Lastbit – Prashanth Balasubramanian

We are building a family of feature-rich, ultra-secure and open-source devices that will enable anyone to securely store and easily spend crypto-currency on a daily basis. With lastbit hardware, simply walk up to any POS terminal and pay for your purchase using crypto irrespective of whether the merchant accepts crypto. Our devices ensure that the user and only the user remains in control of their private keys at all times. In the case that lastbit was to disappear tomorrow, users funds are still safe and secure on lastbit hardware. The lastbit Bridge service is a mobile/web standalone platform that is also integrated onto lastbit hardware and provides for the conversion of funds between crypto and fiat. Each individual component of the lastbit ecosystem functions independently, however provides for an unparalleled payments system when used in conjunction. We simply wish to see everybody in the world transacting with crypto on a daily basis. Bitcoin emerged to provide for a censorship resistant, authority resistant mode of financial independence and thus, a single unified worldwide currency. However even among the minute percentage of the world that owns crypto-currency, the vast majority view crypto-currency as an investment rather than as a currency. The primary reasons behind this are – 1. The sheer complexity behind storing and using crypto-currency securely. 2. The friction between fiat and crypto-currencies, leading to extreme volatility. 3. (1) and (2) drastically affects the number of merchants that accept crypto-currency as a mode of payment. Several attempts have been made to allow users to spend crypto through existing fiat channels, such as mobile applications where one can deposit crypto and spend fiat through a debit card that is credited with an equivalent amount in fiat or companies that have raised an ICO to issue a token on top of the Ethereum blockchain to allow users to spend a new kind of coin under the pretext of mass adoption. If anything bitcoins’ infantile history has taught us, it is that one should always remain in control of their private keys and not an exchange, not a debit card intermediary and not a bank, otherwise this completely defeats the fundamental idea of financial independence and crypto-currency, i.e. it is then no different than using fiat currency. While software wallets are a first step forward towards storing crypto-currency, mobile phones are the least secure devices to be entrusted with the task of storing extremely valuable/sensitive data. This is explored in detail on page 10. In the last decade there has been an increased awareness with regards to cybersecurity and the need for every individual to safeguard their digital assets with the highest possible level of protection. With respect to cryptocurrencies, this led to the emergence of hardware wallets to fill the void left by hackable software wallets and exchanges, thus allowing individuals to reclaim control of their privacy.

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