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Existing Wallets
We’re looking only at mobile wallets for now. Many wallets have exchanges built in, and while a wallet is a product, an exchange is a service. This immediately makes the wallet more complicated. A wallet that interfaces to the banking system will need a KYC database and process. A wallet that is purely crypto has no accounts.

Here are some existing wallets to look at, you can find them in the App/Play stores:

The Lykke wallet – includes exchange, KYC, and banking transfer
The Jaxx wallet – only crypto, uses Shapeshift for exchange
The ImToken wallet – crypto only, no exchange
The Exodus wallet – crypto only, uses their own exchange
CoPay wallet – Bitcoin only, no exchange
Coinomi – many coins, “source available,” uses Shapeshift
What is Atomic Ownership?
It’s critical to understand atomic ownership and how it’s implemented. With Lykke and Jaxx wallet, you hold the private key on your phone and the company doesn’t have it. With the Coinbase wallet, you are just logged into your Coinbase account and don’t have your private key – that’s not atomic ownership. There are three kinds of atomic ownership:

Self storage: You are responsible for your own private key. You lose your key, you lose your assets. This is what the Jaxx wallet does. Unfortunately, most consumers need more help than this.
2-of-2 multisig: You and the exchange both hold half of the key. It takes BOTH sides to make a transaction go through. Lykke implements this. That means Lykke is required for any transaction. Periodically, Lykke sends a “keep alive” message to the smart contracts that manage the multisig. If the smart contracts don’t see that message, it means the exchange has been compromised, and it sends all people their assets to a predefined “refund wallet” that they have control over.
2-of-3 multisig: Requires three keys: The exchange holds one, you hold a private key, and you or a third party backup service holds a recovery key. Two of these keys are needed to perform a transaction.
You can learn more about multisig wallets online. Here are some good resources:

Stay tuned,
David Siegel and the Pillar Project Central Services Team

BC500 28.08