Blockstream Wallet is a simple cryptocurrency app developed by Blockstream. As a non-custodial solution, it enables users to conveniently manage their crypto assets and obtain complete control over their funds. Released in 2019 as Blockstream Green, its ancestor is GreenAddress Wallet, which launched in 2016. Compatible with over 60 blockchains, including Bitcoin and Liquid-based assets. It allows cross-chain swaps, it offers a long list of other emerging cross-chain capabilities, and it’s available on mobile devices and desktop computers.
The wallet combines best-in-class UX design with biometric security and cutting-edge multi-party computation (MPC) technology. Blockstream Wallet has no KYC requirements. It enables in-app purchases via meld.io, which aggregates a handful of these third-party providers.
Blockstream Wallet supports two-factor authentication (2FA), giving you added protection against unauthorized access. It’s got multi-signature functionality, which means that you need two signatures to approve a transaction. Moreover, it has a highly secure key management system with an open-source codebase. Blockstream Wallet has received an average of 4.4 out of 5 stars on Google Play. It has a 2.0-star rating out of 5 on Trustpilot. Blockstream Wallet was conceived and developed right here in Victoria, BC, Canada. They have offices in Quebec, Canada and Mountain View, California. Blockstream Wallet co-founder Adam Back invented the proof-of-work concept that powers Bitcoin and other cryptocurrencies today.
Origins and Evolution
Blockstream Wallet was born out of a lineage of security-first cryptocurrency products. The multi-collaborative wallet then released in 2019 as Blockstream Green. This represented an important signal in the continuing development of the crypto asset management industry. GreenAddress Wallet, launched in 2016, set the standard for multi-sig security coupled with a streamlined user experience. Its innovations paved the way for the progress we’re seeing today.
The transition from GreenAddress to Blockstream Green and, eventually, to Blockstream Wallet signifies a commitment to innovation and improvement in the realm of digital asset storage and management. This is another sign that the company is committed to continue adapting to the needs of a growing and changing cryptocurrency user base.
Adam Back is the co-founder of Blockstream and inventor of the proof-of-work concept used in Bitcoin. He’s been an invaluable asset in joining the pieces of the vision and propelling the technological landscape of the wallet. His expertise across cryptography and blockchain tech is unmatched. This wealth of knowledge has contributed to the robust and secure nature of their platform, allowing for safer management of assets.
Features and Functionality
Blockstream Wallet is different from the ground up with a feature set that maximizes user security, flexibility, and experience. With support for more than 60 blockchains, such as Bitcoin and Liquid-based assets, plus numerous tokens, the wallet offers something for everyone—from crypto novices to expert traders. With the app's cross-chain swap capabilities users can easily swap a variety of digital assets seamlessly and effortlessly. This new feature makes the entire trade process more efficient for all parties.
The main reason Blockstream Wallet is unique is because it’s non-custodial. This innovative feature provides users with the utmost security and control over their private keys and digital assets. This user-focused approach greatly reduces the risk of third-party interference and puts users in control of their money. The wallet uses cutting-edge multi-party computation (MPC) technology, which shares key management responsibilities among multiple parties, making wallets even more secure.
Blockstream Wallet security features are top notch. Along with an easy-to-use interface, it enables in-app purchasing through meld.io, connecting users with hundreds of third-party providers. Beyond providing speed and security, this integration makes getting crypto easier and more accessible to anyone. The wallet is compatible with two-factor authentication (2FA) and a multi-signature feature, offering extra layers of security against unauthorized access.
Security Measures and User Experience
Security of users assets is the highest priority for Blockstream Wallet, it uses multi-layered protections to keep users’ assets safe. The wallet’s use of multi-signature adds an extra layer of security, where two signatures are needed to approve a transaction. This additional layer of security protects against misuse and accidental exposure. Its ultra-secure key management system of Argo makes sure that users’ private keys are stored safely and are completely protected from hardware or other potential threats.
Furthermore, Blockstream Wallet’s open-source codebase adds more transparency. This allows developers to audit and confirm the security of the wallet. This method builds trust and gets residents engaged in helping to find and fix at-risk vulnerabilities. Additionally, create a free wallet or download the wallet on mobile and desktop. This extends your digital assets with the unique flexibility and convenience that you can truly own and control.
In spite of this powerful security infrastructure, Blockstream Wallet is still hit with polarized reviews by the use base. It has an impressive 4.4-star rating out of 5 on Google Play. It fails in the customer service arena with a terrible 2.0 out of 5 stars rating on Trustpilot. Users are extremely disappointed with this product. Some developers have praised its ability to create a more secure and functional internet, while others have raised alarms over aspects of the user experience.
Regulatory Compliance and Privacy
Blockstream Wallet understands the importance of user privacy and operates without KYC (Know Your Customer) requirements. This commitment dovetails beautifully with the core principles of decentralization and anonymity that are dear to the cryptocurrency community. This method allows users to make transactions safely without disclosing sensitive information. That’s a massive selling point for a wide swath of people, especially those who value their privacy above all else.
