Mycelium has slowly made its way into the cryptocurrency economy as a staple over the last year. Mycelium’s local trader app is an ingenious way for individuals to find other individuals interested in doing under-the-radar transactions involving cryptocurrencies. Though the system provided by Mycelium in their local trader app works specifically with Bitcoin within their own BTC wallet, establishing contact with other cryptocurrency enthusiasts is always a plus. Enough about the fungus-like resilience of Mycelium, the Mycelium Entropy needs its time to shine!
The Mycelium Entropy allows users to plug a simple USB device into their USB-printing enabled printer to create a secure Bitcoin or Litecoin Paper Wallet. The Mycelium Entropy uses advanced technology to create a “truly random number” for use in generating a private key. The private key and public address are then converted to QR codes and rendered in a jpeg file to be printed directly from the, preferably internet-disconnected, printer. After the Mycelium Entropy is done printing the paper wallets, the memory on the printer is effectively wiped to add to the security of the process. The Mycelium Entropy is also 100% open-source so it is conceivable that other altcoins will develop their own versions of the Mycelium Entropy to create any type of altcoin paper wallet. This type of activity is always a risk in the open-source industry; however, Mycelium already has many loyal mobile app users for whom the Entropy will indubitably always be their favourite.
Will Mycelium support Litecoin?
Some Litecoin supporters might wonder if Mycelium’s convenient mobile wallet will perhaps become a “multi” wallet that also allows for Litecoin storage and transmission. Unfortunately, the last official word from Mycelium on the topic is “no.” In a November post, Jan of Mycelium, said:
We don’t have any plans for adding Litecoin right now. There is plenty to do to just get Bitcoin right. We may reconsider later on once the dust settles.
Mycelium Indiegogo Crowdfund
Mycelium raised funds for their Entropy USB Paper Wallet creation device through popular crowdfunding site, Indiegogo. Much to the pleasure of the general Bitcoin community, they also worked with BitPay to accept Bitcoin donations and pledges right on their Indiegogo fundraising page. If you’re interested in learning more about the Mycelium Entropy USB Paper Wallet creation device, Mycelium has two instructional and demo videos that are very informative. The complex technical details about how hardware entropy contained within a tiny USB drive translates to completely random Bitcoin private keys each and every time are too much for most people to handle. Mycelium has taken this consideration to heart and has been rewarded by broad community support. Several hundred individual donators from around the world joined together to make this project possible. The only reason that the Mycelium Entropy supports Litecoin is because Litecoin support was offered as a “stretch goal.” If the amount of money crowdfunded could exceed the suggested $20,000 mark by $10,000, then Litecoin Paper Wallet implementation would be included fresh-out-the-box. At the end of the fundraiser, August 23rd, 2014, Mycelium closed the Indiegogo campaign with a total of $31,271 USD raised. It is unclear if the excess money came from the Litecoin community.