Trustless Trust with ELLIPAL Cold Wallet
Trustless Trust is a term widely used to describe blockchain.
When something is described as “Trustless”, it doesn’t mean that it can’t be trusted, on the contrary, it screams security. It refers to a state when you don’t have to trust a particular party, which could be arbitrarily malicious. Instead, you trust a system or technology that is fully verifiable, traceable and isn’t owned by anyone.
For example, when you make a purchase online, you’ll have to trust the payment provider to correctly process your payments. On the other hand, you can also send your payment through the blockchain. In this case, many computers, through complex algorithms, help verify your transaction and store the confirmation history on the distributed ledger. The confirmation cannot be changed in anyways, making things as transparent as possible. These many computers that verify your transaction is known as a decentralized system and is not owned by any single entity. You do not need to trust anyone but the “technology” which is blockchain.
Trustless Trust in a Cold Wallet
Cold Wallets like ELLIPAL Titan can also adopt the concept of trustless trust to become as secure and transparent as possible. As ELLIPAL users know, the ELLIPAL Cold Wallet creates the private keys within the wallet by making use of the random environment and your password. However, users are not forced to trust us and use our generated private keys. We offer a solution that many wallets don’t which is the ability to import your private keys. You can create your private keys in open-sourced software and import it to the ELLIPAL Titan which is 100% air-gapped for safeguarding. In this case, you do not need to trust ELLIPAL for anything. Your private keys are from yourself and our system is 100% offline meaning it cannot be tampered with, even by us. It’s Trustless Trust.
How To Create Your Private Keys
You can use open-sourced software like this to create your private keys:
https://github.com/iancoleman/bip39 OR https://github.com/pointbiz/bitaddress.org
Be sure to save or download the it and create the private key when your computer is offline. Make sure to cleanly remove all traces of the newly generated private key before returning online.