Safepal Hardware Wallet Updates for 2020 w/ CEO Veronica Wong

by birtanpublished on August 23, 2020

Ladies and gentlemen welcome back to the channel I hope you're doing well today we have a really special guest in the channel Veronica the CEO of the beautiful safe Pal wallet I've reviewed this on the channel leave that link down in the description below if you haven't

Heard of it but Veronica welcome thanks for being here hi hi everyone thank you for having me here today this is Veronica CEO of Sapa I'm very honored to be invited here to this channel to share our latest program of in the last few

Months thank you yeah awesome thanks very much for being here so the first thing I think I wanted to address is what your background is how did you get into crypto and what you know what brought you to help create

Safe bail you have a good question so actually I used to work in $0.10 for seven years tenzin is one of the biggest IT company here in China and also the matter of WeChat and QQ I used to work in security

Department responsible for a mass data product and and also FinTech product launching in financial industries such as banks and traditional insurance companies all of that to help them to have a better engagement with the mass

Data and AI technology so based on my own working experiences I personally pay a lot of attention to the high tech topics so Bitcoin went into my site in 2015 when one of my friends sent over the white paper I was immediately

Attracted to its delicate economic and technological model especially the vision that value can flow freely on the blockchain the vision and long term concepts made me very drawn drawn into it immediately but back then I only

Treated it as a research topic so I never thought about entering this market so it was not until 2017 when I have witnessed the crypto boom and I see a rocket and a huge success of ethereum I have sought a new opportunity into the

Blotching ecosystem so well we decided to do something so I invited a field of my friends who are also interested in blotching equipped and we found it safe say path so that is a story behind save hell yeah that's

Really cool that's really cool so you got into crypto in 2015 because you read the Bitcoin white paper I think that's really a pretty natural way for people to get into it too is reading that white paper and understanding what it's all

About so where do you see crypto going for the rest of this year I know we're in a weird position globally because of Copan 19 and all the stuff that's going on what do you see happening this year in crypto just off the cuff yes I think

It's still quite in its infancy I I guess a lot of people mention about that because it's true it's basically true according to the data and according to the applications right now in the crypto space the user adoption of crypto and

Blockchain is merely in less than 1% of the traditional Internet users so I think there is a huge space to go in the long term and and right now for compliance and regulation parts a lot of countries are still getting their way

Adopting gradually to put the yeah all of the most regulations up on the blockchain in crypto so we think we have to wait patiently for at least more two to five years for this industry to gradually evolved and and developed yet

Step-by-step good part is that it gave us a lot of patience and time to get ready for the future because for example right now the hardware wallets and even crypto wallets are not popular or the choices are not very much and they're

Very much so there's a lot of space to improve regarding user experience and in product features and for say pal a young team like us is a perfect timing to cutting these markets and another exciting point is that blockchain is

Truly borderless so we used to talk about all of the Giants leading out of the traditional internet industry like Google like Facebook all of that they are centralized entity so I think blockchain what is the most exciting

Part is watching truly bring us a bodiless value of Internet that can enable no matter in which country you are located you can connect it to this network and to enjoy the value and all of the opportunities

Brought by this new technology so I think it is the ground changing part of the blotching ecosystem and I have a great faith in indeed watching technology yeah awesome that's great to hear and I think for people that are in

This space right now that how are really I guess probably confused about where where things are gonna go how things are gonna pan out I think this is a long game and I think you were kind of alluding to that it's going to take yeah

For all the things to fall into place but this is a groundbreaking technology that we should be following very closely yes yes absolutely so I would assume that that's part of what inspired safe Powell which for

Those who are yet uninitiated and what's a fella is it's a really good affordable Hardware wallet to help you get your crypto off of exchanges on to cold storage so there's a little bit of background vote but what did inspire you

And inspire the product like what went into the design of that yeah so we actually when we decided to enter blockchain space in 2017 we considered a few directions and so among all of the all of the possible directions Wallet is

Our favorites there are two reasons for that firstly wallet especially I mean critter wallet shares some similarities with the traditional financial app like PayPal like Ally pay we have seen in the traditional IT industry they are the

Carrier of value a meaning that users can use the wallet to transact money to the stake their value and to enjoy the device services like that but on the other hand a crypto wallet is very very different from the traditional wallets

As we seen because it comes from the decentralized word it is the interaction media intermediate between a nature person like me and the blockchain so in the long run what we are storing on top of blockchain is not merely

Cryptocurrency but also our own for example personal data for example my own video that are stored in the D life blockchain for example our depths that her our usage data medical data and all of that so

