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Thingyfy.io NXT Crypto Ring

Latest release: ?? ( 26th August 2020 ) 🔍 Last analysed 10th May 2022 . Under development Not functioning anymore
22nd May 2019

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The Analysis 

Background

The Thingyfy NXT Crypto Ring was launched on Kickstarter on May 22, 2019. Out of its target of $50,000 HKD, it was able to raise $341,798 from 606 backers.

The device is a ring of various metal constituents. It is equipped with NFC which allows it to interface with a mobile app.

There are numerous complaints associated with the product so much so that its continued existence is put into question.

Critical Reviews

These are the comments from Kickstarter.com.

Jake
March 22, 2022
Has anyone had any luck attempting to contact Thingyfy or reprogramming their rings?

ernest burks iii
February 18, 2022
The middle fell out of my ring twice. I tried gluing it. But did not work. Don’t know how it was secured in the center of the ring. Had to dispose of the center because it would never work again with a DIY fix

David Pinchbeck
May 25, 2021
I was taking my ring off the other day and the NFC section came off the ring, can someone please contact me….. no support on the website and this appears to be the only way to get something out there. thanks

All in all, there are 927 comments and most of them are negative.

Product Description

NXT works via mobile Web browser, so there is no need to download any app. There is also no need to pair with a phone. NXT uses background NFC scanning which is spontaneous and automatic without any pre-setup.

  • An encrypted key to your digital profile. Connect and share in seconds.
  • The NXT Ring allows you to securely share anything from critical medical data to your CV, link to a social profile, send money, or receive a payment.
  • Using near-field communication (NFC) technology, the NXT Ring connects to the cloud in seconds.
  • With NXT Crypto you can easily access your digital and crypto wallets to send, receive and track transactions.
  • The NXT Ring has a unique 128-bit random identifier and your personal information is encrypted using the strictest security practices and operating procedures.

Process

  1. Your phone reads the Unique Random Identifier written on the ring’s NFC chip.
  2. Cloud server generates access link by matching Profile ID with Ring’s URI
  3. Guest browser opens generated link to profile.

NXT ring has a unique 128 bits long random identifier, generated by a true random number generator. Your private keys exist only in your phone and they are never transmitted to us

Analysis

The device connects to another device through NFC. It has no display where users can confirm transactions.

We believe this product has been discontinued despite the successful fundraising and online coverage. These are the justifications:

  1. Many Kickstarter backers report not having received their rings. They claim that thingyfy does not communicate with them anymore.

  2. Many backers who did receive their rings, claim that there are defects with them.

  3. The last update for the project was in August 2020. They have not responded to their backers. Some comments are still asking about the project in 2022.

  4. Their website still indicates that the Thingyfy NXT Crypto Ring is in Pre-Order despite launching on May 22, 2019. The site still encourages its users to join the beta program. We checked the whois registry for the domain thingyfy.io. The domain will expire on July 26, 2022.

  5. Though the ring may have been physically shipped to some of their backers, we do not believe that it works as intended. Now, more than two years after their successful fundraiser, with no updates and no indications for any activities, we think this project will never launch.

  6. We tried to reach out to thingyfy.io, but could not find information about the people behind it. We believe that their twitter account was deactivated. However, we were able to find a snippet in Google’s search results indicating that there was such a twitter account as @thingyfy. Part of the snippet reads:

This is “Thingyfy IO Presents NXT Ring” by Thingyfy on Vimeo, the home for high quality videos and the people who love them. 2. Thingyfy. @thingyfy.

We also noted this from the thingyfy.io domain:

©thingyfy.io is a division of Thingyfy.inc

Thingyfy.inc links to thingyfy.com.

We tried to reach out to the CEO of thingyfy.com Boz Zhou, to ask about the status of thingyfy. We will change the verdict as soon as he replies.

(dg)

Verdict Explained

We still have to analyze this product.

As part of our Methodology, we ask:

Did we get to a conclusion on the verdict of this product yet? If not, we tag it Development

This product still needs to be evaluated some more. We only gathered name, logo and maybe some more details but we have not yet come to a conclusion what to make of this product.

But we also ask:

Is the product still supported by the still existing provider? If not, we tag it Defunct!

Discontinued products or worse, products of providers that are not active anymore, are problematic, especially if they were not formerly reproducible and well audited to be self-custodial following open standards. If the provider hasn’t answered inquiries for a year but their server is still running or similar circumstances might get this verdict, too.