MagicSeed is a cryptocurrency hardware wallet seedphrase backup encryption device that helps every bitcoin and cryptoasset user easily remember their words as ‘who owns the seed owns the coin'.
Introducing MagicSeed: A Comprehensive Review Guide
In the past, we delved into the world of hard wallets (Trezor, Ledger, KeepKey) for those people that are looking for a more solid and secure way of storing their digital assets. But for those that more reliably visit crowdfunding pages like IndieGoGo, you'll have likely noticed a new name to add to the list that is comparable to CryptoSteel, CryptoTag and BillFodl that boasts many benefits including being 100% offline (no connection or hacking risks), memory-less (no data storage or theft risks), easy to setup (5 minutes or less and recover seedphrase in under 1 minute), hypersafe bank-level encryption algorithm and able to be used for multicurrency purposes.
That one, of course is MagicSeed, which began its crowdfunding campaign recently with its very interesting appearance. So what is it exactly? What makes it stand out? And does it really have the physical credentials needed to put it right next to the more established names like Trezor or Ledger?
Well, let's find out.
About The Product
The unique selling point that is sported by the company, by and large, appears to be its ability to simplify your seed phrase. If you don't know what this is: it's a composite of 24 randomized words that are used in order to get access to your digital or offline wallet. Without these words memorized, you lose access to your assets which can be a horrific blow.
So how does MagicSeed set itself apart? For one, the wallet digitally stores these phrases, which users can easily select using the wallets dial. Once all of these have been selected [correctly], you can then pick a secret key phrase that you'll easily remember.
From there, the wallet creates a QR code followed by a secret key, which you then use to access your original seed.
That gets into how it works, but how does it look compared to its counterparts? For one, it stands out visually, but that's not such a good thing. All in all, and this is from early glimpses, it looks clunky and very pocket unfriendly. Remember there are just four simple steps to setting up the MagicSeed crypto backup device.
1) select seed phrase
2) choose your secret key (something you can easily remember)
3) MagicSeed generates a QR code linked to your secret key
4) Using QR code plus SecretKey, you get back to original seed
Here is a cool inside look at the MagicSeed device and how it safely stores your crypto holdings:
Why so? Looking at it from video and images, it's big compared to the likes of Ledger's Nano, and Trezor, which are far more portable.
Red Flag Watch
Not all crowdfunding campaigns are created equal, so it's worth us taking a more methodical look at MagicSeed to make sure there isn't anything suspect.
Martin Bryant of The Next Web discussed the matter of Red Flags when it comes to these fundraising campaigns on crowdfunding platforms like IndieGoGo, and it's worth keeping that in the back of your mind as it is always important to avoid bitcoin scams. A word to the wise says know that if and when the bitcoin price rises again (like many crypto experts predict about BTC/USD), the value of the coins you hodl in your bitcoin wallets will be even more enticing to hackers and schemers online. Always do everything you can to protect and sure your cryptocurrencies.
So is there anything to consider a red flag here? For one, there's a distinct over-saturation of information. But whether this in order to blind prospective investors with information, or that they had this documentation to hand already remains to be seen.
They have the major members readily visible, a good amount of their contact information readily available for their social media accounts and their domain name. In addition to this, its senior members of staff are clearly visible, which is always a good thing.
According to the company's IndieGoGo page, the company is looking to raise over £43,000 in capital with an estimated delivery date for backers of July 2020. And considering the fact that this campaign only launched in early October with £6,200 already raised, things are looking initially optimistic at least.
MagicSeed does have a Facebook, Youtube and Twitter page and says they will start shipping the crypto hardware wallet seedphrase backup devices in July 2020.