Yet, the lack of KYC requirements introduces potential regulatory concerns. As such, governments and regulatory bodies around the world are intensifying their oversight of cryptocurrency operations. In response, Blockstream Wallet will have to change its policies to stay compliant with the rapidly changing regulatory landscape. Finding the right balance between user privacy and regulatory compliance will be key to maintaining the wallet’s long-term sustainability.
Blockstream Wallet is proudly developed in Victoria, British Columbia, Canada. It has offices in Quebec, Canada, and Mountain View, California. Being rooted in a recognizable geographic community offers a realm of certainty about existing legal boundaries and a platform to interact with regulators and the regulated.
The Competitive Landscape
Blockstream Wallet has plenty of competitors to watch out for with thousands of wallets available for users. These wallets provide several functionalities and they meet the needs of various segments of the cryptocurrency market. Notable examples of competitive products include hardware-based wallets, software-based wallets, and exchange-based wallets.
Hardware wallets, like Ledger and Trezor, offer some of the best protection available since they keep all private keys stored offline. Software wallets, such as Electrum and Mycelium, offer a balance of security and convenience, allowing users to access their funds from their computers or mobile devices. It doesn’t help that exchange-based wallets like Coinbase and Binance focus their interfaces on an easy way to buy, sell, and store any crypto you want. To use them, you have to trust a third party with your funds.
Blockstream Wallet’s primary differentiators are its security commitments, user control, and total support for Bitcoin and Liquid-based assets. Its multi-signature feature, secure key management system, and open-source codebase make for an incredibly powerful combination to keep users’ assets safe. The wallet’s non-custodial nature and absence of KYC requirements are further attractive features for privacy-minded users seeking to regain control over their assets.
Future Developments and Roadmap
Blockstream Wallet is dedicated to a culture of continuous development and innovation. The company has a roadmap for additional features and enhancements to build the right user experience and expand the wallet’s capabilities. As we grow, we hope to expand to more blockchains. Beyond that, we want to connect to decentralized finance (DeFi) platforms and add privacy features.
The company is currently looking into making the wallet more scalable and performant. As you may know, the cryptocurrency market is exploding. Because of this Blockstream Wallet needs to stay ahead by handling more transactions and more active wallets. The company seems to be investing heavily in R&D. This added focus will make the infrastructure for the wallet more stable and scalable, allowing it to be better positioned to handle future needs.
Blockstream Wallet’s roadmap will be heavily focused on community engagement and collaboration. The firm is inviting the public to give them feedback and help shape what the wallet should look like. By emphasizing collaboration, this administration’s approach prioritizes the needs of the cryptocurrency community. It constantly returns the wallet to the proverbial bleeding edge of innovation.
User Reviews and Community Feedback
As always, user reviews and community criticism will shed light on what Blockstream Wallet excels at and what it needs to make it a true competitor. The wallet has a 4.9 rating in over 50K downloads on Google Play. In recent months, Trustpilot users have voiced concerns about the user experience on the platform. These concerns range from transaction speeds to customer service to the complexity of some features.
The good news is that Blockstream Wallet is hard at work on all these fronts making the user experience as intuitive as possible. The new name reflects the company’s commitment to providing fast, effective customer service. Beyond that, they’re investing to simplify the wallet’s interface, creating a seamless experience for new users and expanding their reach even further. The company has several other initiatives underway to make transactions faster and cheaper.
The Blockstream community has a huge part to play in determining the ongoing development of Blockstream Wallet and we want to hear your ideas! This is an innovative company that really listens to their customers, and they want to hear from you. This comprehensive, collaborative approach ensures that the community’s needs come first. This way, the wallet becomes a true, useful dashboard for your emerging world of digital assets.
Security Audits and Vulnerability Disclosures
Blockstream Wallet is subjected to third-party security audits to ensure any exploitable vulnerabilities are discovered and mitigated. These audits, which are a common practice for large DeFi protocols, are carried out by independent third-party security firms that specialize in cryptocurrency security. Each wallet undergoes audits that review their codebase, infrastructure, and security protocols to make sure they are aligned with industry best practices.
Blockstream Wallet has a responsible disclosure program that provides a bounty to security researchers that discover and report vulnerabilities before public release. The company treats such reports with urgency and strives to act promptly to fix any issues that are reported. The company issues periodic security advisories specifically to let users know about emerging threats. They provide detailed instructions on how to maximize asset protection.
The company's commitment to security audits and vulnerability disclosures demonstrates its dedication to protecting users' assets and maintaining the integrity of the wallet. By taking this proactive approach, the risk of having a security breach is greatly reduced. This means that users don’t have to depend on the security of Blockstream Wallet to trust it.