These data would need a kind of carrier or custodian for the users to assign and authorize the usage for third parties for example what if another has to be we don't want to authorize my own medical data to access my own personal

Information and and I'm the owner of the data so these are all of the digital assets when we are talking about on top on top of the blockchain so this is very unique and very different from the traditional financial world and like LEP

And PayPal all of that so we think Wallet is a very important infrastructure inside of the blockchain ecosystem so it didn't took took us long to decide that we want to make a unique wallet products back then deciding to

Cut in simple from a hardware angle is purely because we have so a lot of strong demands inside in this space I personally use a lot of hardware wallets leather treasure all of that and I found that most of the current Hardware

Wallets and not that user-friendly for especially newbies for for a normal crypto new beginners it could take a half a day to finish the configuration of a aver code wallet so I have a lot of friends switch to software wallets

Whatsoever for the bad user experience of hardware wallets yeah well in the meantime the software wallet is not secure enough there are a lot of hacking cases happen to the software wallet especially those exchanges wallets so

Right now the hardware bullets most of them are very costly and the user experience is very cumbersome or they only provides limited functions like you can only store three to five currencies in the one device at the same time like

That so so these pain points lead us to push us to want to solve these problems and bring more to the users most importantly we think it is important to lower the difficulty of Krypton management so that the

Accessibility of blockchain would be lower for easier for users to get involved especially for those users who are still looking at technology but not decided to enter yet so long term it is great for the adoption of crypto and

Blockchain and we think hardware wallet would be a perfect point to cut in considering this timing and in the use of backgrounds right now so so this is the inspiration we got from the wallet space and and that's why we cited us as

The most secure user friendly and affordable cryptocurrency wallets for the masses so this is our our mission in the current period yeah yeah and I've used the wallet and it is the culmination of a lot of lessons learned

I think from using other wallets that are out there it's quite easy easy to use it's super light it's something that I I'm comfortable just you know I can toss my pocket and carry you know carry with me if I need it during the day

And and so as as someone who leads a project that's developing you know more and more hardware based technologies for you know crypto wallets what would you say the like the pinnacle of hardware wallets would be right obviously there

Are constraints in our current you know the current technology that we have but what would make the killer wallet in your opinion I think in the long run there is a great possibility for the hardware wallet to be combined with

Other smartphones so we have done a lot of research in this topic and our security team has been doing research about the crypto chip and and the hardware specifications on that we are also thinking about integrating the

Secure element inside a smartphone so that users are not necessary to buy another hardware device to keeper which is which is not that natural for for me I think it the best form of our format of cryptocurrency wallet would be

Embedded inside my own smartphone we have seen some competitors trying in this direction like the HTC Exodus wallet and we also tried that one yes and similar like that so we think there is indeed potential for the leading

Smartphone manufacturer to enter this market and build a cryptocurrency wallet embedded into the software but the problem of that is that when when the Internet Giants are trying to enter this market

There would be a lot of trust issues because we have seen that Samsung foreign career also trying to enter the critical space by launching their own Samsung Galaxy wallets embedded by Cooper wallets so we have seen a lot of

Trust issue from the crypto community and and they are they are people started to talk about privacy issues and the goals or the purpose of the big giants doing such kind of technology and businesses so we think they actually

Still be a lot of problems in it but from the technological point I think the best killer format of a cryptocurrency wallet would be a smartphone type of wallets that is what we are also looking into recently yeah that's cool yeah I

Mean it's something that you're that you carry with you you know I think a lot there's another adage that's related something else it's like the best wallet that you have is the one you have with you right it's the exactly yes whatever

Helps you be prepared and you know secure wherever you go is the best wallet tab so I agree with you I think obviously we can mitigate some of the challenges that you talked about with privacy with managing the fact that a

Smartphone is hot like it's a hot wallet being able to control that I think there's there's no doubt that's the the killer I guess medium or body for a wallet so that's really cool exactly yeah so to

Date how is the reception been for your you're safe pal wallet you know this is your first product it's you know it's gone out there it's been around for a while now what's the reception been yeah a sample

Actually was founded in early 2018 it's it's nearly two years from right now and we took the first year to polish and iterate the hardware products it took us longer than we expected in the meantime

We received a strategic investment from finance and thus a pal s1 wasn't launched until last May so it took longer than we expected but we receive a lot of positive feedback as we expected because the

Users are normally think our product specifications are very excellent and wallet is built delicately and it is of the highest cost effectiveness it is not the most affordable cryptocurrency Hardware wallets they can find on the

