Topic: ⭐⭐ Elysium Wallet - Full control, zero trust - made in switzerland ⭐⭐ (Read 297 times)

The problem it's on the store prospective, not in the wallet itself. App Store and Play Store won't let use release the app if the provider, in the regions we want to release it, is not regulated. Using VPN is a good way to download the app even if it's not available in your store at the moment, even though when you will need to add funds trough the provider you'll need to do KYC and then only if you are "allowed" you can really buy/sell those assets. As far as sending and receiving trough blockchain the are no limitations

In the future we will need to do some KYC in order to let users use the wallet for some specific tiers.. It's not something that I'm happy about as a Bitcoiner but it's the way the world (and the regulations) are going nowadays. We will think of a lighter KYC at first and then the full KYC (working on finding a tokenized version of it to not let you do KYC multiple times but just once and then re use it every time you need it)

But any feedback will be much appreciated

Correct, for the first version of the App the Passkeys are mandatory, in the next one they wont be.

Thank you for the feedback, we need to present better the option to "Create" and "Import". Btw, import wallet it's a functionality that will be introduced in the next version of the technology as we are still managing to close some implementation to let you use whatever seed phrase you have.

The all thing we are trying to do is incentives people to create an account and a wallet without knowing what a seed phrase is, how to use it and store it. We are trying to make the onboarding, the security, the usability and the restore way easier for people. And in the next version that we will release we will introduce more factors to let you decide how to setup, what risk you have and how secure vs usable is your setup.

Seed phrase won't scale as a method for the mass adoption, that's our (and specifically mine) thesis for the industry

The regional restriction for non-custodial wallets seems pointless.
Some users managed to download the wallet using a VPN. How will you prevent such cases in the future to remain 'compatible' with the exchange provider?
Will the use of the Elysium wallet be subject to passing KYC?

is elysium username is a short representation of the public key and all transactions are done via the bitcoin blockchain or is it closer to an account ID where transactions can be made between wallet users without onchain ID. Will there be restrictions on users from other IPs who have downloaded the wallet or are the restrictions on google play, and will the APK version be available soon?

Hi there guys, Gianmarco here, one of the two founders & CTO of Elysium. I'm here to answer some of your questions as I see there are many, especially from the technical perspective.

I'm honestly new to this forum so if I don't answer or select a specific question, please forgive me, I'm learning

So I'll address the most important questions and answer them straight away:

Question:
Answer: Generally speaking, the Elysium wallet is a fully non-custodial wallet with a new proprietary algorithm for user onboarding. We have developed a Multi-Factor Authentication (MFA) system that is fully keyless, so the key is never stored on the device but always recreated on demand when the user needs to sign a transaction. Of course, we also support account recovery. Currently, this process requires the Elysium server to be online, but by the end of the year, we will release a new version where users can still restore their accounts even if our infrastructure is down.

Question:
Answer: The wallet is not open source yet. We're currently working on IP protection but we intend to release more information in the future without compromising the IP. As mentioned, the algorithm is proprietary and we plan to patent it as it can be used not only in the Bitcoin industry but also as a general authentication method (in the future). We'll present more details in the coming months. There will be also a desktop version but later next year, for now we are releasing just the mobile version.

Question:
Answer: The algorithm we've prepared is compatible with BIP39 and the derivation path is "m/84'/...", which is BIP84 HD SegWit (BIP 84 Bech32 – Native) to save on fees and keep up with the times and innovations in this world. We'll integrate other BIPs in the future, but for now it's based on this BIP. At the moment, there isn't a GitHub from which to download the app, but that will also be done in the future when the technology is protected and stable.

Question:
Answer: The current supported countries are: Germany, France, Austria, Czech Republic, Netherlands, Spain, Denmark, Ireland, Hungary, Malta, Cyprus, Estonia, Greece, Belgium, Finland, Latvia, Liechtenstein, Poland, Luxembourg, Croatia, Slovakia, Slovenia, Sweden, Italy, Bulgaria, Romania, Switzerland
We are about to release it worldwide in the coming weeks. The next countries will be:
India, Brazil, El Salvador, Argentina, Ukraine, Serbia, United Arab Emirates (UAE), Albania

Question:
Answer: Thank you for the feedback. The problems we are facing on the app being available worldwide are because our provider for the exchange is not available worldwide and we are about to release it soon. The app as non-custodial could be available worldwide, while for the services inside we need to follow regulations worldwide.

Question:
Answer: Thank you very much for the feedback, it's very important to us. As written before, the countries where it's available for now are limited but will be expanded in the future.

Question:
Answer: The service is fully non-custodial as explained in the previous answers. Moreover, while its UX is similar to an exchange, it is completely non-custodial. I'm not sure which service you're referring to, but our operation is the same as other non-custodial wallets, just with a new algorithm and better security and UX.

Question:
Answer: We will introduce advanced features in the future such as connections with personal nodes, different ways of deriving accounts, multisig and much more. For now, we want to simplify access to this technology for newcomers but also for experienced people who want to have more security in managing their funds thanks to the new technology we are developing.


