IOTA Finally Launches Its Completely New Wallet, Firefly. Here's What's New

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Mon, 03/22/2021 - 00:00
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Vladislav Sopov
New wallet is an "entry point" for enthusiasts of the upcoming Chrysalis phase of IOTA progress. What is special about it?
IOTA Finally Launches Its Completely New Wallet, Firefly. Here's What's New
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IOTA Foundation, the non-profit behind the development of IOTA DLT blockchain focused on IoT use-cases, proudly presents its latest update, Firefly wallet.

Where usability meets security: introducing Firefly

In their official announcement, IOTA Foundation representatives outlined that end-user wallets remain the crucial point of the entire crypto ecosystem as they should merge all functions in 2021: storage of crypto, exchange, trading, NFT hosting, etc. Thus, the new Firefly is designed to address these ambitious goals.

IOTA introduces Firefly wallet
Image by IOTA Foundation

First, Firefly is promoted as an intuitive application with a polished interface. As covered by U.Today previously, IOTA's co-founder, David Sonstebo, claimed that Firefly will set new standards in terms of UX/UI design.

Every element of IOTA's Firefly was designed to erase the difficulties users encounter when interacting with crypto wallets today. Its architecture is described as "modular" and, therefore, easy to understand.

Dominik Schiener, co-founder and chairman of IOTA Foundation, outlines that Firefly will outgrow what is called the "crypto wallet" right now:

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.

Encryption, backups, portability: what's new in Firefly

At the core of IOTA's Firefly are two Rust-written libraries: one for app development and another, 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's users can easily manage multiple accounts and restore their wallets on many devices with a Stronghold backup.

The development team teases numerous additions to the system that will be introduced soon, including chat and contact management modules, NFT storage, and seamless wallet integration.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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