Mobile ETN wallet with control of keys

Is there a mobile wallet that can store ETN and interact with the ETN blockchain that has control over its own keys?

From what I can gather, it is only the electroneum-CLI wallet that can do this. All the other wallets need to log in to the ETN server to get their credentials, which is a terrible security model. The latest security breach highlights the shortcomings of this model and we are advised to simply store large amounts of ETN on a paper wallet. Normal mobile wallets that use locally generated and store private keys do not suffer from such security breaches of some server somewhere else.

I like the idea and model of the current ETN wallet to so that non-technical users can recover their funds if their device is stolen, but I believe there is a need for a much more secure mobile wallet that can interact with the blockchain.

This security model that I am referring to is well established by all other wallets and I find it weird that ETN does not have one. All that the wallet needs to do is generate its own private keys, and allow you to write down the seed words to regenerate the wallet as a backup. These wallets will not be susceptible to hacker attacks on the ETN servers, and are ONLY susceptible to hacker attacks on the device itself.

I also see that there are no multicoin wallets able to store ETN. Why is this?
I find multicoin wallets very useful in that I only need to backup the seed words for one wallet that can hold and interact with many crypto coins.

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The Official Command Line wallet (CLI) and Community Desktop Wallet (GUI) are the two main options which give you control over your keys. They both will work with Ledger once its submitted and signed off after the blockchain update. They are not mobile apps though.

Regarding your suggestion of a decentralised mobile app, I’m sure the team would like to dedicate resource to develop that, but it simply isn’t a high priority.

There are two main requirements…

  1. Storage of coins (usually large amounts which you rarely use)
  2. Usage coins (interacting with the ETNNetwork. i.e. buying things on a day-to-day)

For storage, people should be using Cold Storage; a properly generated Paper Wallet or perhaps CLI/GUI with a hardware wallet once its available. For coins they wish to use, they can connect with the ETNNetwork by using the Electroneum mobile app and should only be sending what they need.

The reason the mobile app is centralised is not just to make it super easy for people to use (i.e. help with mainstream adoption), but also to allow for the instant payment layer API and to enforce a regulated “bubble” for transactions on the ETNNetwork that commercial companies require. This is how ETN are managing to get more and more companies to integrate direct, allowing people to buy things from the app. It’s all about actual adoption.

So as you can see, although it would be nice to offer a third option that sits in the middle (a decentralised mobile wallet) it simply isn’t a priority for the small use case it provides. Its not safe enough for the storage of large amounts, arguably no more safe than a centralised option and does not provide access to the ETNNetwork. So nice to have, but not a priority.

Of course, there is nothing stopping someone from creating a community mobile app which works with the blockchian direct, that would be awesome.

In regards to your question on Multi-coin wallet support, to put it simply, Cryptonote (ETN is an XMR fork) is very difficult to work with. 3rd parties are hesitant to invest the time and effort. Even Monero struggled. Its not like ERC20 coins which are extremely easy to work and get included on every wallet going.

Some good news though, as the ETN blockchain moves further away from privacy and more towards functionality such as smart contracts, it will become easier and easier to develop new features and integrate with other wallets. :+1:


Thanks for such a detailed and clear answer! Really appreciated.

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A post was split to a new topic: KYC/App Suggestion