Nowadays, mobile devices are increasingly becoming part of our everyday lives. Smart tools and smart applications gradually become ubiquitous, while we barely begin to understand the implications of smart money permeating the ever-growing network of communications. Mobile wallets are undeniably a key element for the expansion of the Bitcoin space.
Coinomi is an exciting project gaining traction in the spectrum of mobile bitcoin wallets. Not only it’s designed to be extremely easy and intuitive to use, but it also offers convenient features such as automatic internal exchange (through Shapeshift), multiple languages, HD mnemonic backups, and the most important of all: support for over 27 different cryptocurrencies.
Coinomi is currently only available for Android, although its team is already working to release a desktop version for Windows, Linux and Mac anytime soon. Source code is publicly available at github.
One of the most relevant features of Coinomi is the support for a great deal of different cryptocurrencies, including Bitcoin, Blackcoin, Cannacoin, Clams, Dash, Dogecoin, NuBits, Peercoin, and many others.
The Coinomi development team is constantly adding support for more coins, as its goal is to offer the most powerful universal wallet in the market. Additional coins can be added by modifying the proper parameters to Coinomi configuration files. However, not all types of coins can be easily added; for more detailed instructions, consult the official site.
Exchanging funds between different currencies couldn’t be more straightforward. As Coinomi is fully integrated with Shapeshift, users can easily exchange between currencies without them needing to personally buy or sell anything.
Conversion among currencies is instantly done within the app
Shapeshift integration even allows to send funds from any currency to a Bitcoin address. The conversion is done automatically.
It’s important to note that this service is not completely free, as Shapeshift charges a fee every time it converts from one currency to another. According to Shapeshift, these fees are dynamically adjusted, and they usually oscillate between 0.5% and 1%.
Another interesting use of this service is that the volatility of many coins can be circumvented by converting them to NuBits, which is a currency pegged to the US dollar at a 1-to-1 ratio. Funds therefore can be “locked” without leaving them exposed at an exchange.
One time Backup
Coinomi is a Hierarchical Deterministic (HD) wallet, which means it’s able to generate a huge number of different addresses from a single seed that can be backed up as a mnemonic word list.
In this case, Coinomi also implements the Multi-Account Hierarchy Protocol (BIP44), which allows to create a single backup for all wallets, even when dealing with different currencies.
This is one feature that surely adds in practicality, as users don’t have to worry about securing each wallet. Only one backup will suffice.
Backups are saved as mnemonic word lists, as defined in BIP39
Coinomi is clearly attempting to be the “one wallet to rule them all”, and it’s so far wonderfully succeeding at it.
Coinomi is a simple yet very convenient wallet. For users of multiple currencies, the possibility of handling them all through a single application is worth gold, especially when you’re also able to seamlessly convert from one another.
Also, Coinomi is very secure. Private keys are never transmitted outside the mobile device, and IP addresses are completely hidden when pushing transactions to the network.
Apps like these reveal the not-so-distant scenario where this fascinating technology is at the reach of everyone.
For more information, visit the official website.