It’s official, we’ve launched our Smart Wallet, along with a range of new features and integrations designed especially to make your crypto journey hassle-free and enjoyable.
This is a huge step towards our goal of making interacting with the Web3 ecosystem as safe, simple and secure as possible.
Since smart-contract based accounts allow us to offer better security, and more flexibility, it made sense for us to transition our accounts from traditional key-based wallets, to super-charged, smart-contract based wallets.
With your new Smart Wallet you’ll get:
The Pillar Payment Network (PPN) is our homegrown solution that acts as a side-chain to the main blockchain. It solves common issues with making transactions on-chain like slow processing times, high gas fees and privacy risks.
The PPN makes transactions:
💸 Free (no fees)
You’ll only ever pay to open and then close your payment channel. That’s just two transaction fees for the potentially unlimited amount you make in between.
As your transactions are offline (off-chain), they are completely private. There will be no official record of your transactions.
If you’re to make a regular crypto payment now, how fast your transactions are processed will depend on the state of the blockchain. With payment channels, you can transact as often as you’d like, with all transactions logged instantly off-chain.
Using payment channels, we use digital signatures to prevent double spending and fraud.
But that’s not all - this update comes with many amazing features and improvements to the Pillar Wallet experience….
Many Web3 platforms only accept one or few types of digital currency, such as Bitcoin or Ethereum, so it’s often impossible to interact with these platforms unless those currencies are directly owned beforehand.
Through the Pillar Payment Network, users will be able to finally experiment with the “meta-token” properties of our native token, PLR. But that's not all, it unlocks what we call a “Multi-Asset Transfer”.
The PPN allows compatible tokens to be sent directly via PLR. It does this by creating a synthetic asset — a representation of a certain amount *equivalent* to the denomination in the chosen currency.
In other words, PLR can be used to make transactions with any platform, without worrying about which token that platform accepts.
All you need to do to access this amazing new feature is fill up your PLR Tank. Then, whenever you want to make a payment or transfer coins, you can do so without needing to swap your existing tokens.
By using smart-contract technology to turbocharge your wallet, we’re making it easy to keep your digital assets safe. With your Pillar Wallet tokens are stored in the blockchain cloud (software), instead of on your phone (hardware).
This change will make it super easy to restore your Pillar Wallet and gain access to your funds should you lose access to your phone. You’ll still have full control over your funds, but your phone will only be used to access and manage all of your assets, rather than store them.
When you upgrade to your Smart Wallet, you’ll also be issued your very own pillar.eth address thanks to our recent integration with ENS! We’re issuing all users a subdomain based on their Pillar username.
It will look like this: yourusername.pillar.eth
So now, every user will have an ETH address that is easy to read, type and share, making sending and receiving any ETH-based asset much simpler. This is a universal address that works across multiple platforms on top of ETH network.
We’ve been working hard to make sure that the Pillar experience is as smooth and enjoyable as possible.
Dark mode is finally here, plus the entire wallet has undergone a design refresh to make your crypto journey even more seamless.
[EDIT 12/09/2020: With the release of version 2.19. we’ve decided to temporarily stop subsidizing the deployment of Pillar Smart Wallets. We intend to resume this once network congestion is lower, and will keep you updated on any and all changes.]
For our existing users, all you need to do is follow these simple steps, and in a minute or so you can start enjoying your Smart Wallet.
Then you’re done, you can immediately start playing with the Smart Wallet.
Enjoy exploring the world of Pillar!