Lotus Wallet is a cryptocurrency wallet designed for the self-custodial storage of digital currencies, featuring an internal exchange service. Cryptocurrency enthusiasts are well aware that digital currency exchanges are not the ideal places for long-term storage of crypto assets. This is primarily due to the fact that the custody and management of private keys are in the hands of these platforms, and in the event of a security breach, the assets of all users are susceptible to theft.
Lotus Mobile App
Lotus Wallet mobile application is a non-custodial crypto wallet designed to securely store a wide range of crypto assets. Non-custodial implies that the private keys and wallet recovery phrases are exclusively generated on the user’s mobile device and will not be stored in any other server. In essence, users are the sole individuals with access to their cryptocurrency assets and have the ability to transfer them. This is the most significant distinction of non-custodial wallets compared to centralized exchanges.
Features
1.Support various chains and tokens
Lotus Wallet initially supports a variety of well-known cryptocurrencies in crypto market. including Bitcoin (BTC), Ethereum (ETH), Hekas (HEKAS), Tron (TRX), Binance Smart Chain (BNB), Litecoin (LTC), Avalanche (AVAX), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Pax Gold (PAXG), Chainlink (LINK), Uniswap (UNI), and hundreds of other tokens. As the project progresses, the number of supported networks and tokens will likely increase.
Experienced users may not have heard of the Hekas Chain until now. Hekas is a new blockchain that is compatible with the Ethereum Virtual Machine (EVM), decentralized, exceptionally cost-effective, and fast. It serves as a platform for implementing various cryptocurrency projects or decentralized applications (DApps). Further details about this blockchain will be explored in the following sections.
2.Built-in Exchange
The most distinguishing feature that sets Lotus Wallet apart from popular wallets like Trust Wallet, Atomic Wallet, and Exodus is its capability to exchange various cryptocurrencies within the application’s exchange section. It serves as a place for instant exchange of various cryptocurrencies, where all transactions are automated through smart contracts.
To ensure liquidity in the exchange section, Lotus Wallet collaborates with LiquGate, a liquidity providing company. This collaboration enables users to sell their desired cryptocurrency for Tether (USDT) or any other cryptocurrency at any given moment.
3.Staking
Blockchains based on the Proof of Stake (PoS) consensus model have a feature known as staking, where users can actively participate in securing the network by purchasing and staking the native coins of that network. By staking, users contribute their coins to the network for processing block transactions. In return for this participation, users receive periodic rewards.
In the staking section of Lotus Wallet, users can stake their HEKAS coins and gradually increase their HEKAS holdings over time. This method, known as Offline Staking, ensures that no coins are moved or transferred out of the user’s wallet, and there is no locking period for the staked coins.
In this process, users declare their intent to participate in the consensus process by sending a transaction to the network. The sent transaction triggers the execution of the smart contract code related to offline staking on the Hekas blockchain. Subsequently, the network, at various intervals and based on the user’s wallet balance, utilizes the credibility of the coins in that wallet to validate block transactions. As a reward for this participation, users receive HEKAS coins.
Security
The most crucial aspect of the security of a cryptocurrency wallet is the management and storage of private keys and account recovery phrases. In contrast to exchanges and other custodial platforms, a decentralized and non-custodial wallet like Lotus Wallet should have no involvement in maintaining users’ assets. This is only possible when private keys are exclusively stored on the user’s mobile phone.
When creating an account in the Lotus Wallet application, the program presents you with a 12-word English phrase known as the recovery phrase and asks you to securely note them down and keep them safe. Under no circumstances should you make your recovery phrase accessible to others, as anyone with knowledge of the recovery phrase can easily transfer assets associated with that account.
It’s important to note that recovery phrases are not stored on Lotus Wallet servers; they are only retained on the user’s mobile device. Therefore, as long as you remain vigilant about these recovery phrases, your assets will be completely secure.
