This year is going to be a interesting one 
lots going on 
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Okay, yes. I do remember this…but this is referring to cold storage on the back end of the centralized ETN system. That’s awesome for the security of the system, 100%. But the hardware wallet is for removing your funds from the centralized system and putting the security of those funds in your own hands so they can never be locked by any entity (the whole reason crypto even exists).
These are two different approaches to do the same cold storage idea.
- What Richard talks about is cold storage on the back end of their centralized system
Pro: Security is managed by the entity leaving the user with very little worry, much like a bank does
Con: If you have issues with your account or the law in general, your funds can be locked
- Hardware wallet like Ellipal
Pro: You never lose access to your funds no matter what happens with your ETN account
Con: Security is the user’s sole responsibility
No matter what, if your funds are taken in either case they are not insured and are simply gone. Storing them in the system is probably more secure but you are then more dependant on a centralized system. There’s nothing wrong with that, but for better or worse, the whole basis of crypto is to decentralize.
My own personal take is I’d rather take control of my own funds and never worry about a centralized system being hacked or my account locked for whatever reason.
I revert back to the old saying: Not your keys, not your crypto.
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I understand the cold storage he is talking about is on the backend and from that perspective, I get it. The fact it can still be locked by Electroneum could be worrying.
Still having them move to cold storage for the custodial wallet is great and makes me feel better about leaving my funds in there. However, maybe the Ellipal would be good if I didn’t want to mess with CLI and paper anymore…
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Bingo, exactly. 99.9% of my ETN is on paper wallets…not the custodial wallet. I will not add funds to the custodial wallet until I have a reason to…and when there is reason, I will only add what I need for whatever purpose it will serve. I will continue to be my own bank on the back end. But it’s not the easiest thing to do with the CLI and paperwallets, which is why I would LOVE a hardware wallet to make it much easier.
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You convinced me…I donated the $1.00
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It would be nice to have this function in the ETN app. You could create a new wallet, add it to the app as an offline wallet but still be able to check the balance from your phone. That way the only time it is online is when you check the balance. Everything is stored locally on your phone in a disconnected portion of hard drive space or cold storage if you will. if you ever switch phones you just put your 12 word seed in and boom…back up and running.
That is literally what the HTC wallet has built in, supposedly. I don’t know 100% as I did not buy one. But that kind of setup requires some engineering to ensure the portion of the phone the coins are held on is disconnected from the active connection. I’m not phone engineer and have no idea how that is done…but I’d rather not have it regardless. Phones are not a secure way to carry crypto. The ycan be lost, stolen, broken, switched out etc. There better be a sure fire way of knowing your crypto is safe and recoverable if there is a phone cold storage option.
True but the Ellipal can also be lost, stolen, broken, etc. Like I said restoring the wallet would be as simple as using your 12 word seed just like Ellipal has you do in the event of a lost, stolen or broken device. Really it’s all just hardware when you think about it, so incorporating something like this into a phone really would be simple and still secure provided you can separate the connected portion of the phone from the offline wallet.
It’s just nice to have everything on one piece of hardware…
Yes…but I would hesitate to associate the risk of a hardware wallet with a phone. A phone you carry with you at all times and handle all day every day. A hard wallet you simply do not. You may pull it out once a month or week, maybe? You also store hardware wallets in a secure manner (or at least you should). So the likelihood of something happening to a hardware wallet is a fraction of a percentage of that of a phone. But I understand the convenience factor for a 100% cold storage option on a phone.
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I knew that’s where you were going to go with that. I agree you wouldn’t be carrying it around. Regardless the Ellipal would be pretty cool. Wonder how you could keep it secure and still have it charging…maybe a built in charging mat in a locked case? Does it have wireless charging?
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Those are details I simply do not know and I’m not 100% all for Ellipal exclusively. I am backing it only because it is the only wallet entertaining the idea of adding ETN.
With that said, keeping it charged is not something I’m worried about. If the battery dies, it’s fine. Just plug it in when you need it, much like a phone. But if I remember from reading about it, the battery lasts A LONG time. It is not performing any demanding applications on the wallet, so charging it should not have to be done all that often.
What I would REALLY like is Trezor to add ETN since I have one of those.
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650 hours it said. Which is a little less than a month. good points.
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Hi there, thank you both of you for signing up!
Not sure what you mean by keeping it secure while charging. You can always charge it to a wall socket so nobody can hack it. Although I have a feeling this is not what you meant…
Right now prices and specs for new model are not discussed about yet, some case would be a good idea.
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I meant having it always charged even while in my safe. I know i don’t have to have it charged at all times. I was just thinking out loud
How many of the 2000 people needed for development do you guys still need?
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I will sign this days. I hope the price for it to not be so high. And maybe in future ETN wallet will be added on other hardware wallet (trezor and ledger).
For new hardware wallet will be needed an SD card?
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We only had 200 people signed up. We still need more coverage, hope you can help!
Also some people signed up twice which is really not what we’re after…
If we can get 2000 people to show support, we will give discounts to everyone that supported.
For SD card, I am not really sure what you mean.
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@Chris_ETN @andrepatta Hey Guys, since the Ellipal hardware did not materialise back in Jan 2019 can we have an update on ETN being added to the Ledger app. The last we heard was that it was now with Ledger and that it was estimated to take around a couple of months, that was back in early March 2020 (then the COV19 fiasco started). Have you had any feedback from Ledger?
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