Ambire Wallet has some new ideas about what a crypto wallet should be. It is open-source and has been built to target security, with multiple audits being conducted on both the smart contracts and the UI.
This crypto wallet is the first non-custodial open-source wallet with email registration so that users don’t need to worry about seed phrases, but still have full control over their wallets.
Let’s take a deeper look at Ambire Wallet, and all the great features it offers!
What is Ambire Wallet?
Today, crypto is accepted more widespread and wider marking a new era for the global economy.
The crypto industry has been booming as a potential area which is opening tons of opportunities for investors to earn money in addition to the traditional ways such as stock.
Since Ambire is open source, even if Ambie is down for some reason, users can still have their wallets self-hosted.
Like a wallet to protect your cash and credit cards, you also need a place where you’re going to store your wallet.
In simple terms, while a regular wallet stores physical currency when you’re not using it, a cryptocurrency wallet is a place to store your digital currency.
While most non-mobile crypto wallets are browser extensions, Ambire Wallet is a new generation cryptocurrency wallet that is launched as a web app.
It has full features which are designed for anyone from the beginner in crypto to the savvy users in crypto and DeFi usage.
Keep Your Options Open
Technically, crypto wallets do not store your crypto as your holdings are kept on the blockchain and can be accessed by using a private key.
Your keys present your ownership of your digital asset and allow you to make transactions. As such, if you lose your private keys, you lose access to your money.
On the other hand, trusting sketchy cryptocurrency projects or websites that want to connect with your wallet or sending cryptocurrency to fraudsters makes your crypto wallets more likely to be hacked.
Meanwhile, the platform is trying to tap on these problems that other wallets aren’t solving well.
Ambire protects users from malicious actors by parsing transactions in a human-readable way and labeling known contracts, skips token approvals by batching transactions, as well as makes it easier for users to keep funds on several networks.
Previously known as AdEx Network, Ambire is the result of the AdEx team’s efforts and research for 5 years.
The team created Ambire Wallet, a DeFi wallet that became the flagship product of the company, and hence it was rebranded to Ambire.
To date, Ambire Wallet has seen 42,000 wallets registered and has raised USD 2.5 million from investors.
Ambire Wallet: Key Features
Ambire Wallet is created with a range of innovative features such as hardware wallet support for Trezor and Ledger with Grid and Lattice1 are coming soon.
In addition, the ability to connect with any dApp through WalletConnect, automatic transaction fee management, and paying transaction fees in stablecoins is great to see.
Additionally, the platform offers a dashboard that automatically displays all your assets, including tokens, NFTs, and deposits to DeFi protocols.
Being a web-based wallet allows Ambire to be convenient to access at any time from anywhere.
You can purchase crypto with fiat or send crypto directly to your wallet when you want to fund your Ambire wallet.
Because Ambire is connected to various networks such as Ethereum, Polygon, BSC, Avalanche, and Fantom that allows you to easily receive and send tokens.
Some features intended for beginners in the crypto industry like the ability to sign up with an email or password without compromising the non-custodial nature of Ambire, and fiat deposits.
Meanwhile, savvy users are offered the ability to do multiple actions in one transaction, the automatic protection of frontrunning via Flashbots, along with multiple keys which can be used to control the same account such as a hardware wallet and software wallet.
$WALLET is the first governance token on the platform.
Therefore, token holders can vote for future developments and put up proposals, as well as, get incentivized for usage. The users who early take part in the Ambire Wallet will get $WALLET through a long-term distribution mechanism.
Based on its design, users are incentivized with a constant airdrop, therefore, users receive the native $WALLET token while they keep their money in Ambire wallet.
In other words, anyone with a balance in their Ambire wallet will proportionally to their balance receive $WALLET.
1 billion are supplied and are distributed as follows:
- 12.7% to the early backers with 1-year linear vesting.
- 10% to the team based on a merit basis with 3-year linear vesting.
- 10% to ADX stakers.
- 30% allocation for early users and stakers, distributed over 4 years.
- 35.5% allocation to the DAO
- 0.6% for initial liquidity on Huobi Primelist.
- 1% for marketing activities.
- 0.2% for market making.
WALLET holders can stake their tokens on a single staking pool, and in return, they’d get xWALLET which is a token representing their share of this pool.
Additionally, WALLET holders can participate in providing liquidity to a variety of third-party protocols to earn various token rewards.
In the beginning, 1 xWALLET could equal 1 WALLET. Then, when the pool receives staking rewards, 1 xWALLET could equal more than 1 WALLET. For example, if the pool accrued a 10% yield in the first year, 1 xWALLET would be worth 1.1 WALLET.
To leave the pool, there will be a cool-off period of 20 days.
There will also be a “rage quit” option, where you can leave the pool immediately, but you’ll lose 40% of your stake, which will get distributed to other stakers.
Any WALLET sent to the staking pool automatically gets distributed proportionally between active pool participants as a reward, making the wallet users be able to receive rewards from multiple sources such as fee revenues or DAO decisions.
How Password/Email Accounts Work With Ambire Wallet
The authentication mode is non-custodial and it works through an on-chain 2/2 multi-sig.
There are two keys, with one stored in the Ambire backend through HSM, and the rest is in the browser storage and encrypted with your password. You will need the two keys to access funds in the Ambire Wallet.
The Roadmap For 2022
In Q1, the platform is going to introduce its mobile app which is designed with the same features as the web app. There’re additional extra goodies such as biometric authentication and utilizing the iOS Secure Enclave.
The Ambire mobile app will be available on both iOS and Android.
In Q2, a decentralized autonomous organization governed and owned by WALLET token holders, WalletDAO, is going to be launched to govern Ambire development and integrations.
In Q3, the Ambire card will be released and operate in a semi-custodial manner. As such, users will be able to deposit funds into a vault and access those funds at any time, except for the blocked “debt” amount that they have spent.
They will be able to repay that amount by using the collateral or different funds. The card not only will be completely optional but also require KYC in case you want to enable it.
In Q3, you should be able to use a swap tool that resembles one like SushiSwap. The team promises to implement an innovative plugin system that will enable any DeFi protocol to integrate with Ambire.
Also, the plugins will be combined with WalletDAO and allow token holders to vote for them.
Ambire Wallet: A Great Idea That Keeps Growing
You can see that wallets are an essential part of the growing crypto space and Ambire Wallet may be the most user-friendly wallet among others.
The wallet comes with features that are about to set new industry standards for usability.
In Italian its name means “to aspire, aim, strive”, Ambire is changing the space by combining ease of use with security and power.