Develop and offer a cold storage custodial solution

I would like the option of being able to move my etn into a cold storage facility run by the electroneum team. This would have extra layers of security if I wanted to access the funds and would be much harder to hack than a hot wallet, but equally it would take longer (say a week or so) to have the funds transferred to my ‘hot wallet’. I could also provide next of kin details and so on. This would allow an extra secure way of storing the funds and if for example something was to happen to me my family could still access the etn. With my current storage options I am concerned about things like security or losing my private keys etc.
For any individual or organisation thinking about holding large quantities of etn they must have concerns about how to store it?
Electroneum could charge a fee for this service as it would cost the company money to implement and maintain. But I think it also offers extra security and functionality to etn holders which would make the etn more attractive.

The cold storage will be introduced soon :grinning:, all in good time :wink:

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The word “soon” makes me cringe.

Yes, it’s in the works and is something we can expect to see. One step at a time, ever onward and upward.

:bow_and_arrow::bow_and_arrow::bow_and_arrow:

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Just curious. The offline paper wallet responds to all of your criteria, isn’t it ?

Except the fact that the import takes several days (Isn’t there a way to make it quicker ?), I’m plenty satisfied by this solution.

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Then imagine one day you will not be able to bring it back for some software glitch error then that may get you a heart attack.
I believe and waiting for LEDGER NANO which has the highest security standards at the moment, unfortunately, the company serves a lot of different strange coins but not ETN :flushed::flushed::flushed:
I think they will do eventually if we all try to ask them for it :wink:

Not exactly. If I lose my keys I lose access. How do I store it in a way that keeps it secure but also my family could access. I think you could find ways but it’s not that simple. For a company or institution wanting to purchase a lot of etn what would they do? Put it on a paper wallet and lock it in a safe? It seems a bit agricultural.

I think these things have to be made as user friendly, secure, convenient etc. as possible to encourage adoption.

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First of all, I will never trust any website to store the coins that could change my life, ever. So for me the offline paper wallets are the best solution and the most secure.

How to store them ?
I store them in different ways. Physically first, in a safe, in a place where only very trusted people could have access. Digitally too. A copy of my wallets are in multiple encrypted hard drives. All instructions to unlock it have been written on my will.
I could disappear in an hour, I’m sure that all my coins will go to my family.

Maybe the storage is a bit techy, but how hard is it to scan two keys with an app to retrieve coins once you have access to the paper ?

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Are the safe and your hard drive in the same house? If so what happens if the house catches fire? Presumably you have them in more than one location. That still requires you to buy a safe an multiple hard drives.

Furthermore, if you change the paper wallet or create another one, you then need to update in all storage locations.

I also do not currently have a will, I am sure a lot of people do not, and it is not a particularly convenient thing to have to write a will for this purpose.

I agree you can do it but I don’t think it is that convenient. I don’t think a company or institutional investor would be keen on that approach. And for someone holding a couple of thousand dollars worth of etn I think it’s questionable whether it’s worth buying a safe, a couple of hard drives and writing a will.

Not disagreeing you can do it, but etn is about ease of use and accessibility, that’s one of the big differentiators from most other cryptos. I think a custodial solutions has a place, if it was implemented well and the price was minimal, I would use it for at least some of my etn.

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