Market and it is most importantly backed by finance so we think our expectation we receive a lot of possible feedback so – you know we have users from more than 60 countries and regions and which has proved that our standing point is

Correct and our cutting strategy is also the right way to go but it is still early for us because it is it is just the first year right we are celebrating the first anniversary in the next month so it is too early to say that we are

Already strong enough for example we still need to provide a more diversified option of wallets for users for example people come to us asking for different type of wallets for example metallic gold go to college you're even software

Wallets or people comes to us asking for different functions like device taking and also it's changes etc so we are looking into these user demands and we flow with them we do user research frequently amount of community so in the

Last year we have focused mainly on the currency support and also security iteration and the coming next quarters and a q2 and q3 this year we are going to release a few new versions of wallets including new hardware version and also

Software wallets so that users can establish a set up their own HTS software wallet in the assay / app which can enable them to move assets between the coal storage wallet and also the small amount assets software wallets so

We have been doing a lot of iteration in the past years and we think in the coming acts we are also going to keep such kind of frequency this is the core spirits and and and our culture to keep always

Updated to the user demands and to this point I think most of our users are very satisfied and and we have received a lot of positive comments from Amazon from Alice's channel and also from our telegram community and we think these

Are all of the energies and and encouragement that gives us the power to move ahead yeah and and that's a great strategy I think especially in this space because it's so close knit and because there are there are a lot of

Really bright people in the space that have been here for a long time getting user feedback from them which they were willingly give is is huge to develop better products because it goes beyond with hardware wallets it goes far beyond

Coin support which there's there's been a drastic improvement I the coin support that you guys had early on like in may/june it wasn't bad but I think even then you've taken that and doubled down and there's been a ton of coin support

Added over time which is great but I think you need to be adding more more features and giving people the ability to use the wallet differently which I think you guys are doing too which is smart in my opinion because the more

Cool stuff that comes out in terms of defy staking in terms of being able to vote in sort of like a delegated proof of stake environment all these different things are really powerful and users want to be able to take advantage of it

So while it's also have to think about that to which there's some technical overhead to do those sorts of things so yes it would take longer for us because for our team style is that we usually consider a lot of details when

Launching a new feature you would take longer but once it is released people will like it so for we are for sure going to add more new features but it has to be a baby steps so gradually we are going to add them in Kindle wallet

To provide more services for our end users yeah so it would be fair to say you guys are very much stability over agility yeah I kind of like that because the core members from sexy pal

Or used to work in security industry we have Hardware experts we have software as per cyber security experts and me personally working for a Tesla security department we take a crypto asset security very seriously so we think

Security and stability is the most important thing the top priority of our product strategy and next come to the user friendly and all of that user interface and also important so these are the two key yeah cornerstones for

Safer business yeah and I think a lot of people get frustrated in the space when you know whether it's protocol based or product based when new features don't come quickly like aetherium 2.0 why is it not out yet everyone says that the

Reality is is that it's different even than traditional technology where you maybe could run a beta product and then you could send it out you could test it you could push a feature and then pull it back like in this space you really

Only have one shot with a lot of these things and if the mistake is made then a lot of funds are at risk and that's the case in some cases with you know traditional tech but it's more important here than it ever has been to just get

It right the first time yes exactly yeah Trust trust is very delicate in the crypto space people trust in code about their the moral code the longer the code is the more bugs there will be so this is a tie line

Where we are facing with and and that actually you brought up a great point that I actually wanted to ask you about and and this is I'm not actually sure of this so I'm not asking a rhetorical question that I know the answer to where

Do you guys stand in terms of open source code like how much of if any of your you know your core code is open source and and what are your thoughts on open source for wallets we are very interesting because we just had the

Discussion with one of our core our users active users in the cyber community and he came to ask us why is not say safer not open source yet because to be honest right now yes indeed we are not

Open source yet take open-sourcing very seriously and also cautiously we think in the long run I'm not sure about the exact timeline probably one or two years later the open source would be fully ready we will open

Up gradually including this a pair app including the firmware running on top of the hardware and including all of the coming product features codes or audits of all of the safer products it takes a longer and a more cautious on our site

So I think open source is a very important step for a mutual trust between say pal and also the end users people need to see what's inside people need to see whether you have PAC AIDS whether you have malicious code running

On the on top of the product we think it is natural a demand for the users to have code is law investigation into the product so we think will surely do that it just took us longer because right now we need to do a lot of a massive product

