We've just posted additional context about what we're building, who we're building for, and how a fingerprint sensor fits into the whole product we're offering. More in 🧵, and read the post here: wallet.build/how-the-wallet…
1/ We're building a wallet for people around the world who likely haven’t yet used bitcoin as a savings tool or for its payments capabilities. The wallet is composed of 3 things: a mobile app, a hardware device, and recovery tools.
2/ The mobile app allows customers to safely own and manage their bitcoin. The hardware device adds extra security when the customer desires, and acts as a recovery tool when a customer loses their mobile wallet.
3/ Three secret keys protect the money in the wallet. (1) The mobile app and (2) hardware device keys (both controlled by customers), and (3) a key that Block servers have. 2 keys are required by the bitcoin network to move money, so only customers, not Block, can move money.
4/ You can always move money without interacting with Block servers by using your key in the mobile app on your phone + your key in your hardware device. But we don’t expect you to do this for every transaction as you might want more flexibility while still maintaining security.
5/ For smaller transactions, you only need the key stored in your mobile app - Block will provide the second key in response to you when you move money with your mobile app. This lets you keep your hardware device tucked away somewhere safe, reserved for larger transactions.
6/ You decide how large of a transaction you want to be able to make using only your mobile app. For any transactions above the limit you set, you'll need to use your hardware device in addition to your mobile app. You'll set the limit in the mobile app.
7/ When you use the hardware device as a 2nd layer of security, you’ll need to unlock it first. We think most customers will want to prove ownership using their fingerprint. But we realize that doesn't work for everyone, so we're offering PIN as an alternative way to unlock.
8/ We're assessing fingerprint sensor performance + designing the recovery process customers will use when they lose their wallet. Lots of tradeoffs between protecting against accidental loss and against attackers, while making it easier for a broad audience to own their money.
9/ Completing this work will take time, and we’ll include independent experts to verify our approach. We'll share when this work is ready. As always, we're open to feedback along the way - reach us in replies on Twitter or at wallet@block.xyz
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