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New smart ring can replace your credit card, house keys and more

New smart ring can replace your credit card, house keys and more
Tokenize

Maybe you're not too interested in wearable technology. For you, jewelry is a fashion statement and rings are just a symbol of your love for your spouse. But according to Statista.com, this market will be valued at more than $4 billion this year and even more next year.

If the wearable technology bug hasn't bitten you yet then maybe Token could be the piece of jewelry that changes your mind. The company behind it says this smart ring makes everyday actions faster and easier while keeping your private information even more secure.

What is it?

Token is a smart ring that "allows users to live keyless, cardless, and free of passwords." People can use it instead of credit cards, house keys, car keys, computer password logins, access badges, and transit passes. Yup, that little ring does all that!

All of your credentials are stored inside the ring and different hand gestures activate specific functions. For instance, knocking on your car door can unlock it while tapping a scanner can pay for things. Watch the video below to see how it works.

What are the risks?

I know what you're thinking: It does look like a cool little gadget but having all your credentials stored in one place can't be a good idea.

What if it gets lost or stolen? Before you slide the ring down your finger, you scan your fingerprint on a bio reader. A sensor can tell when the ring is taken off and it locks until the proper fingerprint is scanned again. Therefore, if someone else takes it, it's just a regular ring to them.

If you lose your wallet, anyone can go on a shopping spree with the credit cards inside until you can get them deactivated. If your keys fall into the wrong hands, anyone can go for a joyride in your car or walk right through your front door. By the time you change your computer passwords, hackers probably have everything they need.

What if it gets hacked? Your credentials are stored on "a secure element" within the ring that is EAL5+ certified, which is one of the higher levels on the international security scale.

When companies fall victim to massive hacks, it's their internal servers that have been compromised. Tokenize, the company behind Token, said they don't store your credentials on their servers.

Even though the ring seems more secure than the tools it replaces, the "Don't put all your eggs in one basket" warning comes to mind.

Where can I buy one?

Token can be pre-ordered from the Tokenize website. There's a sale that's ending soon so I'd buy it now if you're interested. Pre-orders will be shipped in December and the wide-release is set for spring of next year.

The ring is made from sterling silver and is available in three finishes. "Brushed" is $249 but "14K Rose Gold" and "Black Rhodium" both cost $299. The hardware lock for your home and car is an additional $100 each. That's not too bad when you consider how much regular rings and other smart devices cost.

Token is waterproof in up to 50 meters of water, has a two-week battery life and is available in ring sizes 6-12. Before they ship your ring, you'll receive a sizer kit to ensure that the ring fits perfectly.

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