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Author Topic: [ANN] The world's first handheld Bitcoin device, the Ellet!  (Read 42465 times)
Matthew N. Wright
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June 07, 2012, 01:14:52 AM
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What is it?

The Ellet (as an Electronic Wallet) is a way to send money from the palm of your hand. This device has been secretly developed as the BitDex for over the past 9 months. It comes in at a similar weight and height as the iPod nano 3rd generation and lets you send Bitcoin, Namecoin, Litecoin, Paypal, Dwolla, and almost anything else you can imagine, all instantly from the palm of your hand!




Why is it important?

The Ellet solves several issues that payment processors have, but most specifically for Bitcoin it solves these issues:

  • Needing the blockchain -- Bitcoin requires downloading a heavy blockchain to function properly. The Ellet functions instantly for Bitcoin transactions and incorporates a secure Electrum client written specifically for Ellet architecture.

  • Needing to remember complex addresses -- Although the Ellet allows scanning in QR codes, a phonebook style saved address list, and manual entry as a backup, it also transmits it's own addresses on command to other Elletes to allow for anyone with a Ellet to instantly become a Point of Sale merchant.

  • Mobility -- Mobile phones and tablets rely heavily on browser features and website functionality to use online wallets to which trust is still required. This obvious insecure and complicated scheme only seems more efficient in a world without Ellet. The Ellet is completely portable, can run for over 40 hours without recharging, and works anywhere you take it for live transactions.

  • Security -- Dedicated services require trust in your own technical abilities. Remote storage requires trust in strangers and their technical abilities. As a dedicated, encrypted and hardware locked device, the Ellet is safe from hacking, malware, and even if stolen, cannot be used to take your money. Simply load your encrypted backup into your replacement Ellet if stolen and your funds will be right where you left them.

  • Cost and Accessibility -- You need a device of some sort to use Bitcoins. Desktops, laptops and tablets are not cheap (not nearly as cheap as the Ellet with an estimated $30 MSRP) and storing your wallet someplace remote will not help you when you need your coins now. A Ellet gives you a cost effective way to access your money all day, whenever and wherever you need it (and not just Bitcoins, but most any payment system and digital currency you can imagine).

  • Lost wallets -- There is no reason why your money needs to be lost due to formats, viruses, site hacks or broken hardware. The Ellet will perform encrypted auto-backups first to it's internal permanent memory, then to your prefered medium, including micro-USB to your computer upon plugging in, or wirelessly to any hosting service you specify. Never lose your money again!

  • Diversification -- With a MSRP of just $30, it is highly cost effective to use multiple Ellet's to store large funds long term in vaults, banks, and your favorite hiding place. Your money will be waiting for you whenever you come for it, even 20 years later!

  • Reliability -- Ellets are manufactured by one of the largest and well known manufacturers of many of the devices you use daily. We spared no expense bringing the best developers, engineers, UI developers and security specialists to the table.

  • Adoption -- To date, there is no better way to start using Bitcoins (or any other digital currencies) than with the Ellet.

  • Purchasing digital currencies -- Buying Bitcoins is still a complicated process for most, but this is solved with Ellet reload cards that can be sent through e-mail or shipped to any location in the world.

  • Connectivity -- The Ellet can connect on the go to any mobile network around the world, no need for any additional mobile accounts, bothersome SIM cards, or the purchase of any external repeater systems. It also works on Wifi too to provide you with uninterrupted signal to suit your needs.




How does it work?

The Ellet is a custom built hardware device that connects over various methods (available methods vary by country) to deliver instant payments. The days of needing your credit cards and wallets are almost gone, and the Ellet is leading the way. For the first time on a large scale Bitcoin and other digital currency technologis are put to use in a practical and professional way for consumers all around the world to start using immediately.



Any useful features?

The Ellet has a built-in storefront application for using in place of a Point-of-sale system so that anyone can start accepting Bitcoins (or other digital currencies) immediately. The Ellet can also update automatically from the Ellet store, and wireless download Ellet plugins like margin trading plugins for Kronos.io.



Is this vaporware?

The Ellet already exists. It has for some time, but as the founder of the company I take great pride in bringing my ideas to the masses and will not settle for a low quality rushed job. As many people know from my work on the Bitcoin Magazine, I take quality seriously and am somewhat of a perfectionist when it comes to bringing my ideas to life. The Ellet will work as soon as you turn it on straight out of the box, almost anywhere you go.



