Hello Ergonauts! We would like to announce that the Ergo Android Wallet now has a “Cold Wallet” option - one of the most secure ways to store ERG coins. A Cold Wallet works similarly to a hardware wallet, which means it works as a closed system without an internet connection.
You can securely sign your transactions with your non-connected Android device. Because it is not connected to the internet, there is no way that your secrets can get stolen. All desktop/browser/mobile wallets have the same vulnerability: a device that is connected to the internet. With the Cold Wallet however, your device will stay off-line and your wallet will not have a point of entry.
To use your Cold Wallet to send transactions you will of course need an internet connection, but you use a separate gateway device that does not access the secrets of your Cold Wallet. This gateway device can be your daily device (or hot wallet) so that you will be able to send funds from your Cold Wallet to any address.
The Cold Wallet functions off-chain so that you will not need internet for your Cold Wallet device. When functioning off-chain, your Cold Wallet will produce single-time QR codes to verify your transaction via the use of your gateway wallet. Using your gateway wallet and one-time QR codes, you will be securely using the Ergo Platform.
Currently, the Cold Wallet release is reachable only in beta version. Google Play market allows new releases through beta, although it is completely secure to use it.
Please check MrStahlfelge’s tutorial video for the details on this new feature as well as his detailed explanation.
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