Is there a way to hold ETN in a secure offline digital wallet, or is printing out a sheet of paper the only way? To me, crypto in 2018 seems like it shouldn’t depend on my printer and some paper. Bitcoin, Ethereum, Monero, etc… they’ve all had offline digital storage support. One hack can ruin electroneum in these early years if it’s all centralized. As an example: I don’t have to login to THE Bitcoin website to get access to my Bitcoin. (It actually sounds dumb typing it) but isn’t that what ETN is doing?
The ETN offline paper wallet is just QR codes of the private/public keys. You can store the PDFs digitally if you like on an encrypted USB key offline (I would make more than 1 copy of this USB stick). You can also run the CLI wallet (command line version) of the desktop wallet. Its what I do, and you can keep the CLI wallet on offline storage, stored in a safe.
Think of the paper wallet or CLI wallet on offline storage as the deep storage of ETN, and then keep some ETN on the web wallet as spending money. There are no near term plans for a GUI wallet, which I assume is what you are asking for like other non Cryptonight Coins. There goal is to be a mobile crypto currency, so desktop wallets are not really what they are aiming for or on their radar in the near future.
Yes, we have a cold storage wallet, Electroneum CLI Wallet (CLI stands for command line interface), which means you will have to learn commands in order to get your wallet to send out ETN and other various functions.
Official Download: https://github.com/electroneum/electroneum/releases
3rd Party Guide: https://electroneum101.com/electroneum-cli-wallet/
I think the author of this post was asking about something else.
In particular, does the team of Electroneum interact with teams creating hardware wallet such as Trezor or Ledger?
Since they, can significantly increase the level of security in the storage and use of crypto currency.
@4nikin Other cryptonight based coins have been working on getting hardware wallets working with the algorithm (the XMR community primarily who i think are close). I don’t believe the team are directly looking at this yet but once another coin gets it working i suspect it will be quite easy to port to ETN.
As said above, right now a properly created and stored paper wallet is the safest option.
Thanks, I didn’t even think about PDF’s! The CLI wallet, with a 10 gig download, learning curve, and command line doesn’t scream mass adoption. I just figured since it’s from monero, and there’s gui wallets, there would be one. I appreciate it, again, thanks!
First of all, thank you for your response.
Yes, perhaps you are right about the safety of using a paper wallet, but you still need to keep it safe!
I personally take it very seriously and have 2 copies of my paper wallets (including encrypted digital versions on USB)…held in safety deposit boxes in separate banks.
Thank you very much for a good idea (encoding digital versions on USB), I think I’ll use it in the near future.
The only thing I’m not sure about is that I can afford bank cells! I’m still too young in crypto!
Indeed, I have done more than is really necessary.
Couple of USB sticks, good encryption (perhaps consider having more than one version using different software for the encryption). Hold them in 2 separate trusted locations (perhaps a cheap fireproof box or something). That’s more than enough safety and could be done for pretty cheap.
You can then use a CLI wallet in Read-Only mode to verify deposits (as it doesn’t use private key - only public/view).
I’m afraid I still do not fully understand what exactly “CLI wallet in Read-Only mode” means, but, perhaps, you gave me an interesting topic for my introduction.
Thank you a lot, for interesting conversation.
Well, I have a question regarding the wallet slash miner which is kind of related to this offline wallet question, so I’m going to ask it here & hope you guys don’t mind.
I have downloaded & installed many crypto wallet apps before (both on Windows, Linux & Android) & all them allowed me to save the recovery seed or export the private key or both. However, there is no such option in the ETN Android wallet, so according to the great sage, Andreas M. Antonopoulos: “Your Keys, Your Bitcoin. Not Your Keys, Not Your Bitcoin.”
Its simple @winstonchoo , the teams primary focus is making a user friendly infrastructure to actually get ETN out there and adopted… rather than following a purist decentralised paradigm and ostracising mainstream users with technology they are not interested in.
The 2nd layer centralised instant payment system is built upon the concept of Electroneum
acting as a trusted third party so that transactions can be made in real time without blockchain consensus slowing it down to a time period that makes it commercially unviable. Anyone can still transact on the blockchain in a fully decentralised way…nothing stops them doing that. This is just a service the team are offering which sits on top.
Im sure with time we will see GUI wallet and maybe even a mobile version which gives the user 100% key control…but for the moment, the team are focusing on whats important to their target market…rather than to a small percentage of this tiny cryptospace.
If this hasnt answered your question, perhaps you could start your own topic. Lets leave this one to continue on the subject raised by OP.
@4nikin Unfortunately not yet. If Ledger added Electroneum I would purchase one for sure. How is Trezor? have never heard of this one yet. Security is very important to me.
Also I believe poster was looking for another way to store Electroneum securely offline, thus this brings Electroneum CLI into play
We have also added a guide to our Command Line tools on Electroneum CLI with Remote Node. Remote node allows ability to load an already up to date blockchain from another server instantly.
Thanks to @DividedShark for Remote Node Instructions!
I make two copies of each wallet, laminate them for protection and store them in separate, ultra safe locations. I also have an encrypted USB as a backup. I’m pretty content with that setup…
First time posting but excited to be part of this community. I was just wondering if there is a chance of desktop wallets like Exodus picking up ETN as a bankable cryptocurrency? I personally like the aesthetic of the application and the convenience of pooling coins/tokens in one location, but it does seem that the bulk of assets they have been adding as compatible are ether-based erc20 tokens.
Thanks and wishing the best,
In 2018 a paper wallet is the safest option to store any crypto. And yes, it is safer than any other offline digital wallet (like trezor, ledger nano s etc…).
But by any means, if the etn group could get any major hardware wallet to natively support etn, I will definetly buy one, but only because I like new shiny and flashy hardware pieces
I wonder how Exodus and Ledger Nano S pick their coins. I would be interested to see ETN on a Ledger. Electroneum is new, roughly less than 11 months old, so there is a lot of room ahead of us. There is always a chance.
If you are interested and have some time, we always have the option to turn this into a small idea/recommendation here:
Congrats on first post and Welcome!, glad to have you