Electrum vs Proton Wallet Comparison

Electrum creates its own seed phrase: 12 words from the same 2048-word list as BIP39, but with a version number hidden in the phrase's hash instead of a BIP39 checksum, so a wallet that reads only BIP39 phrases cannot restore it. Electrum publishes the format, and it can also restore BIP39 phrases and SLIP-39 shares.

Each wallet has its own BIP39 phrase of 12 words. The phrase is not shown when the wallet is created; it is encrypted on your device and stored on Proton's servers, and you can display it later in the wallet's settings after entering your account password.

Electrum Technologies GmbH, Berlin, develops and distributes the software and hosts electrum.org. The company holds no user accounts and cannot freeze or reverse payments. Anyone can run an Electrum server, and none of the 84 servers in the app's built-in list is on electrum.org.

The terms name Proton Financial AG, a Swiss company that is a wholly owned subsidiary of Proton AG, as the operator; the privacy policy gives its address in Baar, canton Zug. Proton says it discloses the limited user data it holds only on a binding request from competent Swiss authorities. Disputes with consumers outside the US go to the courts of the canton of Zug; US consumers face arbitration.

Thomas Voegtlin created Electrum in November 2011 and founded Electrum Technologies GmbH in 2013. Two developers, Thomas Voegtlin and SomberNight, have write access to the code; website changes and releases must be signed by both.

Proton Financial AG belongs to Proton AG, whose primary shareholder is the non-profit Proton Foundation; Proton says no change of control can happen without the Foundation's consent.