Hi Guys and Gals,
Here is my opinion it is not an official statement as I am not an official ETN employee.
I would strongly caution anyone using this product, it is untested and the company has not proven themselves (yet). I am not referring to the existing Ellipal’s products, I am strictly talking about the new and under development cold storage wallet for ETN.
Ellipal is a new company and their intentions are good, but there are hardware and software limitations when it comes to cryptonight. Bluetooth being a wireless technology comes with its own set of vulnerabilities and problems when it comes to the wireless security of the bluetooth.
I personally, pre ordered one to test it if and when they become available, but I do not think the ETN Team should endorse it at this stage and here is why?
First of all, bluetooth is not safe, Bluetooth technology is no different than wi-fi it is a wireless communication and therefore susceptible to spying and remote access, just like WiFi is susceptible if the network isn’t secured. Fact - bluetooth is less secure than wi-fi. It would not take much for someone to get into your device via bluetooth. Anyone with the right set of skills and tools can do this if they get close enough to you which is roughly 30 feet. Once connected, it opens up a device to all sorts of security vulnerabilities.
In the event a security issue of this untested product people could potentially lose their coins, but lets not go there. Even if there was a simple bug and people lost access to their coins that alone would be a cause for major drama. Even with the best intentions any endorsement by the ETN Team could end up horribly wrong for its users and the community. Imagine the fud form everyone affected by whatever the issue big or small, it matters not as at that point people would be pointing fingers.
In my opinion Ellipal needs to spend the money and make the product and release it, so it can be tested. I know that they want to see the intrest in the product before spending the money, but it is a two way street and you do not buy a cat in the bag, you do not buy a car without test driving and so on. You can not endorse a product that does not exist and most of all, has not been proven and tested. Trezor, Ledger spend millions on R&D and still come up with security issues. There is just not enough information at the moment. I am looking forward to testing one of them should they ever create it.
That is just my opinion does not make me right.