The new portfolio is an “entry point” for enthusiasts of the next phase of the Chrysalis of IOTA’s progress. What’s so special about it?
Contents
- Where usability meets security: introducing Firefly
- Encryption, backups, portability: what’s new in Firefly
The IOTA Foundation, the non-profit organization behind the development of the IOTA DLT blockchain with a focus on IoT use cases, proudly presents its latest update, the Firefly wallet.
Where usability meets security: introducing Firefly
In their official announcement, representatives of the IOTA Foundation highlighted that end-user wallets remain the crux of the entire cryptographic ecosystem, as they must merge all functions in 2021: encryption storage, exchange, trading, NFT hosting, etc. Thus, the new Firefly is designed to meet these ambitious goals.
First, Firefly is promoted as an intuitive application with a sophisticated interface. As previously covered by U.Today, IOTA co-founder David Sonstebo said that Firefly will set new standards in terms of UX / UI design.
Each element of IOTA’s Firefly was designed to erase the difficulties that users encounter when interacting with cryptographic wallets today. Its architecture is described as “modular” and, therefore, easy to understand.
Dominik Schiener, co-founder and president of the IOTA Foundation, points out that Firefly is going to overcome what is called a “cryptographic wallet” now:
This launch marks the beginning of IOTA as a widely used application ecosystem. Firefly will initiate a new standard of usability and flexibility in the portfolio space, where previously there was a very limited set of offerings revolving around a literal understanding of the term portfolio.
Encryption, backups, portability: what’s new in Firefly
At the core of IOTA’s Firefly are two libraries written in Rust: one for application development and the other, called Stronghold, is responsible for security. The new wallet is protected by encrypted backups and secure memory enclaves (sensitive operations to place in isolated memory slots).
Firefly’s transactions are authorized much faster than those of its predecessor, Trinity. Firefly users can easily manage multiple accounts and restore their wallets on many devices with a patented Stronghold backup.
The development team introduces several additions to the system that will be introduced shortly, including chat and contact management modules, NFT storage and seamless wallet integration.