Warning: we are not talking about lobster recopies in this discussion. Now that we have addressed that obvious confusion, let us talk about what Lobstr is. Well, Lobstr is one of the easiest and most secure XLM wallets in the crypto world. Stellar, that is what we are talking about! Lobstr is a wallet that was designed to store Stellar Lumens coins only. And if you are a crypto coin geek, you will know that recently, Stellar earned a lot of fame courtesy of the Ukrainian government which has decided to settle with Lumens as their official digital currency. That little piece of information makes reading and knowing more about Lobstr even more worth it. And there is a lot you can learn from this discussion, we can promise you that much!
How secure Lobstr is?
Security is one of the most important features of crypto wallets and before we delve into the finer features of Lobstr, we think it is better to analyze the privacy strength of this crypto wallet. But even before we talk about the key security features, you should know that Lobstr project code is an open-source code, so if you are a developer interested in stuff like this, you should check it out.
Right, security then. Well, the wallet creates a more than strong password using encryption. This implies that any hacker will find breaking into your wallet as hard as it gets. But that is basic security, which any crypto wallet should offer. So is there anything special about Lobstr? Of course, there is, else we wouldn’t have wasted your time. The additional security feature that we are talking about here is 2FA. This is a feature that ensures no one other than the user can log into the wallet. How does it achieve that? Simply by adding a question that only you can answer! So, as far as security is concerned, full marks to the creators of Lobstr!
Compatibility
There are two aspects of compatibility that we wish to talk about briefly in this section. Assets & OS. By assets, we refer to the Stellar coin and more than 3000 XLM tokens which are supported by the wallet under discussion. It is worth mentioning here the names of some of these tokens as an example. We are talking about tokens such as SureRemit, Ternio, and Smartlands. Coming towards the operating systems, well, the wallet is compatible with almost every OS. The mobile chapter of the wallet is supported by both Android and Apple.
Stellar DEX
Just a little point about the decentralized exchange (DEX) systems before we jump to the bit where we explain how one can use Lobstr. If you are an ardent Stellar Lumens fan, you will know already that the platform has its DEX called Stellar DEX. There are plenty of key features of Stellar DEX that make it a great facility, but that’s not what we are concerned with here. So, let us stick to the fact that Lobstr is a great combo in this regard since Stellar DEX eliminated third party interferences as well. Optimal security on offer indeed!
Your step by step guide to Lobstr
Setting it up is easier than you can imagine! Just follow the simplified steps that we have mentioned in the following lines, the guide that promises to make your life easier!
1- In the first step, register by entering your credentials like email address, and then verifying the link sent on that email.
2- Once the activation is completed, you will need to click on the sign-in button.
3- In the next step, create a Stellar account. Do so by choosing an appropriate username and then clicking the create account button. You can add an existing Stellar account as well.
4- The minimum amount that you need to get things rolling is 1XLM, this is required for activation. The cool thing about Lobstr is that the wallet lends you this amount. However, this XLM will be returned automatically once the first deposit is made.
5-Write down the recovery code on a piece of paper, and that is it. You have successfully created a Stellar account in your Lobstr wallet.
Conclusion
Well, folks that would be all from this discussion. We wish we could talk a bit more about the finer features of this Stellar wallet in detail. But the limitations of time and space force us to conclude this mini-debate here. Nevertheless, we are sure that you learned something if not everything now from this discussion about the Lobstr wallet. And on that optimistic note, we bid you farewell from this discussion.
