Hot AND Cold Storage with ECOMI!
Tags: Cold Wallet, Secure Wallet, Ecomi, Hot Wallet, Bitcoin Wallet

More than 12 months ago we released the ECOMI Secure Wallet- one of the most robust storage devices available on the market- and now we’re proud to present you with even more flexibility. The ECOMI app will soon offer hot wallet storage and allow you to seamlessly move your cryptocurrencies and digital collectibles in and out of cold storage at the touch of a button!

Hot vs. Cold- What’s the Difference?

When it comes to digital assets, you have two options for their storage. It is important to understand, however, that when we use the term ‘store’ or ‘secure’ we are actually referring to the secure storage of your private keys. These keys point to an address on the blockchain and are what actually allows you to transfer assets between yourself and another holder of a private key.

Because your private key also gives you access to unlock an address, anyone with your private key also has access to your assets! It is important to understand this as we talk about storage, as it differentiates the two options.

Hot Storage

The term ‘hot wallet’ refers to any means of storing a crypto-asset that has been, or is currently, connected to the Internet. That is to say if you are able to directly access your wallet through an online connection e.g. on an exchange, or through your phone/computer with an online connection, it is considered a hot wallet.

Hot wallet storage offers quick and easy access to your assets, and a lower point of entry for new users, as you don’t need to fully understand how to protect your private keys or move your assets from wallet to wallet. It is, however, a less safe way to store your information as anything with an online connection is susceptible to attack.

Cold Storage

A cold wallet is any means of storage that has never been connected to the online world, or cannot be accessed via the Internet. Most commonly these are hand-held devices, referred to as hardware wallets, which do not have the capabilities to connect to the Internet on their own.

Some examples of cold storage wallets include:

Paper wallets. That is, private keys are generated and physically recorded onto paper, and then stored in a safe or safety deposit box.

Desktop wallets installed on air-gapped computers.

Cold-storage devices e.g. the ECOMI Secure Wallet.

How Does ECOMI Do Both?

Thanks to the pending ECOMI app update, you will soon have the freedom to use both hot and cold storage with ECOMI. For more than 12 months, the ECOMI Secure Wallet has been one of the worlds only true cold storage devices, never connecting directly to an online device, and allows you to securely store:

You can also convert your crypto from within the app itself, saving you the time, hassle and risk of sending to and from exchanges to buy or trade. Although this device already offers some incredible cold storage capabilities, we have come to understand that cold storage can still present a barrier to entry for new users. As such, with the pending update (due around the end of May) the ECOMI app can now be used as a mobile hot wallet, from the convenience of your smartphone.

You will still be the owner of your own private keys/recovery phrase, and still be in full control of your digital currencies and collectibles.

This update is designed to give you more options for storage and is crucial to the successful adoption of ECOMI Collect- the worlds first platform offering premium licensed digital collectibles. Now, with the hot wallet capabilities offered by the ECOMI app, it is not only simple and easy to understand- if you have a Secure Wallet you can seamlessly migrate your tokens between the two, and keep your assets even more secure!

How Do I Use Both?

Once the update is live, you’ll be able to download the ECOMI app and set it up, in the same manner, you do your Secure Wallet. That is, you will be given a recovery seed to record (and keep in a very safe place), have the option to add a pin-code to the app and more!

If you already have a Secure Wallet, you will be able to easily set up the new hot wallet functionality from within the settings menu. We’ll release more instructions on exactly how to do this, and how to migrate your tokens between the two, closer to the update release.

Like all things ECOMI, it is designed to be simple and intuitive, and at the touch of a button, you’ll be able to switch between hot and cold storage- provided you have a Secure Wallet. If not, the ECOMI app hot wallet is a perfect way to ease into the ECOMI ecosystem and to make you more comfortable with securing/storing your own digital assets.

Want to make sure your digital assets are as safe as possible? Get your Secure Wallet now from our online store and enjoy 10% off and FREE global express shipping! More info https://securewallet.shop/

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