MyLilius Wallet

What is a wallet?

You’ve probably heard the term wallet used in many different ways such as:

  • Crypto Wallet
  • Web3 Wallet
  • DeFi Wallet

This terminology can be confusing. However, it is important to know that they are all the same. A crypto wallet is similar to a normal wallet in the sense that it allows you to access your funds; however, the way access to those funds is achieved is slightly different.

Where a wallet that you carry around everyday contains different cards and forms of identification; a crypto wallet is your identification and “cards” all wrapped up in one. This allows individuals to not only utilize their assets such as cryptocurrency right from their wallet; but accessing applications and services in Web3 is also done directly with a crypto wallet.

To get started in the world of Web3 the first thing you will need to do is create a wallet. MyLilius makes it easy to create a wallet in less than 2 minutes. Get started today.

Overview

The MyLilius Wallet has been designed and built from scratch (it is not a copycat of anyone) in a way that is simple for novice users while still maintaining the existing feature set expected in a wallet for experienced Web3 users.

The core feature set that MyLilius includes that comes standard in wallets is the ability to:

  • Create an Ethereum Account
  • Send, Receive, and View Cryptocurrencies
  • Connect to dApps (currently through WalletConnect)

Additionally, the MyLilius Wallet has key features that are designed to make using Web3 an entirely new experience. The most important addition the MyLilius provides is a merged network architecture. This means that ALL of the supported blockchains in the application are available to the user at any given time without having to manually switch. This is a huge step forward in the space and is only available through the MyLilius Wallet.

For example, if an individual has a balance of 1000 USDC, with 500 USDC on Ethereum, 250 USDC on Polygon and 250 USDC on Europa they will be able to view their entire USDC holdings on one screen. Additionally, this same individual will be able to send USDC from any network without having to manually switch between the networks.

The MyLilius Beta will launch with support for four Test Networks: Rinkeby (Ethereum), Mumbai (Polygon), BNB Testnet (BNB Smart Chain), and of course MyLilius Testnet (SKALE Chain).

The MyLilius Wallet will launch into production with support for a variety of Ethereum based networks such as Ethereum itself and BNB Smart Chain. Additionally, the wallet will fully support ALL of the SKALE Network chains allowing for users and dApps on SKALE to freely pick up on a much easier experience.

The MyLilius team plans to support every Ethereum based blockchain. Networks will be added on a rolling basis to meet this goal.

DOT Name Service (DNS)

If you have ever sent or received cryptocurrency or an NFT you know how nerve racking it can be. If you have not, the first thing and most important fact you should know is that transactions can not be reversed. If you send your crypto to the wrong person then it is up to them to return it. When you send crypto you must use something called a public address to determine who the crypto goes to.

Here is an example of a public address: 0x2c20Ef3fc0248FCA2DC57bcb202F2CAe504A9A66

In contrast, with the DOT Name Service you can use someone's DOT name to find their proper address.

Here is an example: LordGandhi

The DOT Name Service (DNS) is not an entirely unique solution. There are solutions that provide similar functionality such as the Ethereum Name Service (ENS). DNS differs from ENS and the majority of the name service providers in the following ways:

  • Immutable Ownership - DOT Names once selected cannot be changed (right now) or transferred
  • Singular Ownership - Each DOT can have one name and one name only
  • No Extensions - DOT names do not have an extensions like .eth or .btc
  • Cost Effective - DNS is built on SKALE. The only fee you pay is to the DNS contract to facilitate updates. No more gas fees to handle your identity.

These differences enable users to guarantee that using a DOT name allows them to get their funds to the recipient in a way that is safer than the current solutions on the market.

Additionally, the MyLilius Wallet and the DNS will continue to evolve to include the other name services both directly and indirectly.

Lilicoin

Lilicoin (LILI) is a cryptocurrency under the ERC-20 standard that will power the MyLilius ecosystem. Individuals will use Lilicoin to interact with DOT Technology, the DNS system, and other applications within the ecosystem. Lilicoin is a token that is initially provided to individuals and available to be obtained based on continued contribution to (the MyLilius Ecosystem or DOT Tech as a whole).

LILI is designed to be used as the token for all actionable items within the ecosystem. This can and will expand to other applications from both the MyLilius team and the greater Web3 community.

Conclusion

The MyLilius Wallet is a unique solution to a problem that nearly everyone that interacts with Web3, blockchain, cryptocurrency, etc has; it is too difficult. With a focus on making your experience better we believe that using the MyLilius Wallet will make individuals begin to use Web3 like they do the rest of the internet.

Author: LordGandhi

Date: 05/31/2022

Article #: 3

Article: MyLilius Wallet

Collection: MyLilius Core Collection