[ANN] Ethos – The People-Powered Cryptocurrency Platform

I am an investor in this project. I believe in it. But one thing is worrying me about.

I asked on the telegram:

- If I receive my 24 word seed through me phone, it's not much different from a multi-coin mobile wallet like Coinomi. Because this seed was exposed at least once when I read it.
I know Ethos has other features that coinomi lack, but in terms of security, looks pretty similar.

That was my answer on telegram:

-Shingos past response:
The way that our "cold storage" works is sort of like a "nano ledger in the sky". Again sort of.

The private key never hits the internet just like a normal hardware wallets, but you have to trust the transaction signing mechanism. If this sounds dangerous, this is exactly the same level of trust that you have with a nano ledger. You trust that the nano ledger is signing the transactions in a trustworthy way in the same way you will be trusting that Bitquence will sign the transactions in a trustworthy way.

Your private keys will always be under your control. Bitquence will hold only encrypted keys for your convenience (hence the "managed universal wallet"), but you will hold the only unencrypted copy. That means if you close down your account or just decide to leave Bitquence, you can still go use the same keys somewhere else and your funds will be secure.

Hope this is helpful
2FA is to protect your account which is different from your seed. Your seed is NOT linked to your Ethos account - which is something really important to understand since it is up to you to save your seed somewhere safe. This is both for our protection, since we don't want to be handling your funds, but also for your protection so that you are always guaranteed access to your funds while ensuring that nobody else does. Your private key will be encrypted by password + biometric (optional) + 2FA (optional) and stored in the cryptographic section of the phone. Hope this is helpful!

I still don't get it.

How will my keys never hit the Internet, and at the same time I will have the only unencrypted copy? This makes no sense to me.
Ledger Nano private key never hit the internet because you can see them on the Led panel.

If the seed is exposed on the internet when we open the Universal Wallet for the first time, it is a hot wallet.

I believe they have a solution for this. Any ideas?