Lumi Wallet Announces That it is Now Officially Open-source

Place/Date: - May 7th, 2020 at 9:00 am UTC · 3 min read
Contact: Lumi Wallet, Source: Lumi Wallet

After months of hard work, Lumi Wallet announces that it is now officially open-source. This means that the wallet’s code is open for inspection by anyone interested and can be revised on GitHub. For any type of software, going open source indicates a certain level of maturity and trust in the developed product.

Why it is Important to Use Open-source Software

Open-source software, first and foremost, is about trust, security, and the decentralization of efforts – the basics that are ingrained in the idea of blockchain technology itself. “Proprietary” or “Closed-source” software code is available only to the authors of software, therefore when you are using a program, you don’t really know exactly how it was built and what happens “under the hood” of the interface.

The main point of this is to establish control over source code and intellectual property, but when only 100 developers have access to the code instead of millions, there are more chances that bugs will be fixed at a much slower pace and the overall improvement of the system will slow down dramatically. Therefore, for every proprietary software like Microsoft Word, there is at least one LibreOffice on the open source side, and advanced users usually prefer the latter, choosing openness and freedom over the respectability of corporate giants.

Why Lumi Wallet Chose the Open-source Model

Lumi stands for decentralization and collective effort. Open-source and blockchain tech go hand in hand, and there is no better way to prove the transparency, security, and reliability of software than to go open-source. The code is open for revision by any developer out there and it is just the beginning of the long road of technological evolution, but the fact is going open-source proves the trust a developer puts in their software.

About the Wallet

Lumi Wallet has come a long way since the release of the wallet in 2017. The wallet is now available on Android and iOS, and there is a web version as well. It supports BTC, BCH, ETH, EOS and more than 1200 ERC20 tokens. The wallet has an in-wallet exchange and allows the withdrawal of crypto to a credit card.

To keep up with the latest developments and special offers, you can follow the Lumi team twitter or blog. Also, if you have any questions or suggestions about the wallet, or just want to say hi, you can contact the team directly at [email protected].