Sunday, July 2, 2017

Pillar: The Wallet for the 21st century

 




The Pillar Project is a fresh take on the digital wallet phenomenon that has been popularized due to blockchain. The upcoming wallet encourages atomic ownership - the storage of keys on a user's device rather than in third-party databases. This effectively solves the issue of cyber security - users no longer carry the risk of being compromised while under the guard of third parties. However, the wallet idea is not new Pillar Project is unique because it seeks to incorporate more into a wallet than cryptocurrency keys - rather, it is hub for everyday life.

Basic extensions are the more familiar aspects of Pillar: automated smart contract search, shopping integration, fiat exchanges (collaboration with banks), and identity services. These programs will require cooperation with software companies, crypto currency exchanges, and banks. This in itself will be difficult; the new project will have to prove its worth, on uncertain grounds, to survive. Pillar could crash and burn before it even begins to operate, if it is rejected by other parties. Still, early success will lead to everyday integration, including employment, apartment leases, medical data, etc. Anything has the potential to be on Pillar, which makes the project exciting. When comparing this project to other project one must agree that the founders of the Pillar project really try to make something new. Gaining traction and thus adoption means having a user friendly wallet is key, a lot of projects forget that innovation is important, but adoption is key. And here we finally have something that has it's focus on the right aspects. Now we just have to see if the team behind the Pillar project is able to execute this properly.

An issue still exists with keeping track of the one private key - it will have to be kept safe. If compromised, users could lose their entire digital lives. However, atomic ownership means that security is in the hands of the wallet owner, not a dubious third party. One can take as many precautions as desired. Pillar Project mentions hardware solutions for safety in its whitepaper, but it has yet to address the issue definitively. Another accolade for the Pillar system is the usage of a single, universal coin: the Pillar token. Some additions of data to the Pillar wallet would cost tokens.

However, most usage would not incur fees. Exchange fees, for example, would merely detract from crypto currency balances. Of course, the issue persists that services must accept the usage of Pillar tokens before users can benefit, another collaboration barrier. The project can only extend as far as companies will participate. Despite the challenges, Pillar's end result is hopeful. For everything to be in one place, not held apart by endless accounts, is liberating. Ease of access would no longer be an issue. The future appears streamlined, not just within crypto currencies. Pillar Project has great potential to be more than a wallet - a personal data locker. But this goal may only be reached through collaboration, something hard to get by in an era of distrust. The ultimate fate of Pillar Project is yet to be seen - its ICO is yet to come.

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