The Pi Wallet .... A Huge Step For Pi!!

The Pi Wallet .... A Huge Step For Pi!!

By wolverine | Cryptix | 19 Dec 2020


All right my friends thank you guys so much for joining we are going to talk all about the wallet update and why this is a really big deal now pretty much I'm honestly surprised that they came out with this so quick I think this is a healthy discussion there's some really big pieces of all this that I'll cover in just a minute but I'm really pretty surprised they covered this already but this is a great thing it's not a bad thing this is one of the best pieces of discussion that we can be having around pi right now because the wallets hold the key to the future for pi so we're going to cover that ,they've done that they've done a great job of it and this is a perfect example if you haven't watched their video you can go see it on their YouTube channel or it may still be on the app itself and there's currently a survey where they're asking you this question what would you like to see a custodial wallet or a non-custodial wallet so let's talk about wallets for a minute if you're pretty experienced in the world of crypto and you know everything about wallets and how they work just well congrats genius !! I know many of you are brand new into crypto currency and that is awesome in fact pie has been your gateway to get in that is the coolest thing ever and so I love to kind of teach and explain concepts of crypto currency and so if you're new to wallets and you want to kind of learn why this update is so important why I am  so excited about this in the pi world , well let's talk about it for a minute so wallets are very simple think of this as your ability to buy hold receive transfer crypto currency all crypto currencies are based upon this concept called public key cryptography in other words you have two keys you have a public key that I use to receive things from other people and I have a private key that's secret only to me and it's what I use to authorize a transaction my private key is what I use to be able to say I am authorizing me to send this crypto currency to you and here's the deal if I lose uh my confidentiality to that private key in other words if somebody steals my private key it's like they stole my wallet out of my pocket and they have the ability to do whatever they want inside of that wallet so that's kind of a basis of how wallets work you have two different associated keys a private and a public and so when we're talking about wallets especially what you saw the core team talk about they're talking about that private key that private wallet that belongs to you so what is going on in the video well in the video itself the core team talked about what kind of wallet should we do should we do a custodial wallet or a non-custodial wallet and I have a ton of thoughts on this but first of all a custodial wall is super simple it's a wallet that they hold that the pie team kind of manages think of it as web-based it's probably going to be delivered through the app itself now there's some good and bad the good out of it is you don't really have to do anything to get it set up I mean once that is live inside the system you're going to see it you're going to have access to it you should have the ability to back it up and to be able to save it off network if you need to but they hold the wallet they're the ones that create those public and private keys for you they are the ones that ultimately hold and control it so the advantage is it's super easy to use the disadvantage is guess who made it the core team made it the pie team itself made it so if there are problems or they get breached or you don't have trust in them it's going to affect your level of security with that wallet itself so you see the trade-off here with a custodial wallet they're your custodian they're handling it for you they're keeping it up they generate it you don't really have to do anything but you have to trust them the flip side is a non-custodial wallet this is where they give the ability to download and create your own wallet there are many examples of this both hardware and software wallets for other crypto currencies like bitcoin where you create your own wallet now here's where that's awesome and let me talk about the disadvantage too where it's awesome is you own it you create it if you do it in the right way there is no one else that's ever going to know how you created that wall it is all you it is about as secure as you can make it the disadvantage is you have to do it yourself you have to set it up you have to control it you have to secure it you have to maintain it see the difference so there's trade-offs there's not necessarily a right or wrong way to go and the core team wisely is just letting the community vote what do you think what should we do custodial or non-custodial so what do? For me I  am going to say non-custodial wallet let me handle it myself that's what I do for a lot of the crypto currency I might or might not own you'll never know but I love that aspect because I'm capable of doing it but the thing  is that you have to be ultra ultra concerned about the user experience you've got to keep the user in mind in what you do and so what do I think? I think this is why custodial wallets need to come first because a few different reasons first of all if I have a custodial wallet it's quick to get it up and running it is simple to get it set up and I'm going to have a great user experience because keep in mind the majority of pi users aren't like crypto currency experts they've just gotten into this because it's web-based it's simple to get set up and they don't know how to go and create a non-custodial wallet and secure it and what are the ramifications well if they get it stolen if it gets hacked or whatever that's going to be a problem for them because then they're going to get mad and everything got stolen from them it's just not a good way to get started from a user experience perspective and secondly just because pi starts with a custodial wallet doesn't mean that they can't move towards a non-custodial wallet down the road and so if you're super privacy conscious what would you rather have no ability for access to your pie like you have right now no ability you just see it in the app but you have no wallet behind it or would you like to have the ability at least start with a custodial wallet and then as soon as they offer non-custodial move to it it's the best of both worlds my friends and so that's why I am heavily in the camp of let's start with custodial because we're going to have a great user experience we don't have to worry about our non-technical users not understanding it they can use it they can get it set up they can control it and many of them let's be honest are going to leave it that way long term if you don't believe me look at who has the heaviest user base in crypto right now coinbase voyager kraken binance all of those have custodial wallets built in and am I saying that I recommend that you leave your crypto in those custodial wallets definitely not go watch my video on the rise and fall of mount go and you'll see the lessons learned out of that but I'm just saying that most users do they don't know how to secure their own wallets and so because of that a custodial wallet is the way you set it up another example is look at banking if people had to keep their money in their own safes in their own house or under the mattress or whatever it is banking would be it would be back to the 1940s depression era nope people like it in their app they like it held by their bank they like it because they can use the bank to move those funds around and do bill pay all those kinds of things and so my point is just this you may not trust your bank but most people use banks because of the custodial aspect to it and so I think very strongly that the pi team needs to start with custodial for all of those reasons and then down the road maybe six months later a year whenever it is into the roadmap they can then move to non-custodial as well and you can move your crypto over to that so guys this is great this is a big deal I want to hear from you what do you think custodial non-custodial there are great arguments for either side of the house I just think where we start is custodial but I want to know from you what do you think what's best in your world am I missing something give me some comments do you agree do you disagree and while you're at it you guys kindly leave a tip and let's stay in touch I love you guys you are awesome I love writing content just for you.

 

join PI and claim 1 pi for free

 

de24bf464c55c6bf9fc8caaed9030a55d9839421a7cb1d30a5976cc2c4c451e4.png


wolverine
wolverine

Alway looking for a new path


Cryptix
Cryptix

In this blog you will receive crypto related info from a crypto enthusiast.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.