Review on Lumi Wallet by Temitope Babatunde
Lumi Wallet, Helps With Your Privacy
Lumi Technology of Kowloon City Hong Kong produce this wallet in 2017, then it support bitcoin only but in the following year it add support for some other coins like Bitcoin cash, ethereum EOS and erc17 and erc20 tokens. It also integrated changelly which is an instant swapping exchange platform, and they are charging 1 percent for its services.
When depositing coins into this wallet the transaction is free but when withdrawing there is network fee, which the user can determine how much it should be, the higher the fee, the faster the transaction.
There is adequate security features like pin, finger print, face ID and back up of private key, so that if for any reason something happens to your device you can be able to recuperate your wallet through the seed phrase.
You can either create a new wallet or import the existing wallet after downloading the wallet from either playstore incase of android or apple store in case of ios. Users will also enjoy the transaction anonymity.
Lumi wallet though not popular but can be one of interesting and good to use wallet due to the features above.
Pros
- Has support for erc20 and erc17 standard token
- There is integrated ethereum dapp browser in it for accessing other dapp with ease.
- If a user want to download the android version from playstore it is light, it doesn't consume too much space on one's phone memory.
- It is an open source wallet.
- It keeps the user anonymous because it doesn't ask for their data and it generate new address for each recieved transactions.
Cons
- It is a hot wallet.
- 1% exchange fee is too high.
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Comments (2)
June 06, 2020
Lumi is a Hierarchical Deterministic wallet. This means that a unique address is generated every time you send or receive funds, making your transaction activity and total balance much harder to track, and keeping your financial business private
June 06, 2020
The transaction fee is free when deposit in lumi wallet, but when withdrawing there is network fee the users determine how much they want to pay. If they pay low network fee the transaction may slow but when paying higher fee the transaction will faster.
