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MIT Technology Review has an in-depth look at how the company wants to use a ring to replace all your passwords for internet services.
As a proof of concept, the company is currently experimenting with a USB key that "performs a cryptographic transaction with an online service to prove the key’s validity when it’s plugged into a computer."
The next step would be to condense this into a ring that can carry out the same function wirelessly. Pretty cool as long as you don't lose it.