The Pillar Wallet: Decentralized, Non-Custodial, and Open Source

Written byJack BassJuly 13, 2021
Our three-pronged approach to a multichain crypto wallet that prioritizes decentralization, security, and community establishes the Pillar wallet as the go-to solution for all user profiles.

Pillar.fi open

Pillar’s multichain crypto wallet is decentrally governed, non-custodial, and open-source. Here’s why this powerful combination is best for crypto wallet users:

DAO Governance

Pillar’s transition to operating as a Decentralized Autonomous Organization (DAO) will truly put users in charge of the product.

Here’s how it works:

  • DAOs are collectively run and member-owned with no centralized leadership.
  • Anyone anywhere can participate in their management and growth.

DAOs are governed by an automated set of rules embedded into self-executing computer code. The code’s rules are decided upon by governors appointed by the community, and any changes to the rules are decided on by vote.

Since everything is recorded on a blockchain ledger, changes to the code can be seen by everyone. In addition to its transparency, this approach ensures privacy and security and has additional benefits like faster transactions and implementation of proposed network changes, as well as drastically reduced management costs.

Pillar’s transition to DAO governance will allow for greater transparency and efficiency across the Pillar ecosystem and has inspired a number of changes to the project’s architecture. 

Verified on Uniswap, Quickswap and PancakeSwap, the PLR token is now a governance token. Ownership permits users to have a direct impact on how the DAO is run and what initiatives it funds. It takes 10,000 PLR tokens, or 100 LP tokens, to become a governor.

Anyone interested in the DAO can join Pillar’s Discord channel, which leads to Pillar’s ‘Governors’ House’ – a token-permissioned chat that serves as the entrance to the first Governance venue.

Pillar governors are also responsible for the DAO’s treasury management and have the budget to deliver features and partnerships that boost the growth of the project and its product suite. A key principle of the Pillar DAO is the commitment to allocating 100M $PLR to the DAO treasury, which can be used to fund development initiatives. 

Plus, usage fees earned by Pillar are distributed and managed by Pillar DAO members who act as the treasury managers.

Non-custodial

The non-custodial foundation of the Pillar DeFi wallet further bolsters the strength of Pillar’s DAO. A non-custodial wallet lets users access all their crypto assets with private keys, rather than entrusting them to third parties (banks, governments, or corporations).

With Pillar, users finally have real ownership and control of their crypto assets. Not only that, users’ privacy remains intact as no personal information is required to sign up – just an anonymous key code.

Open-source

Pillar’s open-source codebase is the third prong of its approach to crypto wallets.

When code is open-source, anyone can view it. By allowing everyone to contribute and suggest improvements, product updates can be implemented quickly and adapt to users’ changing needs. And since anyone can check that the code is doing what it is supposed to do, there is no risk of being locked into outdated processes that often occur with proprietary software. With open-source, the possibility for customization is endless.

Conclusion

So there you have it, our three-pronged approach to a multichain crypto wallet that prioritizes decentralization, security, and community.

We are always on the lookout for ways to improve our product and build community. And we hope these features provide the foundation for this to happen organically, transparently, and efficiently – but they are far from being our last word on creating the easiest and most affordable multi-chain crypto wallet available today. 

By putting users in control, and empowering them with information, we have found a way to continue to deliver high-power solutions to a constantly evolving landscape of needs, threats, and opportunities. 

Please join us on this exciting journey as we roll out new features for Pillar V2. Find us on Discord to continue the conversation!

Download Pillar for Android or iPhone.