- IOTA finally launches its so-called “New Standard” wallet, Firefly.
- After inquiries in the IOTA forum on Reddit, it emerged that the current version is just a beta version.
- Firefly aims to merge all crypto functions into this single wallet.
IOTA Foundation, the Next-Generation Blockchain that aims to enable the evolution of the Internet of Things, Industry 4.0, and a trustless “On-Demand Economy” by building a standardized “Ledger of Everything”, presents its new wallet: Firefly.
Last week, on March 16th, IOTA had announced on the project’s official Twitter page that their end-user wallet application for IOTA will launch next week. Only, they didn’t specify if it is the final version or an open beta release.
After inquiring on their Reddit forum, however, it becomes obvious that this release is just an “open BETA testnet release”.
What is Firefly?
Firefly sets ambitious goals. This new wallet aims to merge all functions a crypto investor or trader may ever need into a single place. These functions include storing, staking, exchanging, trading, NFT hosting, and many more.
David Sønstebø, the founder of IOTA Foundation, believes that Firefly will introduce new standards for crypto wallet, user interface and user experience:
FireFly will become the new standard for crypto wallets and UI/UX in general. Congratulations team!
Last week, in their introductory GIF, they exposed the polished and refined interface of Firefly. While the GIF is less than 10 seconds, it gives us an idea of both the mobile and desktop interface of the wallet.
The user interfaces architecture is modular. Thus, it would be easy to use and understand.
Dominik Schiener, chairman and co-founder of the IOTA Foundation, points out the advantages of Firefly over the traditional “crypto wallet”:
This release marks the beginning of IOTA as a widely-used app ecosystem. Firefly will usher in a new standard of usability and flexibility in the wallet space, where previously there has been a fairly limited set of offerings revolving around a literal understanding of the term wallet.
Can it live up to the hype?
Firefly is designed to be faster, easier, and safer. It is protected by encrypted backups and secure memory enclaves that reduce data breaches dramatically.
The transactions are authorized faster in Firefly, and users can quickly control numerous accounts and restore wallet keys on various devices with a patented Stronghold backup.
More developments like NFT storage, contact management and chat modules, and smoother wallet integration will be added to the Firefly wallet soon.