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Why the Wallet is at the Center of the Crypto Ecosystem

October 4, 2018
David Rainis

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Why the Wallet is at the Center of the Crypto Ecosystem

As the world of cryptocurrency becomes a household name, there is endless potential for mass adoption – beyond the enthusiastic early adopters. But I strongly believe that it can only take off if the new financial systems are easier to understand.

We don’t believe that people should view crypto as something that only “experts” can work with, as is common today.  It should not be scary. Our conviction is that as people make the transition into crypto, it will be done with a smile on their face, because they can see how simple it is to manage their assets.  That’s the driving force behind Kimera.

Since the wallet is at the heart of the crypto eco-system, our up-and-coming startup is developing an easy-to-use crypto wallet and wallet management system that is expected to attract a healthy mix of savvy and novice users.

We developed our wallet so folks can appreciate and most importantly use and use often.

Accessible solutions like this could make Crypto as common as using FIAT is today.
Kimera dashboard

Fintech is changing, and we are preparing for it

The Kimera team came into Crypto with a deep principle that as the world was changing around us, our combined business experience meant that we had a lot to offer in a new financial world.

We are not new kids on the block. Assaf Kissos and Shali Mehraz head one of the most successful IT companies in Israel, I am a seasoned business executive and “technical guru” with many successful exits under my belt, and Ophir Gertner is part of several very successful crypto ventures. Between us, we bring decades of experience in the fintech, media, cyber and IT worlds that will be an asset to the crypto space as it faces mass adoption.

Our feeling is that centuries of financial conditioning has taught the public to rely on banks as the primary place to store their money. That is at least true in the developed world. But, making deposits into the banking system means that account holders were giving permission to banks to do with their hard-earned money as they please. An IOU of sorts.  Organizations like the FDIC were formed to give bank customers the assurance that even in a time of crisis or collapse of the banking system, their money was safe.

In the developing world, it is estimated that nine out of ten people are unbanked.

The advent of mobile communications has sprouted mobile financial eco-systems such as MPESA in Kenya and Globe in the Philippines, and crypto can become an obvious extension to this popular growing trend.  Our belief is that Blockchain allows this change to take place.

The main purpose of Blockchain and cryptocurrencies is to create a decentralized and non-regulated environment, where customers control what goes on in their personal accounts. And as cryptocurrencies have been increasing lately in value, this means that unlike a FIAT account, in crypto, just managing and holding money could mean an increase in value that may go through the roof.

How we are reaching new markets

We provide our wallet in 12 different languages, making it readily available to a global audience. Our attention is placed on the Asia market, where Crypto has recently shown the most growth.  We hope our efforts will bear fruit in many developing countries that yearn for robust and reliable payment systems and wallet management.

Kimera cryptocurrency wallet

Kimera identifies two primary markets for its wallet.  The B2C and B2B markets.  Both have distinctive use cases, and Kimera aims to provide the perfect solution for both markets.

Since our aim is to make Crypto accessible to a mass market, our first focus is on the individual user.

Primarily the novice crypto user, a person who is less savvy of the ins-and-outs of Crypto. This person may not even know how to open a wallet. They do not know the difference between a “hot” and “cold” wallet.

They are not “in-it” as purists.  They want to take part in this new eco-system. We are there to take them through their first crypto steps. Kimera provides all the functionality the beginner user needs in their path of Crypto exploration.

Each transaction is signed offline on Kimera’s servers and is broadcast to the appropriate coin’s Node — already signed.  Furthermore, experienced users can use a “cold” wallet such as the one provided by Trezor.  In addition, we will soon be offering our customers the ability to save their own private keys. Kimera also provides experienced Crypto enthusiasts with the ability to conduct transactions between a cold and a hot wallet (in small amounts).  And, they can conduct a transaction directly or with multiple signatures (multi-sig).

Experienced users can also enjoy maintaining and transacting in ERC20 Tokens.

Kimera cryptocurrency tokensAs Kimera indexes each Blockchain separately, Kimera identifies if a wallet received Tokens from a specific address and can immediately reflect this in the recipient wallet, allowing users to simultaneously conduct transactions on the token itself.

And lastly, we are one of the few wallets on the market that allows customers to exchange crypto to crypto.

Security measures that bring users peace of mind

Kimera Blockchain Nodes are private to ensure security. We understand that our customers are concerned with the safety of transactions they conduct, so we made sure that the system is completely secured, having passed certification by organizations certifying banking security systems. All private keys are fully-encrypted and saved under the strictest security measures.  Kimera is also compliant with all banking payment protocols such as PCI-DSS, PMI and EMI licenses.

Kimera users can place spending limits on their accounts, identified by a mandatory 2-factor authentication process and wallet owners can choose additional users to have shared access based on policies (view, create or sign transactions).  We’ve developed an internal address book, which makes making transactions simple, fast, and secure.

Keeping an eye on transactions taking place on the blockchain and indexes transactions belonging to its users, is par for the course, therefore, we can send push notifications to wallet holders alerting them that an incoming transaction has arrived into their wallets. In short, we have worked hard to ensure that all transactions are conducted safely, giving the assurance, especially to novice users that their money is safe with Kimera.

Hidden benefits of developing an accessible wallet

We developed Kimera and released limited versions of the wallet, and soon thereafter began getting calls from companies who, like them, were looking at the Crypto world.

Without much marketing, companies of all shapes and sizes started calling us. They liked what they saw in terms of our wallet and its functionality, its intuitive design and ease-of-use so we decided to offer the entire platform as a white-label solution as well. Businesses were particularly attracted to us because our white-label solutions significantly shortens their time-to-market with their own products;— as they did not have to “re-invent” the wheel with their own wallet development. Instead, they have come to rely on the massive thought that went into the development of the Kimera wallet.

Takeaway

We see a bright future for our wallet.  Without cryptocurrency wallets, cryptocurrencies would be another great idea, but dead in the water.  We believe that wallets are the only way users will be able to adopt digital currencies. People need a way to access, store, send, receive and track their digital currency holdings. Thus, we offer accessible solutions for this to take place.

 

 

David Rainis

David is a serial entrepreneur with expertise in deployment of large scale systems in the international hi-tech markets; specializing in cyber blockchain, blockchain technology, cryptocurrency, video processing, DSP & image processing and communications. David was Co-Founder of Connect-TV, a leading international VOD (Video on Demand) system sold to SeaChange in 2009. David was Co-Founder & director at Proimage/Newsway (Tele-Press communication), and has worked as software team leader at Elbit Defense Systems & manager of a subsidiary company of Elbit in Singapore. David holds a B.S.C in Computer science from the Israel Institute of Technology (Technion)