SafePal S1 is a cryptocurrency hardware wallet created in collaboration with Binance exchange
- Created: Sunday, 21 February 2021 03:55
SafePal S1 is a low-cost cryptocurrency hardware wallet co-created with Binance that competes with popular wallets such as Trezor One and Ledger S at a fraction of the cost. In addition, SafePal S1 supports a large number of cryptocurrencies, all popular platforms (Ethereum, EOS, BNB, Tron, etc.) and tokens based on them. One of the most important features of the wallet is the absence of any wireless and wired interfaces, and all transactions and manipulations are carried out thanks to the camera built into the wallet and scanning QR codes. In addition, the SafePal S1 wallet has a security mechanism that will help the wallet owner keep their cryptocurrency. When trying to parse SafePal S1, all private keys will be automatically deleted from the device.
Wallet specifications SafePal S1:
- Device dimensions: 8.6 x 5.4. x 0.6 cm.
- Display: 1.3" IPS.
- Interfaces: there are no wired or wireless interfaces (all actions are only through scanning QR codes).
- Compatibility: Android, iOs
- Total amount of cryptocurrencies and tokens: over 10,000.
- Official repository on GitHub: https://github.com/safepal
- Package contents: wallet, USB-A to Micro-USB cable, 3 paper sheets for easy recording of seed phrases to restore access to the wallet, stickers, instructions for use, cloth for cleaning the glossy surface of the device.
SafePal S1 wallet is a portable hardware wallet for storing crypto assets at a reasonable price, it was developed with the participation of companies such as: Binance Labs, Trust Wallet and Litecoin Foundation. In appearance and dimensions, the device resembles an ordinary MP3-player; it has a joystick for navigating through the menu, which is located immediately below the color screen of the device. On the back of the wallet is a camera for scanning QR codes. The wallet lacks wireless (Wi-Fi, Bluetooth, NFC) and wired interfaces (except for the port for charging and updating the device firmware). After the upgrade, the device becomes isolated from any wired and wireless networks, and the wallet's only connection with the outside world is its display and camera.
Since the device will very rarely connect to a PC with Internet access (only to update the firmware), many attack vectors from cybercriminals are technically excluded, however, due to this increased security, the process of spending funds is somewhat complicated, the current interaction mechanism involves the process of associating the device with an application for smartphone, after which the devices can exchange the necessary information via QR codes. Like most other hardware wallets, SafePal S1 requires the installation and constant input of a PIN-code, as well as a choice of the format for generating a seed phrase in the form of 12 or 24 words.
The biggest drawback of the device is that it is made of ordinary plastic and is rather fragile, however this is due to the fact that the company wanted to reduce the price of the finished device as much as possible, which it quite succeeded.
Supported cryptocurrencies and tokens:
The wallet supports most of the popular cryptocurrencies (20 blockchains), as well as almost all top smart contract platforms and their tokens (over 10,000+).
Advantages and disadvantages of the device:
- The ability to store over 1000 types of assets.
- Auto deletion of private key data when trying to open the device.
- Low price.
- There are no wireless interfaces for communication.
- Not ideal autonomy (there is still a need to occasionally connect to a PC to update the firmware).
- Complex process of sending transactions.
Comparison with other hardware wallets:
SafePal S1 wallet holds a special place in the line of hardware wallets and is a great product for those users who are taking their first steps towards cold storage of their crypto assets.
SafePal S1 wallet is available for pre-order purchase for $ 39. Deliveries of devices will begin on March 19, 2021, and if you buy 2 devices at once, you will receive free shipping worldwide. The device comes with a one-year warranty. The company also sells a stainless steel SavePal Cypher to protect your "Seed Passphrase" that will protect your wallet passphrase from water and fire. You can pay for your order using PayPal or one of the many cryptocurrencies and tokens supported by the CoinPayments payment gateway. In addition, the company's website sells a special leather case for storing and carrying SafePal S1 and SavePal Cypher devices for $ 10. We recommend that you always buy hardware wallets only from an authorized manufacturer, as when buying a hardware wallet from the secondary market, you always run the risk of compromising the private key stored on the device.