Shapeshift has announced that its popular multi-coin hardware wallet KeepKey now supports ERC20, adding 30 different tokens to its supported lists of currencies. Users can easily transfer their tokens from any Ethereum address to their KeepKey and easily access them. This is not insignificant considering recent hacks involving ERC20 tokens.
The new feature allows KeepKey users to trade their tokens directly, without connecting to a third party. Sending tokens still requires that the device be hooked up to a computer. But the process includes an additional confirmation screen on the KeepKey itself and the transaction details are visible as well.
While most hardware wallets have a small screen or no screen at all, KeepKey’s screen is large enough to show the token being sent, the amount being sent, the destination address and the cost of gas to send it. Everything is visible before the users signs the transaction.
ERC20 Tokens have become very popular in recent years. Built within the Ethereum ecosystem, they are typically used to fund raise projects in ICOs, though other uses are possible. They all conform to the same standards and rules, so adding more to KeepKey should be trivial.
According to the Press Release sent to AllCrypto, KeepKey may do just that. “KeepKey’s robust roadmap for 2018 includes the addition of many more top market cap tokens as well as commonly requested feature updates.”
Previously, KeepKey supported Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin and Dash. With the addition of 30 ERC20 tokens, that number has ballooned, albeit with tokens and not standalone cryptocurrencies.
The following ERC20 tokens have been added: Aragon, Augur, Basic Attention Token, Civic, District0x, FunFair, Golem, Gnosis, OmiseGo, SALT, Bancor, ICONOMI, Melon, SwarmCity, Wings, iExec, Status, Numeraire, Metal, TenX, Qtum, 0x, FirstBlood, Ripio Credit Network, SingularDTV, DigixDAO, WeTrust, Matchpool, Edgeless and Storj.
“KeepKey aims to be the most secure and simple hardware wallet available and we have maintained this level of product integrity with our ERC20 token support. Viewing and transferring your ERC20 tokens is transparent and easy for every user, regardless of experience level.” Said Ken Hodler, the Chief Engineer and CTO of KeepKey in a statement emailed to AllCrypto. “We couldn’t be more excited about adding initial ERC20 token support for our users and we look forward to expanding the list of tokens immensely as the year goes on. We are dedicated to develop a practically limitless list of supported tokens in the future.”
What Else Will KeepKey Support?
While ERC20 Tokens are big currently, there are other standards on the horizon. ERC721 tokens are already out in the wild. Their implementation might be slightly more difficult as they follow a different set of rules and standards. However, CryptoKitties has already proven the concept and popularity. We reached out to KeepKey to ask about ERC721 tokens and a spokesperson told us “We hope to support ERC721 tokens in the future but do not have immediate plans for them at this time.”
Unfortunately, KeepKey’s longterm road map is not shared with the public. So what is on the docket before any potential ERC721 support is unknown.
Regardless, the news is sure to be welcomed by current ERC20 holders. There have been a spat of hacks resulting in the loss of ERC20 tokens in recent times. There was a bug that allowed hackers to exploit exchanges into giving them immense numbers of ERC20 tokens. MyEtherWallet users saw their funds disappear after a hacker spoofed their site and conned users into giving up their info. While the hack wasn’t MyEtherWallet’s fault, it did showcase the need for increased security for Ethereum Tokens.
And the safest way to secure any crytocurrency or in this case cryptoassets, is in a hardware wallet. No other wallet offers as robust functionality for ERC20 Tokens. So, this news is will improve the security options for the ecosystem. The best way to secure ERC20 tokens is to send them to an Ethereum address on any hardware wallet. But interacting with the tokens requires connecting the wallet to a PC. Then the user must either swipe the whole balance or connect it with an online service like MyEtherWallet.
As any experienced crypto holder will tell you: Limiting your coin’s exposure to the internet is the best way to keep them safe. KeepKey just cut out a whole bunch of exposure.
Leave a Reply