How can I reserve one?

We're in no hurry to take people's money as I'm sure we're all tired of seeing threads written by foot-tapping impatient customers wondering why the postal service isn't running to their doorstep! Everyone will have an equally fair chance of ordering one and although we only expect to make a limited run, we expect it to be sold out shortly after. There will be a kickstarter page up within the week to help raise more funds for production. At the moment that will be the only page we accept payments through.



How much does it cost?

We're aiming at spending over $1 million USD to get a mere 50,000 units manufactured. After marketing expenses for the USA alone, that puts us at an overall loss at a pricetag of $30, but we are gladly taking that risk under the belief that this experimental project will grow to unprecedented popularity, rivaling even the iPod.


Look for more updates at Elletsys.com and our upcoming article (including a complete photo showcase of real world usage) in the Bitcoin Magazine!

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June 07, 2012, 01:19:31 AM
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Very exciting! I'm looking forward to seeing some pictures and learning the details.

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June 07, 2012, 01:24:18 AM
 #3

It supports Paypal and Dwolla? WTF really? And how soon is it that it will be rendered useless because one of those providers hates it and doesn't want you on their service?

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June 07, 2012, 01:29:45 AM
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will not settle for a low quility rushed job

i love the irony in that statement Cheesy

looking forward to pics/screenshots!

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June 07, 2012, 01:32:23 AM
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Subbed.   I am excited to see this as well.   A nice dedicated mobile terminal would be great.


Will it have network capabilities?

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June 07, 2012, 01:36:39 AM
 #6

Even if this is total vaporware, it is still worth a kickstart.

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June 07, 2012, 01:41:53 AM
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Sounds exciting!
How about a free Ellet for those with 12 month magazine sub  Grin

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June 07, 2012, 02:03:23 AM
 #8

There have been some muggings in my area lately.  If someone holds me at knifepoint and forces me to transfer all of the money from my account to them, is there a process for me to retrieve it?

"Money is like manure: Spread around, it helps things grow. Piled up in one place, it just stinks."
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June 07, 2012, 02:05:17 AM
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looking forward to pics.

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June 07, 2012, 02:07:26 AM
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Pics or it didnt happen...

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June 07, 2012, 02:21:24 AM
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Have you considered a "freemium" model.  Well more like financing.   Why not give the devices away, but hardcode some fees be sent to you for a period of time until $30 is hit or something.

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June 07, 2012, 02:24:15 AM
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I sense a sock puppet meltdown approaching.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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June 07, 2012, 02:26:12 AM
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pics or it didn't happen
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June 07, 2012, 02:31:08 AM
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I can vouch that this product does in fact exist.
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June 07, 2012, 02:37:43 AM
 #15

There have been some muggings in my area lately.  If someone holds me at knifepoint and forces me to transfer all of the money from my account to them, is there a process for me to retrieve it?

The same thing could happen with any sort of money. They could force you to go to an ATM and do the same thing.

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June 07, 2012, 02:40:19 AM
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There have been some muggings in my area lately.  If someone holds me at knifepoint and forces me to transfer all of the money from my account to them, is there a process for me to retrieve it?

The same thing could happen with any sort of money. They could force you to go to an ATM and do the same thing.

But this wouldn't have to be done in public.

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June 07, 2012, 02:46:17 AM
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Watching.

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June 07, 2012, 02:47:25 AM
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There have been some muggings in my area lately.  If someone holds me at knifepoint and forces me to transfer all of the money from my account to them, is there a process for me to retrieve it?

The same thing could happen with any sort of money. They could force you to go to an ATM and do the same thing.

At least the ATM will have a camera to film the event.

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June 07, 2012, 02:58:44 AM
 #19

There have been some muggings in my area lately.  If someone holds me at knifepoint and forces me to transfer all of the money from my account to them, is there a process for me to retrieve it?

The same thing could happen with any sort of money. They could force you to go to an ATM and do the same thing.

And the bank would generally refund the money, same with fraud on a credit card.  I'm wondering if there is a process setup here for a refund in case I am robbed of my bitcoins.

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June 07, 2012, 03:01:32 AM
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And the bank would generally refund the money, same with fraud on a credit card.  I'm wondering if there is a process setup here for a refund in case I am robbed of my bitcoins.
What you are describing is insurance. I'm sure that if enough people want this kind of service somebody will be willing to start a business that provides it. Don't expect that service to be free, however.
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