Lumi Wallet: Secure Private Key Storage Cryptocurrency Web App?
In this digital age that we now live in, stealing of cryptocurrencies like ETH, BTC has become the ‘modus operandi’ for many scammers and hackers. One of the most famous incidents involving such a crime was when hackers stole over $460 Million worth of Bitcoin from the Mt Gox exchange located in Japan.
Similarly, in recent months there have been many people who have tried to trick unsuspecting investors to give them their hard earned assets via the use of “double up schemes” or other marketing strategies such as MLM etc.
About the Lumi Wallet
Lumi Wallet is an all new “secure/ user friendly crypto wallet” that comes loaded with advanced features such as ‘client side private key storage’. In addition to this, it also comes packed with:
(i) Up-to-Date Security Protocols:
From a technical standpoint, we can see that Lumi serves as a “hierarchical deterministic wallet” which means that it can be recovered through the use of a 12 word mnemonic phrase. This feature is quite new and is not available on 90% of the other wallets that are available commercially.
One of the biggest advantages of Lumi is that at no time, does it collect any of our personal information. There is no uptake of trace elements such as ‘data signatures’ which can potentially leave us vulnerable to third party attackers.
(iii) Intuitive Design:
As mentioned earlier, in order to promote maximum functionality, Lumi comes packed with a highly simple and user friendly design that can be utilized by novice/ advanced customers alike. Additionally, it also allows for:
- Faster onboarding.
- Sending and receiving of currencies such as BTC within a matter of seconds.
- One click transactions.
Another underrated aspect of this digital wallet is that “private keys” are always left in control of the client and are never stored on any external server. In addition to this, the intrinsic privacy info never leaves our wallet at any time during or after a transaction.
Other Key Things to Bear in Mind
(i) Mobile Compatibility:
Lumi can be used by both iOS as well as Android users. Since it does not use a complex API design, the wallet does not impede the over functionality of our smartphones.
(ii) Online Version:
There is also a Web Wallet that will be released commercially in the near future. It too will come packed with the same features as the mobile versions.
(iii) Added Extra Features:
Apart from all of the features that have been mentioned above, Lumi also comes packed with small additions such as instant currency convertors, side display panels etc.
(iv) Real Time Data:
All of the incoming/outgoing transactions are relayed to the user in real time. If some suspicious activity seems to have occurred, users are immediately notified about the same.
(v) Analytical Data:
One of the most overlooked aspects of Lumi is that it presents customers with detailed BTC and ETH market price graphs which can then be used to make informed investment decisions.
(vi) QR Compatibility:
Through the use of our mobile device, we can scan and input QR codes into the wallet directly— thereby making transactions simpler and more efficient.
Customers can make use of either a conventional PIN system or a Touch/Face ID to access their wallet.
What About Transaction Times and Fees?
Lumi offers users with 4 core options in this regard:
- Standard: as the name suggests, this option takes anywhere between 2 – 24 hours— depending upon the congestion being faced by the network. In terms of the fee, such a transaction may cost users around 40 – 250 satoshi per byte.
- Fast: this is an expensive method but is designed to get a transaction confirmed within an hour at max.
- Cheap: while costing a meagre 20 satoshi per byte, this option is extremely slow and can take upto a week for a transaction to be confirmed.
- Custom: when using this function, the user himself can enter the fee amount (in Satoshi) and then run their transaction through the network. This is an advanced feature and is not meant to be used by causal wallet holders.
Where Do I Get the Lumi Wallet?
Lumi Wallet is currently up for sale on the Apple iStore as well as Google Marketplace. The installation process is quite simple, and the setup takes about 10 minutes to finish. For any other queries regarding this wallet, users can get in touch with company representatives via email on [email protected]