Iteration first and then to make sure that open source is not a double so that they are going to harm safer users yeah because open source also means to open up all of your codes inside in face of the malicious attempt attackers yeah so

We think it's a double side assault with we need to take it seriously and and in we need to take the baby steps out gradually so right now the dev team is right now considering all of the preparations for open sourcing what we

Need to do and what we have to get prepared first before open sourcing and then we will gradually move on into our our timeline so like I mentioned in the coming q2 and q3 we mainly focus on a few other functions that are eagerly

Looking by our end users right now people came asking for all different kind of functions so we need to deal with these user demands and in the parallel way we are going to spread a few of our engineers into looking how we

Can better open source our product to so that users can have a transparent investigation into Sabre and we can have a better engagement between the crypto community and and all of that so yeah it is a very it is a very good

Question it is also the most one of the most frequently asked question by our end users yes I figured so and and look like I think that so I've spoken to a handful of different wallet companies on this topic and a lot of times it's a

Similar answer some some providers though basically said like we're not gonna open source some of this stuff ever because it's its secret sauce and we're not gonna give it up right and we want to it's for safety reasons but I

Think the important thing is that the open source components need to be related to firmware and related to the secure element so as long as the community can audit that part this software you know the software

Interaction piece is less important because those things are a little bit more transparent by design anyway as long as you know that the hardware is on your side and there's no back doors there then you can work around the rest

And and so for all wallet companies out there at least I would urge aim for the firmware and and and hardware open sourcing first and then the rest can trickle in later yes exactly so we have heard two type of Sudheer stereotypes

Around the crypto space first firstly is that people tend to think that open sourcing means more secure but actually there are two different topics open sourcing means that you are not doing bad things you are not doing malicious

Attempts behind the back of your users you are you are doing the things in the legit legitimate way it means trust so open source in priority primarily it means trust between you the company and also the end users and secondly a open

Sourcing is good for security because you are not building the products by yourself anymore you are leaning also depending on the third parties the bigger crypto communities who are the experts some of them who are the best

Experts in the crypto space they can push a hand onto your products and to make make it safer and better so so it is indeed a very important step for us to evolve rapidly toward the crypto future

Because it means that you have to act rapidly and also a jelly to what all of the feedback from the open sourcing and like hip-hop developers so this is a good thing to go but I think I don't think it is it is truly trustworthy to

Think that the wallet companies who are open sourcing are the safer ones because these are two different topics we are talking it's just yeah they are more kind of trustworthy I can say because they are they dare to open up for for

Transparency but to be honest a lot of open sourcing as they mentioned are not fully open sourcing like Paulo they are some of them are partially partially open sourcing which still has a lot of problem because you use there's a still

Unseen part in the product so yeah it totally depends it totally depends on the strategy of the company but my personal opinion is that open sourcing is a very crucial for crypto company no matter if it is a walled company or

Other companies like like all the protocol or the smart contracts projects open sourcing is a very important step definitely yeah and your point is right on the money it's less so a security check box it's more so transparency

Check box it's that you can now audit that there's no backdoor in here we're not up to no good but it doesn't mean that the code is secure just because it's open source exactly yes that's my point

Absolutely so you talked a little bit about growth and agility and the ability to obviously develop new features and develop them in a stable way rather than just getting them out as quickly as possible how did how did finances like

Incubation program or their investment in your in safe pal help bring the product from where you were two years ago to then launch in May like how what did that do for you yeah finance is one of the earliest strategic investors of

Say pal so being one of the most prestigious exchange platforms in the ecosystem – actually has been very supportive for say pal over the past two years we have been working closely with the finance

Staff team marketing team and growth team I personally know a lot of members from – so all of the financials shared a similar spirit that is they are very open proactive energetic and very

Helpful so being the first Hardware wallet invested by finance staple is inherently trusted by a lot of users which puts actually even bigger pressure on us because Trust is very precious assets for a crypto company centralize

The world so there's a lot of pressures on this but Finance has been very supported for example say Pal is one of the earliest crypto wallet supporting Finance magnate finance tax and coming next we are going to have another fuel

Milestone taken with finance so we are not lying back on the finance resources on the opposite we try very hard to build our product safer and better in order in order to make us fit with the support and opportunity brought by – so

I'm lucky to say that we have done our best in the past at 2019 and we became a one of the earliest crypto wallet to support all of the feature I just mentioned and we received tons of positive feedback from not only balanced

Community but many more crypto communities like Tron neo and how many like that so these achievements are give us the power to move faster so Finance has shared a lot of resources and also a lot

