Jack Dorsey revealed that this week Square intended to create a Bitcoin hardware wallet. He suggested that “if we do that” they’ll create it, “openly and in collaboration with the community from software to hardware design.” Jack suggests they would do it with “Bitcoin is for all,” “no keys, no cheese.” If they do, they will do it in principle.
“No key, no cheese,” what does that mean? In this case, it means Square wishes to clarify Bitcoin’s actual “custody.” In order to do this, they will try to simplify the process by means of some sort of “self-custody assistance.”
You will also try to “blend availability and security” and you will need to take into account that security problems arise from one of three event types. As suggested by Jack, they include accessibility (“sunk gold,” “pirated gold”) failures, and discretionary actions (“secret gold”).
You’ll probably add your own Cash App to this hardware wallet. You will probably create a custom app, but “this doesn’t have to be Square-owned.” Jack suggested that they can “imagine applications that work without Square and perhaps without Apple’s and Google’s permissions.” The whole tweet string for the wallet – and asks if it should be in the first place.
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This is something that should be interesting. Making an app without Apple or Google permissions works on mobile devices reliably – it’s not that easy. Maybe that isn’t even possible. Do you trust a Bitcoin hardware wallet that follows the above guidelines? Even if Square did it?
