The Pillar Wallet describes itself as a next-generation, open-source wallet “that will become the dashboard for your digital life.” Find out more about this project today in our review.
- 1 What Is Pillar Wallet?
- 2 Pillar Wallet Conclusion
What Is Pillar Wallet?
Pillar Wallet is the first phase of the Pillar Project. The goal of the wallet is to build the world’s best cryptowallet. In the future, the wallet will be used as a platform for your digital life by acting as your “personal data locker”.
What makes the Pillar Wallet different from the hundreds of other cryptocurrency wallets available today? Pillar Wallet promises to manage all of your digital assets from one convenient location. The developers are implementing a “personal data locker” that will reach far beyond the world of cryptocurrencies. It will allow you to manage your personal data, use it for a variety of purposes, and control all aspects of your digital life.
The first goal of the wallet is to become the best cryptocurrency wallet available today. After launching the wallet, the company has big plans for the future. For example, they plan to add browsers, exchanges, data, devices, services, calendars, and more.
Overall, Pillar Wallet claims to be an open source wallet that will be the dashboard for your digital life. While cryptocurrency wallets can only be used to manage bitcoins and altcoins, Pillar Wallet will be used to manage a wide range of digital assets.
Pillar is part of Twenty Thirty AG, a Zug, Switzerland-based initiative that involves operating blockchain innovation centers around the world in preparation for 2030, the year when most of international trade and finance is expected to be powered by blockchain technology.
Pillar Project Goals
The Pillar Wallet and the Pillar Project overall were created with three specific goals in mind, including:
Build The World’s Best Cryptowallet:
Pillar Wallet wants to build a personal data locker that starts with cryptocurrency management. In the future, the developers will add browsers, exchanges, data, devices, services, calendars, and more to the platform, making it the hub of your digital life.
Replace Accounts With Atomic Ownership:
You have dozens of accounts across the cryptocurrency and blockchain world. Pillar Wallet plans to implement an Atomic Ownership feature, where each person owns and controls his or her own assets. With today’s system, you login to platforms and all your valuable data is trapped. Pillar Wallet plans to replace this system with atomic ownership.
Replace Apps With Services:
Pillar Wallet has ambitious plans to replace iOS and Android apps. Here’s how they explain their ecosystem: “Apps on our phones are miniature desktop apps. We believe the personal data locker will replace iOS and Android to become the operating system for all your devices.”
The Pillar token is described as a “meta token”. That means it’s built to power multiple actions, products, and services. Specifically, Pillar claims to power “all the services and transactions you use during your day.” To make your life simple, you’ll just see your normal currency plus your pillar balance. All the tokens necessary will be one level down, paying for the goods and services you use.
The tokens were made available in the middle of July. The sale lasted 34 minutes, during which supporters raised $4.2 million worth of tokens.
The initial goal of the token sale was to sell 528 million tokens at a price of 0.0005 Ether. That price would remain the same throughout the sale. The token sale was initially scheduled to last for 60 hours.
What Is The Personal Data Locker?
One of the key innovations in the Pillar Project is the personal data wallet. The idea for that wallet was first discussed by Pillar co-founder David Siegel in his book called Pull. In that book, Siegel discusses the management of data in our digital world, including how we trust corporations to manage our personal data in a secure and responsible way.
Pillar’s personal data locker puts consumers back in control of their personal data. Here’s how the official PillarProject.io website describes it:
“The concept of the personal data locker comes from David's book, Pull. We have seen many such projects come and go. Much of it comes down to trust – people don’t trust institutions, advertisers, or third parties to manage their data. This is why Microsoft and Google projects have failed.
We understand that consumers don’t want to manage their own data. There’s a detailed section of the gray paper that goes into consumer reluctance and how to find our early adopters. Right now, we have a chance – to create the world’s best wallet, integrate it into many systems, and let it lead to the personal assistant that “magically” helps you manage your life.”
That’s why the Pillar Project is about so much more than just the Pillar Wallet. The wallet is just a way for consumers to get onboard. Over time, the organization will gradually improve that wallet with apps and services that help you manage your digital life.
Pillar Project Thoughts On Modern Apps
One of the key goals of the Pillar project is to create a new app ecosystem bigger than iOS or Android. Why does Pillar see an opportunity in this space? It’s because the project is built on the idea that modern apps are wasteful and discourage innovation.
In David Siegel’s book Pull, he explains that he believes apps “are a huge waste of resources and prevent innovation.”
Why are apps wasteful? Apps need to be maintained on “half a dozen platforms”, and more than half of every app is “just infrastructure related to presenting content and offers.”
In layman’s terms, Pillar asks you to think of attending a conference in a distant city. To attend that conference, you’ll need to use a dozen apps that don’t communicate with one another: you need to access separate platforms for air, rail, car, hotel, tours, shows, excursions, currency exchanges, babysitting, restaurants, conference registration, scheduling, events, meetings, etc. Each of these services has its own app, its own reward point system, and its own distinct platform.
With these problems in mind, The Pillar wallet will let you sort, filter, compare, mix, and match these things to suit your needs, “representing the convergence of the semantic web and the web of value.”
Overall, this will lead to the creation of “a new ecosystem of data, content, and commerce”, leading to “a customer experience that is many times more compelling than using apps.”
Who’s Behind Pillar?
Pillar was created by David Siegel (Co-Founder and CEO), Tomer Sofinzon, MBA (Co-Founder and CRO), Vitor Py (Co-Founder and Architect) and Yogesh Gaikwad (Co-Founder and Investors Relation).
You can contact the company by email at [email protected]
Pillar Project is part of the Twenty Thirty initiative, a Switzerland-based organization that functions as a tech accelerator and blockchain technology company combined. Pillar is one of the first major projects launched as part of the Twenty Thirty initiative. The name “2030”, by the way, comes from the fact that the majority of the world’s trade and finance will be based on blockchain technology by the year 2030.
Pillar Wallet Conclusion
The goal of the Pillar Project is to give people a better, safer dashboard through which they can access their entire digital world. It’s an ambitious project that could turn into something enormous – or it could fizzle out entirely.
To start, Pillar is releasing an open source wallet. That wallet will first be designed to hold multiple cryptocurrencies. In the future, however, the wallet will include apps, browsers, calendars, and other tools to manage your digital life. The wallet is just the beginning of what Pillar ultimately hopes to accomplish.
In fact, Pillar believes their project will get so big that it will compete with iOS and Android to become the operating system used for all apps. The Pillar “personal data locker” (the concept of which comes from founder David Siegel’s book Pull) allows customers to retain control over their own personal data instead of trusting it in the hands of corporations and third parties. The concept of the personal data locker dates all the way back to 2010, although Siegel has been working on the idea for 15+ years.
Due to the rise of blockchain technology, Pillar believes that the time has come to create a personal data locker that can be used as a platform for a new digital economy. It starts with the Pillar cryptocurrency wallet.
The Pillar token sale, initially scheduled to last for 60 hours, sold its target of 528 million tokens ($4.2 million USD worth) in 34 minutes. You can visit PillarProject.io to learn more about the project and its goals.