Announcing our Shipment Date

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With the conclusion of our final phase of testing, Case is happy to announce our shipping date will be September 21st!

Appropriation of parts is complete and the manufacturing process is nearing its end. Everyone at Case is eager to get our device in the hands of our customers who have patiently waited for their bitcoin wallets! Providing a secure, easy-to-use bitcoin experience around the world has been our mission from the beginning and we’re excited to finally deliver on that. Expect to hear additional details until devices begin shipping in the last few days of summer!

Thank you to all who supported us from initial concept through the development phase!

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Announcing our Shipment Date

Announcing a new Case Wallet feature: Over the Air updates

The last few weeks have shown great progress towards our initial shipment! We would like to share an update on a crucial feature that we will have implemented before shipping any devices this summer.

A self contained wallet with no external connections, and no single point of failure is the key to our device’s security. Malicious attempts to gain access to your device is something we take very seriously. During the lifespan of your Case wallet you should have the peace of mind that your device is secure and properly functioning. To provide updates and bug fixes we have developed a deployment method we believe best contains the integrity of your device’s security, while providing you with essential security updates and new features. This will be provided through secure Over the Air (OTA) updates.

There are two classes of updates you can expect:

  1. Functionality Updates – Updates to functionality can include new menu selections, changes to user interface, backwards compatibility, and other optional features. These will not be mandatory but will provide additional functionality that have been implemented since your device was manufactured.
  2. Mandatory Security Updates – These are only changes that address critical security concerns. These changes are mandatory and the user will be prompted on the device when connecting to the API server. We will provide clarification to what changes are taking effect and why they are important.

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A changelog will be available and we will disclose when an update is approaching. Properly securing your bitcoin wallet takes effort from both the user and the developer. We will provide new features and fine tuned security updates that improve both functionality and ease of use. All updates are cryptographically signed with a Case key to protect from man-in-the-middle attacks or other malicious attacks. Update process can be initiated from the device and completed in a short period of time.

While integrating the framework of our OTA security updates we would like to thank you for your continued patience and passion toward our bitcoin wallet. We are passionate about the changes that bitcoin offers to a wide variety of markets. Whether you use your Case wallet as a signing device, or a method to store bitcoin, we strive to provide a secure environment inside of an easy to use device.

Furthermore, we are still on track for shipment later this Summer! We have already manufactured a few small batches of devices, are just wrapping up our security audit, and will be going for full production in the coming weeks.

If you haven’t yet seen a demo video of the device, you can find one here that we filmed back in March:  

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Announcing a new Case Wallet feature: Over the Air updates

A Growing Interest in Bitcoin & the Blockchain

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Exciting technology and business personalities are exposing a wider audience to bitcoin. Experience in cryptography and blockchain technology are growing increasingly important for advising decision makers on crypto-currencies. These new faces come from diverse financial, business, and regulatory backgrounds. The Obama Administration’s newly appointed Deputy U.S. Chief Technology Officer, Edward Felten, has experience discussing the nuances of bitcoin in a public forum.

A Princeton professor and cryptography proponent, Edward Felten was appointed the White House’s Chief Technology Officer on May 11th, 2015. His research has led to many aspects of the Bitcoin protocol, with a focus on mining behavior and Game Theory. Published articles regarding crypto-currencies reflect Felten’s opinion on various digital currency topics:

  • In 2013, Felten co-authored a 20 page research paper exploring the economics of bitcoin mining. The paper examines a bug in an early bitcoin version, that caused a fork on March 2013, and the lessons that were learned. The detailed report examines the structure of the Bitcoin protocol and the effects of a 51% attack.
  • As the Director of Princeton’s Center for Information Technology Policy, Felten published blog articles discussing the importance of cryptography and bitcoin.
  • Felten held the position of Chief Technologist for the Federal Trade Commission. While at the FTC, Felten authored a report to congress urging to increase transparency in data collection. Additional papers co-authored by Felten show a wealth of knowledge on the topics of privacy, computer security, and technology law and policy.

Richard Branson’s Blockchain Summit on Necker Island

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Richard Branson hosted the Blockchain Summit last week to an audience of Bitcoin executives, columnists of popular media outlets, and financial advisers. Bitfury debuted a light bulb that mines bitcoin demonstrating alternative applications of the technology. Tweets indicate the event covered Property Rights, Elections, Digital Identities, and Internet of Things applications. At the end of the summit, Branson was dubbed an honorary member of the Digital Chamber of Commerce for his contribution to the Bitcoin community. As the sun set on the Blockchain Summit legislators finalized drafts for businesses using bitcoin and other digital currencies back in the United States.

Updates to Legislation Shows INTEREST in bitcoin BUSINESSES

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California, New Jersey, and New York released proposals regarding crypto-currency legislation, reigniting the debate of how much regulation is necessary in a decentralized environment. After many months of discussions and testimonies from various industries and experts, regulators are beginning to realize bitcoin’s innovative and disruptive potential. Conversations about bitcoin are shifting toward blockchain technology and many are trying to separate the two to create personal blockchain networks. The attention toward blockchain technology sheds light on misconceptions of bitcoin that still need addressing.

The value and confidence of the blockchain derives from the amount of verified transactions and the computing power of the bitcoin network. Each transaction validation expands the ledger and strengthens the value of bitcoin as a reward is given to miners performing validations. The amount of computing power required by the network increases over time as difficulty rises and the ledger expands. The limited supply of bitcoin also creates a growing incentive for miners to validate transactions.

The Bitcoin protocol hash-rate is approximately 336,000,000 GH/s. That amount of computing power can not be replicated to gain an overall consensus to manipulate the blockchain. Creating a new blockchain without bitcoin has higher risks of failure because the threshold of computing power to validate those transactions would be much lower. Financial markets see the strength of bitcoin and have created innovative uses of the technology using colored coins.

