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Isn't this exactly the same concept (if not implementation) as that of the yubikey ( http://www.yubico.com/ ) In fact, google supports yubikey for google mail login. I use mine with Lastpass password vault. Once you have the browser plugin it makes it so easy login and generate secure passwords.
Currently sold out. We expect new orders to ship in 7 weeks.
Perhaps I'm missing something - why try and have wearable passwords when everyone is already carrying around a phone?
2. There's no universal method for connecting a mobile phone to another device.
3. Besides, what if you require authentication without a password, on a mobile?
4. The closest to a universal method for interdevice connection is USB. Most importantly, a browsing-capable device almost certainly has a USB interface.
Hence, efforts like Yubikey.
Most of my passwords are in a file called ring. I never write them out fully, but have mnemonics to help me remember. So many sites and if you want to have more than a few passwords, it really is unmanageable.
Unlike LastPass and many other password managers, they are fully offline.
Also, Keepass has full mobile support as well as many plugins, including auto-login on browsers.