Hope this answers give you a better understanding of the wallet and the technology itself!

If you have further questions or feedback feel free to comment or send me a DM on X (formerly Twitter) here: @gianguazz

Cheers

When I was creating keys and addresses on the wallet, I saw 'create wallet'. And below it, I saw 'import wallet'.

When I clicked on create wallet, I saw this:





When I clicked on import wallet, I saw this:




These is an encouragement to let people not to know what seed phrase is. Although, if you go to settings, you can click on 'extract private key's to see your seed phrase. I test it with Iancoleman BIP39 tool and it was BIP84 as the address on the wallet is the same as the first address on Iancoleman BIP39 tool.

So the reason I can not use the wallet is because it is close source and it is encouraging people to use passkey in a way newbies might not know what seed phrase is. The passkey is not optional but mandatory while using the wallet.

You just need to delete Google Play data, run VPN using one of these countries and then open Google Play to download the app.
only 50 downloads so I will not risk downloading the app.



As long as there are country restrictions I do not think the wallet will give the possibility of extracting the private key.

I think that you can, it's possible. You can change your location through that VPN even if google has logs of the location of IPs where you've come from. While I agree that they sure are invading our privacy and have traces from the steps where we've been and where we've come from.

Nice and that only proves that it's possible to use VPN if the app isn't available in your country, it's successfully bypass the limits of countries that it's allowed to download.

About the security and privacy it promises to provide maximum support to a user is appreciable. But one thing I'm curious to know is that it might be attractive only to experienced Bitcoin users and crypto enthusiasts who like decentralization, but will it be that appealing to casual Bitcoin or crypto users? With having advance features I think it's important to balance simplicity for the average users.

To be honest, use of VPNs is a short term solution in trying to test out the wallet and the alike.. but for long term usage for users wanting to hold coins on the wallet, I think Elysium team have the power to change all this for its own benefit..

And why all these restrictions to the wallet, is it not more beneficial if it was accessible to more users around
the world than the 27 countries listed

Do wallets follow a regulation code to be accessible by others ?? Why not use a legal team to draft their T&C's to protect themselves if it's legality they are worried about than the Geo lock's used here.

Can you try to use it without using a VPN so that we know if the restriction applies only to the download or to the use of this wallet at all?

It is not attractive to me to use a wallet limited to a certain area and where I only have to use it via VPN. It makes things even more difficult because, as far as I can see, it is intended only for mobile devices, there is no web/desktop version at all.

Make use of VPN because some regions were restricted for use, but you will be fine after downloading it through VPN, that was what I also use at the first attempt and am able to access the wallet, check the screenshot below.

I actually make use of a VPN in doing so.

I only found the image, all of them are European countries.


I read on reddit, they said it's possible, by creating an email account using VPN and then use VPN with the same country when you're access Google Plat Store.

There must be a way because the signature campaign posted by @OP, I see there are users who speak Nigerian, Russian etc but they able to post their wallet username.

I also wondered about that, although i didn't mention it earlier since i never see they claim their wallet is open-source.


Do you use VPN only to download the wallet or also using the wallet?

VPN can not be used to download it so far it is on Google Play Store. Google knows before, the location that we are the moment we have been using the mobile device and used the email to register for Google products and services on the device. They invade privacy than we can think.

I think it would be different from this like custodial Coinbase and Freewallet which are providing custodial service. According to what I read on Play Store about the wallet, it is noncustodial. Probably it would be like Unstoppable wallet that has swap feature. But I may be wrong. What that can make us know about the wallet is when we download it and see how the wallet is.

Indonesians can't download Elysium wallets is it because of restrictions? It's not an exchange or casino which should have no restrictions for non-custodial wallets.

Which countries are those out of 27 countries? Do you have the list?
I didn't find the list of countries on Elysium.

Without mentioning the possibility of extracting the private key or seed and using it with any compatible standard, the service will still be closer to a crypto exchange than a wallet. There is a famous wallet, which is free wallet, have the same idea, but their reputation is very bad, so I hope the service is not similar to what they offer.

Checking the thread on their bounty and it's the problem of everyone that they probably haven't fixed yet. I'll just wait until it's ready to be downloaded and see the feedback of many.

From which region/country are you from? did you use a VPN just to download the wallet?
I think this thread belongs to Bitcoin Wallet for Android.

I have downloaded the wallet, tried it and find it to be interesting, though some are complaining not being able to download the said wallet because of their location, but some also make use of vpn in doing so, i think this has a lot to offer in terms of security and safety, users friendly and the likes, whereas i know they will also be working on some other things to ensure that this wallet is going to be one of the most recommended in  due time.

Welcome to bitcointalk

https://www.elysiumlab.io/faq

I was checking out Elysiumlab website FAQ page and I noticed that keys are generated differently from other wallets, but it is not explained how exactly.
There are other wallets that user biometrics in combination with passwords and other data, but problem is how to recover keys in different wallets.
There is no source code link on website so I have to assume that Elysium wallet is probably closed source.
Remembering multiple passwords can be a real problem, and they have to be stored somewhere.