NASDAQ recognized the strengths of an immutable ledger, and are now testing a market to distribute colored coins for private equity. We are excited to see the new uses for the blockchain to create new markets across the world. The impact bitcoin has on those without banking services demonstrates the need to encourage these discussions and inform government bodies of the importance of promoting innovation.

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A Growing Interest in Bitcoin & the Blockchain

Bitcoin Increases Financial Inclusion

Case recognizes the importance of financial inclusion. Our device is available in 120 countries at launch, and that number is fundamental to the creation of new global consumers. 2.5 Billion adults are unbanked because they do not own enough assets to participate in a traditional banking system. These 2.5 billion people own goods that are valuable in local markets, but will not have the same value globally. Bitcoin is the vehicle that gives value to various goods on a global scale. A small landowner in Kenya cannot create a tangible claim to his property if he cannot create a document proving ownership that is universally accepted. The blockchain assigns value to assets that can be exchanged globally.

How bitcoin holds valueBitcoin Value

Bitcoin is a viable form of currency because it meets the defined characteristics of money. The characteristics of money are defined as scarcity, divisibility, portability, durability, fungibility, and recognizability:

  • Scarcity: There will only be 21 million bitcoin ever created
  • Divisibility: Bitcoin is divisible by 8 places (Unit Table)
  • Portability: Bitcoin has both digital and physical forms. You can carry a higher value of bitcoin than silver for example
  • Durability: Storage capabilities of wallets allow long term storage of bitcoin. Keys give the final authorization to exchange bitcoin held inside of a paired wallet. A key can be stored in a safety deposit box, on a cloud server, or on the wallet device itself for an extended period of time
  • Fungibility: A bitcoin is worth the same as another bitcoin. Users in the bitcoin economy accept each bitcoin by a majority consensus. There are no ‘safe’ or ‘bad’ bitcoins. All coins are valid and prices of an individual bitcoin are interchangeable
  • Recognizability: Block explorers display transactions that transmit to the blockchain. This trust-less network of validated funds maintain a record of the amount of bitcoin in each wallet. Each transaction is signed by both parties recognizing the amount of bitcoin being sent to the specified address

Scarcity creates a predictable rate of how many bitcoins will enter the market. If demand does not match the level of inflation, the price will fluctuate. Bitcoin’s overall market share is relatively small, which causes the price of bitcoin to shift when significant amounts of money are exchanged. Bitcoin’s price adjusts based on supply and demand, and the number of transactions (transaction volume) is a direct reflection of bitcoin adoption.

HacksilverIf bitcoin as a currency does not reach a high level of adoption, it will still hold value. Hacksilver was used by the Vikings as a means to exchange currency, and it still holds value today even though it is no longer in circulation. As long as there are people using bitcoin it will always hold value. The usefulness of bitcoin boils down to trusting the reliability of transactions recorded on the decentralized ledger. These validated transactions are referred to as blocks. It takes approximately ten minutes to solve, or validate, a block. Each validated block increases the validity of previous transactions.

It is difficult to translate how bitcoin works to those with lackluster technology experience. An analogy is a great way to parallel features of the blockchain in terms that are easier to understand. Andreas Antonopoulos gives a relevant analogy describing the scaling difficulty of validating blocks relating to Sudoku puzzles.

Adjusting Difficulty

Sudoku puzzles are easily provable by verifying that there are no repeating numbers between each row and column. A person can not solve a puzzle by inserting random numbers into each space. Imagine a room with 20 people solving the same Sudoku puzzle. The amount of rows and columns in this Sudoku have been formulated to be solved in approximately 10 minutes. An announcement was made that the first person to solve the puzzle will be awarded 25 bitcoin. As the timer begins people immediately start walking towards the front of the room to have their puzzle solution validated. After 9 minutes of continuous attempts, someone discovers the correct solution and receives the 25 bitcoin reward.

The next round begins, and someone solves the puzzle in 8 minutes. The puzzle is made more difficult because rounds are being solved in less than ten minutes. More rows and columns are added to increase the average time needed to solve the puzzle. After a few more rounds, a large crowd enters the room and now 200 people are attempting to solve the puzzle within 10 minutes. More rows and columns are added to the puzzle to adjust for the number of new players. The players continue to randomly guess and check their answers until the correct answer is discovered. That random element is similar to the bitcoin protocol as cryptographic nonces assign difficult mathematical problems to each transaction for verification. Miners are consistently attempting to validate these transactions.

Advantages of bitcoin over other non-traditional currencies

The benefit of bitcoin varies from person to person. Bitcoin will not be the most convenient payment solution for many individuals with already established banking systems. People without access to banking services in the developing world value a currency that is backed by an algorithm and not a central authority. Bitcoin gives unbanked users the ability toM-Pesa assign a global value to their goods. The need to participate in a global economy is forcing unbanked individuals to use unsafe alternative currencies. The lack of a traditional banking system in Kenya created a market using M-Pesa mobile minutes. M-Pesa allows mobile users to exchange money into M-Pesa units and exchange M-Pesa between customers. The increase in exchanging mobile minutes as a form of payment showcases the need for reliable financial services. The financial inclusion that Bitcoin offers is important to the developing world.

Bitcoin use creates a challenging learning curve for new users that want to use the technology properly. The challenge of making bitcoin easy to use and secure revolves around wallet security. Case is leading by example by engineering a secure device that is easy-to-use, especially for users that are not technically savvy. Properly storing your private key is not a compromise that any bitcoin user should make when selecting a bitcoin wallet. We are creating a product that is easy enough for novices to use without compromise important security features.

Follow us to learn more about how Case is creating a secure bitcoin wallet without compromising your security.

Bitcoin Increases Financial Inclusion