The first stage of the Monero (XMR) hardware wallet project has already been completed with the boards and internals already developed. In the next phase injection molding and the development of a proper enclosure will be done. The project has so far raised 25% of the funding target. Though the primary purpose of the project is to have a hardware wallet created and distributed another goal is to push other manufacturers of hardware wallets into adding the privacy coin.
At the current stage the funding target is a total of 498 XMR. In this phase mechanical engineers are expected to develop the enclosure of the wallet and then do 3D printing using magnesium alloy. This step will eat up around 25% of the funds.
Mid this month the hardware team lead of Monero, Michael Schloh von Bennewitz, will visit China in order to showcase the technology which has been deployed in the hardware wallet. This will be during the DefCon event. By the time the United States leg of DefCon takes place in August this year, the enclosure and the board of the hardware wallet will be shown off.
Some of the challenges that the project has faced include problems with suppliers of microcontrollers, active components and chips. In order to get around this Monero?s hardware team has had to come up with workarounds in order to ensure that they stick to the schedule. In contrast the development of firmware has been progressing well with a team of programmers not exceeding five, charged with the responsibility of compiling the software.
During DefCon which will be held in August in Las Vegas, Nevada, a monero hardware wallet test version will be put on display. This test version will be radio-connect and will store arbitrary data which includes public address or secret spend key. With the Near-Field Communication capability it will be possible for the monero hardware wallet prototype to transmit the store data to a smartphone.
Once the hardware wallet is fully developed the next step will be to take it to the market. Initial estimates indicate each wallet will cost $20.
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