More than just a wallet: IOTA introduces beta version of Firefly
With Firefly, IOTA is to get more than just a new wallet: The new app is to form the basis of an IOTA-based ecosystem.
A little over a year ago, the IOTA community went into shock: attackers had managed to find a vulnerability in the IOTA wallet Trinity and steal MIOTA worth the equivalent of 2.3 million US dollars at the time. As it later turned out, the problem was with the third-party provider Moonpay, with which users could buy MIOTA by credit card via the Trinity Wallet. Now IOTA has sent Firefly, the official Trinity successor, into test operation.
IOTA: Firefly at the centre of the next crypto adoption wave?
This is according to an announcement by the IOTA Foundation on 22 March. According to the announcement, Firefly has now reached beta status and can be tested on the IOTA Testnet. Firefly is intended to form the basis for the next Bitcoin Up wave of crypto adoption: The app aims to provide users with easy access to the world of smart contracts – from DeFi to NFT. To achieve this goal, the IOTA Foundation has also released two new code libraries for the Rust programming language with Firefly, which developers can use to implement corresponding functions in the modular wallet. One of them, called „Stronghold“, enables the use of separate storage areas to protect sensitive data.
Otherwise, the range of functions in the beta version of Firefly is still very limited and offers little that other wallets do not. In the press release, the Foundation lists the basic functions of the Firefly beta:
- Secure storage enclave: sensitive operations take place in isolated app storage
- Encrypted backups: secure storage for private keys and other sensitive information
- Reusable addresses: Simplification of the process to send and receive IOTA
- Fast transactions: Transactions take only seconds to send and seconds to confirm
- 24-word recovery phrases: a standard in crypto security and ease of use
- Profiles and accounts: Flexibility in managing funds
- Wallet portability: users can log in to the same Stronghold backup on different devices
For IOTA co-founder Dominik Schiener, the Firefly release marks a milestone:
This release marks the beginning of IOTA as a widely used app ecosystem. Firefly will introduce a new standard of usability and flexibility in the wallet space, where previously there were only a fairly limited number of offerings that revolved around a literal understanding of the term „wallet“.
Firefly is set to become an integral part of IOTA 1.5 – codenamed Chrysalis. Chrysalis is to be integrated into the IOTA mainnet later this year.