The crypto wallet provider LOBSTR will soon extend cryptocurrency wallet support to XDB, i.e. the DigitalBits Foundations‘ cryptocurrency. They are forming XDB Labs for this purpose. The move will benefit crypto users, with the first move being securely storing XDB.
Cryptocurrencies are a bit of paradox! They run on public blockchain networks. Modern cryptography protects information while consensus algorithms further secure these networks. However, users need to store their coins. This requires wallets. Users need to use tools outside the blockchain network. There are different kinds of wallets. Hardware wallets are the safest, however, you can’t transact directly from those; you need to first bring your coins to other wallets. These could be your exchanges’ wallets. However, these aren’t always secure, seeing as crypto exchange hacks are common. Bank of America is exploring alternatives to centralized exchanges. Even so, that’s only one part.
The reality is that using cryptocurrencies isn’t easy. Users need sufficient computer technology knowledge, along with the need to secure their encryption keys. Private keys are long data strings and it’s not easy to remember them. Users must store them securely, which adds a layer of complexity. Cryptocurrency wallets need ease-of-use. A consumer-focused approach is the need of the hour.
Cryptocurrencies that can potentially increase blockchain adoption are important. These cryptocurrencies need support. If users have to adopt them, they first need easy-to-use wallets. XDB is one such cryptocurrency since it has a strong use case, i.e., expediting payment. The DigitalBits project is a fork of Stellar. The project focuses on mass adoption of the blockchain technology. They plan to tokenize the large loyalty and rewards market, hence the project has high potential. A comprehensive wallet solution is important for them.
Important Wallet Project
LOBSTR and the DigitalBits Foundation are taking an important step. Their new venture XDB Labs will work on a comprehensive solution for cryptocurrency storage. They will cover the entire gamut of custody and secured storage of cryptocurrencies. They will first build this solution for XDB, however, they will then cover several other coins.
Block Telegraph has obtained a press release on this matter. It explains the value of a comprehensive custody solution. Such solutions might store cryptocurrencies worth $ 20 billion, which shows the importance of the project.
Al Burgio, the CEO of the DigitalBits Foundation is upbeat about XDB Labs. He says: “We are excited to have the LOBSTR team join our partner ecosystem and build out a range of leading custodial and wallet solutions in the DigitalBits ecosystem. XDB Wallet will not only make management of digital assets, such as loyalty and rewards points, simpler but also provide incomparable levels of security for its users.”
Gleb Pitsevich, co-founder of LOBSTR also clearly see the value of this venture. He says: “We are very excited to join the DigitalBits ecosystem and work with the people behind the project. We believe that applying blockchain technology to customer loyalty programs has great potential and can disrupt the legacy loyalty industry. The underlying technology of the DigitalBits blockchain network is similar to what is used in Stellar and we will apply all the experience and knowledge we received from LOBSTR to help build a great platform for managing XDB and other digital assets issued on DigitalBits network.”
LOBSTR provides a very popular cryptocurrency wallet for Lumen (XLM). This is Stellar’s cryptocurrency. LOBSTR knows Stellar really well, hence, they have the right skills to work the DigitalBits Foundation.