Review on Coinomi by francis fernandez
Coinomi- global connection
The Coinomi wallet appears as one of the options offered by the cryptography network to users who seek to store their coins in a virtual wallet that offers accessibility, security and speed in its transactions and uses. The advantage that this application offers is that it allows interconnections with other blockchain networks; which allows users to operate with several networks and manage their funds by accessing from this platform, although in a limited way because Coinomi is not an Exchange itself, despite being a blockchain with a certain integration protocol, it is not possible to directly buy or sell cryptocurrencies with FIAT currency; what it does allow is the exchange of cryptocurrencies internally within your wallet. To do this, Coinomi has an extensive infrastructure that allows it to operate up to 125 blockchain platforms with the capacity to generate 382 tokens. This makes it easier for you to receive a certain amount of coins, including Canada ecoin. Its total interconnection with other networks is among the goals of its developers. Its security level is subject to the use of a unique recovery phrase for each wallet and private key, generated under a Hierarchically Deterministic infrastructure that guarantees the user control of their wallet.
Pros
- In terms of security, it offers a unique randomly generated recovery phrase and a private key for each wallet. The phrase allows the user to restore his account in case he does not have access to the mobile device or computer where he stored his wallet.
- It is a virtual wallet of partially free access for its users, since it does not charge commissions for receiving coins in your wallet, although it does for receiving them, but by provision of the mining commission, not of this wallet as such.
- It is one of the safest wallets in the crypto industry, confirmed by the fact that it has never been a victim of hackers or stolen, despite negative comments received in the past.
Cons
- If users forget their private key or recovery phrase they will also lose the funds available in their wallet; as there is no possibility for Coinomi to have access to this data.
- It is susceptible to hacker access; therefore, it is recommended not to save the recovery phrase on a computer or mobile device, vulnerable to cyber fraud.
