service to make Bitcoin hosting more mainstream. We will continue to ask and answer questions publicly. The community's response to our posts on this project is very good - inspiring, generous, cooperative and inspiring."

He also stressed that there are still many problems to be solved. For the moment, the team decided to start with Bitcoin, Global Publishing and Multisig to achieve auxiliary self hosting. He added that they planned to give priority to the use of mobile phones.

Therefore, the next step will be to establish a small cross functional team led by Max Gith.

What is auxiliary self preservation?

Assisted self storage is a fairly new concept, Dorsey explained, which means that the company hopes to provide a simplified experience when managing hardware wallets. He pointed out that custody itself was not necessarily all or nothing. Basically, assisted requires excellent product design, which means relying on existing equipment, the shortest setup time, and end-to-end reliability.

Since the price of encryption began to rise, encryption storage has become a hot topic in the past 12 months. After the COVID-19 scare caused the price to plummet in mid March 2020, the price of encryption began to rise rapidly and move towards the previous high. However, once they reach these heights, they continue to rise. Some of the main resistances will take some time - in fact, a few months - to break, but once broken, the coin will fly to the moon.

Last summer and early autumn, Bitcoin itself struggled for several months to reach $9500. However, after breaking this level, it began to climb bit by bit, first reaching its old ATH $20000, and then soaring to $64.8k in the first half of 2021. Its soaring price has driven the rise of the whole password industry. When the price rises so fast, millions of new investors will come to invest. And, as many people are very clear, they all participate in speculation.

Advantages and disadvantages of hardware wallet

As we all know, hardware wallet is the most secure way to store cryptocurrency. They allow users to have their own private keys, and their coins are stored on a device that is not connected to the Internet. As long as users take measures to properly protect their devices from theft, loss or damage, they have nothing to worry about, because hackers have very little opportunity to invade devices and steal cryptocurrencies.

However, one problem with them is that ordinary users find them too complex to use. Many people may know that hardware wallets are the safest because they are the most inconvenient. In other words, users need to be in front of the computer to use their coins, which means they cannot trade on the move.

Another option is to deposit funds on an exchange, but this means that users are not the only owners of their passwords. In addition, there are risks such as hacker attacks, the collapse of the exchange or freezing of funds for some reason, all of which are problems in traditional finance. Since the invention of the industry, encryption users have been trying to stay away from these problems.