A hardware wallet’s IndieGoGo crowdfunding campaign reached 450% of its target funding amount within two days of launch.
The NGRAVE ZERO, claimed to be the world’s most secure hardware wallet, launched its crowdfunding campaign for €25,000 ($27,850) on May 26. In the first two days it smashed this total four times over, and is now well on its way to number five.
The campaign, which was launched through the IndieGogo crowdfunding platform, is set to run for another 28 days. The campaign offers a number of perks for backers who donate above certain amounts. These range from a single ZERO wallet, through bundles including the Graphene accessory, to multiple wallet bundles and even every future product NGRAVE launches for those wishing to donate €2,500 ($2,785) or more.
Crypto crowdfunders support tech without reward
These perks generally represent a substantial savings compared with the suggested retail price. For example, a single NGRAVE ZERO is offered to those donating €228 ($254), and the retail price is listed as €398 ($443); a savings of 42%.
Interestingly, only 33 of the 430+ backers at time of writing had opted for a perk, representing €11,760 ($13,000) or around 10% of the total raised. This means that 400 people have chosen to donate €106,500 ($118,600) without receiving anything in return.
NGRAVE CEO Ruben Merre contacted Cointelegraph to explain that this is because IndieGoGo hides perks which have sold out. He confirmed that all backers had opted for a ZERO wallet or bundle, and that the campaign’s original target of 100 backers was met within the first 15 minutes.
Security rating is in the details
As Cointelegraph reported, the NGRAVE ZERO is the first cryptocurrency hardware wallet to receive the top EAL7 security rating.
In contrast to other cold wallets, which connect to their mobile phone or desktop apps via USB or Bluetooth, the ZERO communicates purely through QR codes. The benefit of this is that this method does not reveal any information about the wallet’s private key.
The Graphene accessory is billed as “the coldest backup available,” and comprises a cryptographic puzzle made of two everything-proof stainless steel plates. Together these plates allow you to store and retrieve your private key, although individually they reveal no information to an attacker.
NGRAVE also recently brought on board renowned (and Satoshi Nakamoto-cited) cryptographer Jean-Jacques Quisquater in an advisory role. He described the ZERO as:
“… the most advanced solution, really exceeding the state-of-the-art as publicly known today.”