The OpenDime (OpenDime.com) is one of those projects which really captures the imagination. Like I mentioned in the previous video, there's something distinctly cyberpunk about these devices, and when I heard there was a new version of it, I had to take a look.
I have a few of these to giveaway too, so check the end of the video for more details.
Thanks again to Rodolfo from Coinkite for sending these over to show you.
The first thing you notice, is the new updated design is smaller than the previous version, measuring in at 40x12mm.
This one now has rounded edges, which makes it much more comfortable when in your hand or pocket.
There's also a hole at the top, so you can attach it to a keychain, or carry it around your neck.
The unlocking mechanism is different and more robust on this next version, but I'll get more into that later.
There is also now a dedicated anti-counterfeiting chip on the board, which holds a secret key assigned by the OpenDime factory, making it easier to verify you have a genuine stick.
HOW TO USE
Setup is much the same as last time, and involves plugging the OpenDime into a computer, phone or tablet, then dragging some files onto the drive which creates randomness to generate your unique Bitcoin private key and address.
Again, this is all done on the processors of the OpenDime itself, and this process doesn't touch the computer.
You then open the index.htm file on the drive, and you'll see your bitcoin address and QR code, which you can send funds to.
This time, when you want to unlock the funds and spend them, you need to get a pin or pointy tool, and push it through the hole on the back of the stick.
This pops out what looks like a resistor on the other side, altering the circuitry, and permanently changing the flash memory in the processor.
The private keys are then available on the drive, and can be imported into any bitcoin wallet to spend the funds.
I think the OpenDime's strongest selling points are that they're a way to securely gift someone Bitcoin, or perhaps to use as a type of paper wallet replacement for yourself.
They'd be perfect for buying mid to large value items in a secure, off-line way, which leaves no trace on Bitcoin's blockchain.
There are still some challenges to overcome regarding fluctuating exchange rates, trust, and security when using these as an everyday replacement to cash, especially when transactions involve strangers.
Hats off to Coinkite. This is a solid iteration on the previous design, and a lot of the little changes make it so much better to use and carry.
Like I mentioned earlier, I think these are especially great for transactions with trusted parties.
For transactions with strangers, maybe there needs to be some kind of simple hardware device a user could use in order to validate the factory assigned secret key, quickly proving it's a real OpenDime, and also automatically showing the balance and address associated with the stick.
It'd also be cool if they made a stealth version which looked like a blank flash drive specifically to be used as a paper wallet.
I have a bunch of Version 1 and 2 Open Dimes to give away, so if you'd like to get your hands on them, make sure you're subscribed and leave a comment in this video.
I'll pick a few winners at random in about a week, and will ship them anywhere in the world. As always, thanks for watching.