The Mysterious and Elusive iEthereum Wallet

Currently, in this space you can not trust the centralized exchanges to custody your crypto. We have seen this with many as examples dating as far back as Mt. Gox to more recently with FTX. With many in between. They do not hold the amount of crypto 1:1 with there user funds. This is a concern when your talking about a system that needs faith and trust.

The alternative is to self custody which is what many of us teach and preach. “Not your keys, not your crypto philosophy.”

With this method it is hard to stay up to date with the best practices of self custody as the technology is advancing faster than what most people are willing to put the time in to learn. Myself included. “Get outside” is my motto. As soon as you buy a new Ledger, you read online that there is an exploit. The next time you use your Trezor they want you to update your software. You log into your Metamask and the browser extension was updated and you need to input your seed phrase to reinstall, which then you have “technically” compromised your entire wallet. This is a concern when your talking about creating a system that needs trust and faith to exist.

We get it. Your freedom is not free. There is a cost.

What is that cost?

With the cost of convenience, you have the chance that an exchange/ custody holder is not fiducially responsible with your assets or possibly a gatekeeper. With the cost of personal responsibility in self custody; you have the added cost of security and the possible expense of misplacement, mismanagement, misfortune such as a fire, flood or theft.

These problems exists today. This choice exists today. This opens the door for a solution. It is human nature to want and enjoy convenience. I see this persisting; even more so when the technology prowess surpasses the technical know how or desire of the common person.

If this new system does not offer comfortable, secure convenience; I see the majority of people choosing precious metals such as gold or silver over cryptocurrencies in a preferred self custody scenario. That is my opinion.

However, if there becomes a trusted third party that can provide comfortable, peace of mind, security and convenience, not just in being the custodian of said digital assets but also in function and use; they will be the winners of this new system.

There are many things that I do not like about Apple. However, Apple as well as a handful of others, could provide this solution. They are positioned well. They are not only poised for the opportunity to provide security and convenience in digital asset custody, but they also have the ability to add functionality and use case to any wallet they develop and/or service they offer. Enter iEthereum stage right.