Of suggestion when we have developing we have been developing our products for example the reason why we integrate with wallet a connect protocol a protocol that enables users to logging into the D app word

Freak seamlessly he installation also we received from the lead of finest staff team he strongly recommend us to look into the protocol and then we decided yeah it is a really good way to go to provide a better user experience so all

Of the people who work in finance has been very helpful and they are open for a discussion whenever you you can asking questions for them so I think this is a very strong culture that cz and he has been leading the finance team because

From the top management team to the front allowing workers in the production lines we have seen similar spirits they are working very diligently day and night and they reply your messages even in midnight so these are

Very impressive spirits that we should learn from and these are also the elements that drive us to move faster and look up to them to work as the best we can so yeah so – means pressure for us and – mishaps for us so we yeah we

Need to do our best and do better it's a healthy dose of both and yeah that being said one of the things that I appreciate about finance is that you know for all the success and all you know any of the criticism that gets point pointed their

Way the thing that they do really well is they incubate and they help grow products that make the space better without saying we're gonna just take this over and we're gonna control it because I've noticed that there are some

Sort of like venture capital agreements basically where those who invest sort of want they want control and they want to sort of creatively guide the project whereas I feel like finance in this space specifically has said we're gonna

Help you support you get give you marketing resources give you capital whatever it is we'll give you some pointers but it's your product and we're gonna let you build what you wanted to build in the first place

And I think that's pretty powerful yes exactly yes I totally agree with that yeah so damn respect there so I you know I know we've been speaking for about half an hour and I always like to wrap up these these sort of calls with a

Couple of little questions that I think are interesting so in the sentence or two where do you see cryptocurrency in blockchain 2025 five years from now because it's too early to predict on one hand consensus is unreal it's only

Getting bigger and bigger it's only it's only going to develop gradually it cannot go back forward whatsoever we have seen a lot of countries have regulations and come Pryor's laws upon the crypto a

Blockchain so I think five years from now we shall see successful examples of the regulation part of watching space and and I and I think two kinds of countries we have the biggest applications of watching one type

Instead those countries with intense technical talents for example yeah America China is also one of them and also European countries who are traditionally good at the IT industry and who has been doing really good in

The in the high-tech parts so the blockchain is going to flourish in these markets and another type is the exactly the opposite are those another type is those countries with eager needs eager demands for crypto and blockchain

Applications especially those emerging markets like developing countries like Nigeria Uganda those African and South American countries they shall have they should see a lot of positive feedback upon crypto and blockchain so these two

Types of countries in the five years from now on I think we shall surely see the solid foundation and solid application in the national level so this is the one thing that way I really look forward to another part I think

Let's not let's not be too positive about that because it's way too early we need we need to have more patience and so five years from now I think that probably 60 or 70% of the current crypto company would be flourished and a new

Round of cryptocurrency companies will join will start to come and and there will be more and more traditional talents like me who used to working in financial in FinTech and and in traditional industries are not going to

Enter this market so the game is going to be changed and changed the rule would be evolving so we think we need to pay it pay close attention to the trends and we need to also have more patience for ourselves because right now like say Pal

Is a is Hardware wallet right but coming to us in the long run five years now we aim to become the one-stop a crypto custodian management path one for the message users so this is a long-run vision so five years or ten years from

Now on we are moving forward into that long term vision but right now we have to focus on currency support security features and all of the tiny bits that we need to build on top of the products so it takes longer and it takes a lot of

Patience and waiting for for that moment to come so five years from now on we shall surely see a lot of solid application of matching in the reality world but on the other hand we still need to keep the currents a low key and

Low profile how to say patience and also to keep humble attitude upon the emerging technology so yeah that is my difficult answer to your difficult make sense make sense especially the part about

Adoption being different in different places places where there isn't a lot of infrastructure it's gonna look a lot different than places where there already is yes exactly great final question what are two

Products or projects other than safe pallet that you like in the space can be anything tell me anything can be in crypto space or any or it can be let's keep it intact okay give me attack yeah okay so firstly – yeah I I personally I

Personally am a big fan of Finance I use finance a lot for my crypto exchanges and and all of that and secondly say pal I'm not going to say anything else Veronica it was a pleasure speaking to

You folks if you're watching still thank you very much for watching through the video I will leave a link down to the safe power view as well as the safe call product itself down in the description below and if you have any feedback

Questions concerns send them my way I'll send them to Veronica and team Veronica things have a fantastic rest of your night and thanks for joining relay tower thank you for a safe stay safe okay

I will Cheers thank you yes

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