Prepaid etn without any additional infrastructure


#1

Just an idea for the would be agents. Can you sell the paper wallets like a prepaid voucher loaded with etn for fiats? The agent can also act as a bridge from etn to fiats by buying etn and load back into the paper wallet?


#2

very cool idea.I think everyone is reading this


#3

Ohhh no. Never take a wallet that anyone else has seen the keys! Never use a wallet that has been created on someone elses Computer! Your coins simply wont be there when you decide to empty the wallet.


#4

I think most people would load their account before they leave the shop?


#5

the image of your private view + spend keys are stored on the Computer of the shop owner though.

That is a bit like me selling you my Ledger Nano s, second hand and me writing down the pnemonic seed phrase written down on a piece of paper so you can access your coins. With that seed phrase i can empty your wallet of all your coins and your going to be left crying.

Same idea with your ETN Wallet, please do not ever use a wallet which you cannot guarantee it is “sterile” where you and only you have laid eyes on the 3 QR codes.


#6

Nope you will empty the paper wallet and not the account user’s mobile wallet. The paper wallet will be discarded once used. I think there will need to be an element of trust between the shop owner and user. The amount of etn will be very small and it is not to the shop keepers incentive to sell people empty wallets. We sometime need to look beyond technical boundaries.


#7

I would like to borrow your bank card for a very short time, i will also require your bank PIN number. I am very trustworthy and will keep them both safe.

… see where i’m going here?

/ for the record, i do not want anyone’s bank card or PIN. Merely stating a point.


#8

But this is not my bank card and my pin. My bank card is my mobile wallet and my pin is the pin I use to log in. I am buying something that would top up my bank account and once used I will discard it. Also I am buying this from a shop keeper whom I probably know for 10 years?


#9

I don’t think it is any different from buying a pen sealed in the package. There is nowadays of knowing whether it will work until you open it. If you don’t really have a relationship with the shopkeeper you will open the package in front of him and try it . Should it not work then swap another one. Likewise if you trust the shop keeper then you will probably go home and see if it works and if doesn’t then bring back to the shop. Most people in the western world do not understand that people in very poor countries (especially in villages) do not go to shop in big mall etc but they only have one option to buy their essential from which is the village shop (whom the shopkeeper is a very reputable person in the village). This is the population we are targeting


#10

I get your point, if we are talking about a non western world. And in that case i concede that this may a way for someone to sell ETN. However i am from the west… and i would never have my ETN on a wallet that someone else has the private keys which enables them to steal my coins.

For the record: I am not trying to bash your idea, i just feel it is very Important to educate others of any security holes to avoid them loosing their money. If nobody points this out and they feel it is somewhat normal to buy a wallet from someone who can literally take their coins from within their wallet without them knowing, then we are not doing our job as a community to look out for eachother.


#11

I wouldn’t advise this, too many ways to scam the customer and bring mistrust to etn.
Also, if funds did go missing and the seller was not involved it would be easy for the customer to point the finger at the seller.

Just direct new users to the paper wallet page. its easy enough.


#12

Can you clarify how pointing them to the paper wallet page help them to acquire etn?


#13

You can’t get Etn pointing them to the paper wallet. But by helping them to set up a ‘secure’ wallet you can then facilitate the loading of that wallet.


#14

We need to facilitate the transfer between fiat into etn. We could either have an agent transferring etn into the buyer account or use a one off use only paper wallet preloaded with etn. We are not talking about large amount but may be 5-10etn which is hardly a worthwhile amount for scamming someone if you are an agent.


#15

Could be something like a Gift Card, packaging wise. Have a QR code publicly displayed for verification of funds on said card, and a scratch off area on the back with the code for retrieving said funds. Could easily be scratched off and accessed right in the store, if one wants to.

With that kind of packaging, I’d say that these security holes are kinda moot. Especially if the handling/loading of said wallets was done by a third-party manufacturer, and not the store owner themselves. The manufacturer would be shooting themselves in the foot by defrauding customers, so there’s an implicit trust level there. The shop keeper would never have access to the withdrawal key.


Get ETN through mobile operators
#16

For that to work, there would need to be either an in store interface (maybe as part of the kiosk) with a QR code reader, to display/verify funds, or the ability to view paper wallet funds in the Mobile app. Or another mobile app written by that vendor. So there are still points to iron out, but it’s doable.


#17

This would be the perfect solution just like a prepaid mobile voucher but would require some infrastructure which I am not sure the third world could afford.


#18

Exactly. Having something built into a mobile app would work perfectly, though. Maybe if said third-party manufacturer partnered with Electroneum to have that support in-app…

lol If I had the funding to kickstart this sort of thing, I’d be down to do so, as it is a great opportunity to fill a gap in the industry.


#19

Try the find starting site. Which have got me another idea. Crowd fund raising using etn for etn related projects?


#20

Yeah, I’ve thought that as well. Would be a cool site, I’m sure.

Main sticking points for starting up such an endevour is working capital and inventory. You need the necessary Electroneum for loading an inventory of cards, as well as the funding to manufacture said cards. Getting the cards in stores would be fairly easy, as it could be endorsed by Electroneum and offered on a region by region basis, maybe as part of their marketing package they’d send out to retailers, for an added fee.