Review on Kimera by Olugbenga Ajayi
Kimera wallet will fill the need of a large mass of the unbanked and illiterate adopters of cryptocurrency
At a time when cryptocurrency is becoming known to the under developed countries in Africa and Asia where majority of the citizens are illiterates and hardly own a traditional bank account and those that own one can rarely keep their account number safely, it may be difficult for such ones to keep private keys as private as supposed.
Due to this reason, a custodial wallet will be better than non custodial wallet. Kimera wallet is one of such. It supports cryptocurrencies like LTC, XLM, BTC etc. All private keys are well encrypted and secured so it is impossible to lose your private keys since they are never under you control.
Kimera wallet is also an HD wallet. It also requires KYC to ensure proper identification of the owners of the account.
However the educated ones may have some reservations concerning custodial wallet. They may believe that no one can keep their private keys as safe as the owner. Furthermore, due to reports of hackers attack on some wallets, non custodial wallet may be preferable to them.
Pros
- Kimera wallet can be used by enterprises as it provides multisignature features for joint authentication of transaction
- It is secured with robust encryption and 2 factor authentication
- The use of KYC is another security factor
- It provides in wallet exchange that makes cryptocurrency to cryptocurrency exchange convenient
- User can never lose his private key as Kimera wallet is a custodial wallet
- Users can even set spending limit
- There is in wallet address book that can be used to keep track of public addresses used in the past for the purpose of reuse
- The wallet is also multilingual
Cons
- Private keys are kept with third party. To the elite in cryptocurrency system, it may look as a security loop hole
