Review on Lobstr by José A Rodríguez
Lobstr: A Mobile and Desktop Place for Storing Lumen
Lobstr can be easily a cryptocurrency wallet of great magnitude and usage for storing at least a hundred of global tokens on it, including utility ones and stable coins, but it is not. In fact, this wallet is totally limited and it was just created to store the Lumen token, a good cryptocurrency withing the marketplace and the product of value from Stellar. It has a great design and an amazing set of features to give privacy and possibly be allied with other projects. However, it has been created that way, and the providers seem not to be making arrangements to permit new additions, at least for now.
This wallet has been discussed for a long time because it features. Most of them are okay like that it is available for desktop and mobiles without interruptions and any type of bugs. They both have an excellent design and are actively digital workers for storing all the customer's funds properly. Secondly, as the company ensures this is a totally easy-to-use wallet, I can certify because the mobile app is simple to adapt and manage everywhere. It works like most of the current mobile wallets. Moreover, their design as I previously expressed, is so updated and good. Thirdly, being a supporter of the Stellar blockchain makes things easier since the coin from it is rapidly entering a big mass adoption for being a stable token.
Nevertheless, one of the things I still dislike from it is that this wallet despite all the security that can be mentioned in the written content from the web page, it is not totally trustworthy and reliable. It has a low safety frame, and the user's privacy can be also affected. For example, in the desktop version, all issues about safety can be easily registered. Like others, it just offers the 2 Authentication Factor, but that is not really enough, less for storing a stable coin. This is an issue that has been repeatedly occurring for years and has not been changed. It just requires more reinforcement to have a better rating.
Now, beyond all that, I consider Lobstr is still a good design and an impressive release for a token blockchain I've been learning of for months. Since both the network and the wallet act completely decentralized and with an impeccable open-source, the process gets easily simplified. The company has ensured the wallet permits to manage other tokens in the wallet, but they all are just tokens belonging to the same Stellar core.
In conclusion, Lobstr is just a good wallet with some good features and some remarkable issues. The company and the team of developers should consider appropriate to update the wallet. And in the case they do not permit new entries in cryptocurrencies, then it is better to correct the safety issues affecting user's safety. It is important to take notice I am not a Lumens's holder, and I do not manage any investment in the company so deciding wether using this wallet or not will depend only from the assessment of those customers interested on it. I certainly won't.
Pros
- Good design with excellent and modern programs covering the whole interface of both the mobile and desktop wallets.
- It functions rapidly there are not bugs for running-management and there is a clear process to be in touch with the funds stored on it.
- It permits to store the Lumen token which belongs to the stellar blockchain, and it is a stable coin of representative value for that network.
- It has a great population are users all partnered with the main blockchain to invest in the smart-contracts of the entire decentralized process that is easily notable.
Cons
- Security system is outdated. Frequent issues have been registered on it as part of the low safety parameters the company provides for it.
- It is a highly limited wallet with just options to store the Lumen token and other coins that might belong to the same core of Stellar. There are no entries for any other type of ERC-20 token.
