Which one do you choose?
DISCLAIMER: THIS ARTICLE MIGHT CONTAIN BIAS VIEW AS I AM THE ONE OF THOSE WHO IS BUILDING LUMI
As a user I care about 2 things when it comes to crypto wallets. First, security (please don’t lose my crypto/ still have nightmares about Mt. Gox). Second, UI/UX (sometimes it feels like some of the interfaces come from the early 90s. Makes me want to go blind). Let’s see what’s out there and whether crypto wallet teams really care about their users.
Short intro: There are 2 ways to go around security in crypto wallets: Hosted/ Centralized (3rd party storage of your private keys) or Client-side approach (your private keys stay with you only). Crypto wallets security issues are a real pain in the neck for their developers, so each and every company who decides that making another wallet is a good idea pleads to take part in a real arms race. If we talk about apps, though, there is a solution known to many — a client-side wallet. Basicly it means that users’ private keys are generated locally on their devices, they are never sent or stored outside of it. The technology itself guarantees to-a-certain-extent security so the rivals who share it have to compete on the other battlefields, like stability or UI/UX, too.
(I thought it was honest to compare apps that are alike in their security technology, so I’d like to speak of some client-side wallets worth mentioning)
Jaxx wallet
JAXX: Launched in 2014, has earned trust of the clients by being one of the first products out there. Supports all major coins & tokens, has a strong team behind it. Claimed to be open-source but failed to display its code to the public.
Security: Client-side private key generation & storage. UI/UX: All-black design makes it sort of geeks/traders oriented (it’s not only them who use wallets in 2018). Please do let me know my total balance. And I got my Iphone X quite some time ago and your app still is not adapted. According to the store reviews, IOS version is not stable at all.Features: Exchange powered by Shape Shift. Probably the best feature there is.
My verdict: Was great to use 2 years ago 📟.
Bread wallet
BREAD: Being a Bitcoin mono wallet Bread has been bragging about its security by syncing last blocks on the client side. However, after adding altcoins (not long ago) they have become just like everyone else. By the way did anyone succeed in syncing? I’m still waiting for mine. Just been a few months.
Security: Client-side private key generation & storage. UI/UX: Recent update made it easy to onboard and generally use the app. Good job on that! A little misleading the price of the coin, sometimes confuse with the balance. Features: An option to buy crypto with fiat by integration with Simplex. Yay!
Verdict: Due to BTC lags didn’t use the app too much. Will give it a chance later.
Lumi wallet
LUMI: Surely the wallet I love. The friendliest and clearest interface on the market. It is new but already taking over some of the rivals. First it is client-side as the others in this list, so you don’t compromise your funds’ safety. It is multi-currency and multi-token, with an in-wallet exchange. Each coin and token has its personal card with transaction history and market price graph (which is unique to Lumi wallet).
Security: Client-side private key generation & storage. UI/UX: Being new gave us an advantage to create thought through multi currency design. Features: The only wallet that shows price graphs of the coins. Exchange powered by market leaders — Changelly.
What is to be improved: Android. Hugo (our android developer), if you are reading this please do smth.
Coinomi wallet
COINOMI: Not to be poetic, interface sucks. Typing press font, seriously? Nevertheless, it supports loads of coins and tokens so some users still might need it. Derivation path in Сoinomi is not canonic that is why if you previously used jaxx, lumi, or any other wallets that follow slip-0044 it is most likely that you won’t see your balance. However Coinomi has an option of importing a customized derivation path, so after some meddling you finally get your money — takes some tech skills to perform this action though.
Security: Client-side private key generation & storage. UI/UX: All clear but eyes hurt. Features: Customized derivation path. Honestly, thanks for that.
You see that all apps have their pros and cons, and you should always remember that the more users the wallet has, the more negative feedback it receives — sometimes due to physical reasons, as high load, or just because there’s always people who are not satisfied, and, as the app grows, their number grows.
Which Lumi do you choose? Have your say!