The most relevant news in the crypto sphere during the first quarter of the year has been around hacks, with thefts that represent more than $16 million dollars [Cryptopia, January 13], as well as “lost” funds due to human error [Coinbase, 7 March]. So, apparently, the better solution seems to be the dedicated Hardware Wallets. But is it really?
After trying several options, one caught our eye: Monarch, an application that offers the best of several worlds, in addition to a sleek interface and a user base of +200K.
The wallet for kings
The concept of Monarch is reflected by its name: be the king or queen of your money. A financial solution, anywhere in the world, right in the palm of your hand.
The application is easy to install and can be found in the most important App Stores. The rest of the process is almost intuitive. Monarch generates 12 words to use as a seed, which gives you access to your account, allowing to restore the wallet in case you change devices, this seed will be the user’s responsibility since the developers behind the app do not store any of the user’s information due to its Decentralized nature.
Once all this is done, Monarch will ask you for a 4-digit pin, a solution that may feel odd, but the team behind the app has mentioned that they expect to introduce biometrics in the app within a month.
Be your own bank
We depend on external criteria for how and when we access our assets, sometimes, even with transaction limits in between.
With Monarch, this works completely different.