Recently, the IOTA Foundation – the non-profit organization behind the development of the IOTA blockchain that focuses on Internet of Things use cases – announced its latest update, the Firefly wallet.

IOTA launches a new digital wallet:

In their official announcement, IOTA representatives made it clear that end user wallets remain a critical point in the entire crypto ecosystem as they must integrate all functionality available in 2021:

Cryptocurrency storage, trading and exchange, NFT hosting, etc.

The new portfolio is designed to address these ambitious goals.

First, Firefly is promoted as an easy-to-use app with a modern user interface.

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David Sonstebo, co-founder of IOTA, told IOTA that the Firefly digital wallet will set new standards in terms of UX/UI design.

Each element of IOTA’s “Firefly” digital wallet is designed to erase the difficulties that users face when interacting with cryptocurrency wallets today.

Its architecture is described as “modular” and therefore easy to understand and use.

Dominic Scheiner, co-founder and chairman of the IOTA Foundation, explains that Firefly will bypass the so-called cryptocurrency wallet for the time being. His comment is as follows:

This release marks the beginning of IOTA as an ecosystem of widely used applications.

Firefly will introduce a new level of ease of use and flexibility in the digital wallet space, where previously there was a fairly limited set of offerings revolving around a literal understanding of the term wallet.

The most important features of the new wallet from IOTA:

At the heart of the IOTA “Firefly” digital wallet are two libraries:

• One is app development
• The other, called Stronghold, is responsible for security.

The new wallet is protected by encrypted backups and secure memory areas (sensitive transactions are placed in isolated memory slots).

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Firefly transactions are approved much faster than those of its predecessor, Trinity.

Firefly digital wallet users can easily manage multiple accounts and restore their wallets on multiple devices using the patented Stronghold backup.

The development team is excited about the many additions that will soon be introduced to the ecosystem, including chat and contact management modules, NFT storage, and seamless integration of the wallet with various applications.

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