Crypto wallet of the future - an idea
A pre world coin idea (originally published on medium Nov 18 2021)
The problem is simple: private keys are easy to lose, difficult to store, and when safe, they are also hard to access.
The solution would be to tie a private key to something that you always have with you that wouldn’t make you a target.
Unlike this simpleton’s static Qr code, the solution would better be
Biointegrated — feeds info from your retina scan, your DNA from dead skin, a blood sample
Checking for aliveness — you cannot be killed for your bio-signature, if the device were to be powered by the body then this could be binary
Checking for ‘under duress’ — you cannot be tortured or distressed to make the transaction (i.e. being under the gun, etc.)
One way this could be approximated: Ledger offers integration with a wearable band (think Apple watch, Amazon, or whoop band) where after an initial pairing session, ledger would be primed to check for a) if the Apple watch or the Whoop band were ever removed since time of pairing b) if there is still a heart-rate c) the heart rate variability, heart rate, and blood oxygenation does not indicate a duress state.
One way this could be implemented: Sub-dermal patch that will never be removed from the body post implantation where implantation will be the initial pairing. The patch will then be able to check if there has ever been loss of heart rate for more than 4 seconds, if the measures of the heart rate variability are in its usual range, if the heart rate is in the range programmed by the user. If these conditions are met, the device is programmed to emit or mechanically unfold a portion to reveal a scannable RFID-like tag. Upon loss of body heat, heart rate, or connection with a specific tissue, the wallet self-destructs.
Technical challenges to sort out: If someone has a myocardial infarction, will they lose access to the signing ability? If , say, 4 seconds is the accepted time of lapse, will every transaction take at least 4 seconds? How will the medical community be in a position to adjust one’s access to their signing ability? What if at the time of robbery, one does not show the signs of duress because it is well thought scam?
Social implications to consider: How will society change when we are reminded in every transaction that it takes x seconds for us to be confirmed dead? If your signature module is implanted to you, will this create an identification of self with the body? Will we have next generations thinking mind, body, soul, and signature module? Will there be rebellious discourses that object to manipulation of the body for financial transactions? Will the same module that allows you to sign transactions be queryable by ‘police’ to know what transactions you have signed for? Would this query ability be a bad thing - if the history of each asset that a would-be-hacker would hold in its wallet could be ‘knowable’ (if not immediately public) would that reduce crimes?
Notes for the entrepreneur to ponder…