The Ballet Crypto Ecosystem is growing…
A wallet should be more than just a wallet.
As we approach the 2 year launch anniversary of the Ballet company and the Ballet physical wallets, our ecosystem has undoubtedly grown as our community has grown in parallel. In the past 2 years the crypto industry has pulled out from the bear market of 2018 into the bull market of 2021 with waves of new users, companies, and projects spawning onto the market. This burgeoning activity has helped us grow our ecosystem, but most importantly, it has helped us make our one-of-a-kind cold storage experience even better.
Although the term “cold storage” refers to storing cryptocurrency private keys offline, the Ballet mobile app provides the ability to interact with your physical Ballet wallet while the private keys remain in your control completely offline.The Ballet app has many of the same online functions as standard hot wallets, but you don’t need to store your Ballet wallet private keys on your device.The user experience marries the advantages of offline self-custody with the rich functionality of a custodial cryptocurrency exchange.
As noted in the ecosystem map shown below, we’ll break down the major moving parts of our ecosystem.
Layer 1.
The BIP38 Open Source Standard
Think of layer 1 being the ingredients and root foundation of the Ballet physical wallet.
Layer 1 consists of the technological and physical components that combines to form the actual physical Ballet wallet. It is these components that are crucial in bringing the digital into the physical realm. This is the root basis that gives way to the important differentiating fundamental of making the Ballet wallet easy to use.
At its raw core, the physical Ballet wallet uses the BIP38 private key generation scheme, which is pivotal for the security of the Ballet wallet. This open source standard, written in 2012, is the basis for Ballet’s patent pending Two Factor Key Generation process. The BIP38 standard is open source and free to use by anyone with current tools including a JavaScript and Python implementation, as well as our open source tool, BalletCrypto.org.
The Two Factor Key Generation process then gives way to the production phase of the wallet. Made from 304 stainless steel, all of our physical Ballet wallets utilize the BIP38 standard and are given an extra layer of security through the usage of tamper evident QR code stickers. The full spectrum of current Ballet wallets includes the below:
- REAL Series
- PRO Series
- PURE Series
- BLOCK Series (discontinued)
Layer 2.
Various Crypto Asset Communities
Think of layer 2 being the main purpose of a digital crypto wallet.
The Ballet Crypto app currently supports over 100+ cryptocurrencies which includes the popular mainstream currencies such as Bitcoin, Ethereum, Litecoin, Filecoin, and Dogecoin. The Ballet Crypto app also supports all ERC20 and BEP20 tokens.
Recently, NFT support has been enabled but only limited to ERC721 NFT standards. Current popular ERC721 NFTs that can be visually displayed in the Ballet Crypto App consist of Crypto Kitties, Crypto Punks, and Bored Ape Yacht Club.
Layer 2 allows anyone to receive, hold, and send their crypto assets on their physical Ballet wallet with the Ballet Crypto App allowing accessible interaction with the crypto held on the wallet. And this is all done through the original manifestation of decentralization.
Layer 3.
Buy & Exchange Infrastructure
Think of layer 3 as being the on-ramps and cross-chain capabilities for a crypto wallet to interact with outside realms.
The Ballet Crypto app has expanded its crypto offering by enabling the Buy Crypto and Exchange Crypto functionality through the app. These functions give our users the functionality of a regular exchange without ever having to give up their private keys.
On the Buy Crypto side, Ballet has partnered up with MoonPay, Simplex, and Wyre to allow users to convert their fiat into crypto seamlessly. On the Exchange Crypto side, Ballet has partnered with SWFT, ChangeNOW, and Changelly to offer quick and transparent token to token exchanges.
What’s next?
As with everything in crypto, the industry landscape changes fast. So consider this ecosystem overview a dynamic conceptual map that is subject to modification and amendment as we have exciting new products and partnerships in the pipeline.
“My Three Horsemen are an enabling force for good. The world’s banking systems haven’t been working as well as most people have always assumed. They do not protect our privacy or deliver high-quality service, and they bleed us in small fees.”
- Excerpt from The Promise of Bitcoin
Wallets are one of the three fundamental cornerstones of cryptocurrency. Ballet Founder and CEO Bobby Lee wrote, “mining, safeguarding, and trading of cryptocurrency [are] what I call the Three Horsemen of Cryptocurrency.” Over the past decade, the concept of a digital cryptocurrency wallet has evolved from just being a simple software tool to store your obscure private key to now being a multi-faceted storage solution, similarly to how a phone has evolved far beyond just being a communication device.
Ballet is at the forefront of the cryptocurrency wallet sector and will continue to iterate our cold storage solutions as we evangelize for the principle of self-custody, one wallet at a time.
