Embracing the Future of Self-Custody with Xaman
The need for digital autonomy is growing, and Xaman (formerly Xumm) has stood as a beacon for that in the XRPL ecosystem. Our platform is designed with users, developers, and their user experience in mind, providing a straightforward and secure way to manage your assets.
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We envision a future where Xaman grows from a secure & convenient crypto app to the app for everyone's everyday value exchange, allowing our users to tap into new possibilities, such as retail payments, loyalty points, credits, and more, making self-custody more important than ever.
In this blog post, you will learn about the potential offered by Xaman and the essential role of self-custody in today’s world.
At Xaman, we believe everyone has a right to own and manage their assets. By choosing self-custody, you're choosing a future where your assets and privacy are paramount, advocating for a world where everyone can manage their wealth as they see fit.
The Essence of Self-Custody
Self-custody represents the highest form of financial autonomy. It means completely controlling your digital assets, free from intermediaries and external controls. In the self-custodial model, you hold the keys to your finances, ensuring your assets move only under your command with the keys. In the rapidly evolving landscape of digital assets, the importance of self-custody cannot be overstated.
Self-custody enables your digital assets to function similarly to physical cash: what’s yours is yours; you own it. Like having physical cash instead of a number on your bank account, you have the freedom to use it as you please, spend it, save it, or even donate it.
With self-custody, they aren't cloaked under the disguise of real ownership when, in reality, a third party can deny you access to your funds or transactions.
Instead, they are yours and directly under your control. This means every transaction and move is yours to command, bringing unparalleled autonomy and the responsibility that comes with managing your private keys, the keys to your financial kingdom.
Private keys, also known as account secrets, are shown only once when creating a self-custodial account on Xaman, making their safekeeping extremely important, as there is no way to see the private keys again.
Self-custody is more than a feature; it's a fundamental shift in autonomy, freedom, and ownership of assets. With self-custody, you are not just a participant but the owner and decision-maker of your financial resources.
However, just like cash, self-custody comes with its own set of challenges, most notably key management and security. At Xaman, we are committed to overcoming these obstacles and making the user experience of handling digital cash as smooth as possible. We aim to provide a platform that offers the XRPL’s universal, instant transfer capabilities while maintaining the autonomy and ease of usage that cash offers.
Xaman: Championing Your Financial Autonomy
Xaman is more than just a wallet; Xaman will become the all-in-one app for exchanging value, providing our users with complete control and freedom over their assets. We work to make the concept of self-custody easy to grasp in our app.
Easy to Use: At Xaman, we are working on making our wallet the most user-friendly, making self-custody simple to understand and easy for everyone to access. Xaman gives you the tools to manage your funds quickly and safely without needing vast experience with crypto.
Safety Without Compromise: Safety Without Compromise is what self-custody is all about. Xaman uses advanced security measures to keep your assets safe while letting you always access them with your private keys. Your private keys are the keys to your financial kingdom. Keeping them safe is crucial and one of the biggest responsibilities of self-custody. Your assets are truly yours, but so is the responsibility.
Pre-Funded Xumm Cards: Pre-funded Xumm cards are optimized for the XRPL, enabling seamless entry to the XRPL ecosystem without having to worry about sourcing XRP to activate an account from a third party, as they already come with a set amount of XRP. Xumm cards provide another layer of security by storing your private keys directly encrypted on the Tangem Card, which is used to sign transactions within a safe environment.
Meeting Your Needs: XRPL Labs sees the current model for financial transactions changing, and we aim to be at the forefront of that change.
Xaman is adding support for cutting-edge features, such as multi-network support that enables users to access Xahau.
As a sidechain of the XRPL, Xahau is bringing smart contract functionality to the XRPL, enabling transactions previously impossible while giving you more control over your assets.
Xaman is your partner in making your digital financial journey unique, from making small transfers easy to building a full financial environment while ensuring that working with digital assets is as easy and as safe as possible.
An Additional Layer of Security
Recent events have shaken the self-custody space, revealing significant vulnerabilities in what were considered industry-standard providers of self-custodial services. In response, Xaman is committed to a more thoughtful, resilient, and user-focused approach, ensuring your assets remain secure and under your control.
An example of this commitment is pre-funded NFC hardware wallets known as Xumm Cards, designed to simplify the initial setup while adding an additional layer of security. Our Xumm cards were manufactured by Tangem according to our specifications and include custom firmware, which includes additional security features.
Pre-Funded Xumm Cards remove the need to source XRP from a third party to activate their XRPL account, instead they come pre-funded with XRP and robust encryption for private key management ensuring a balance of convenience and security.
At Xaman, we are working on making our wallet the most user-friendly, secure and easy-to-use crypto application available, while aiming to make the XRPL more accessible.
The digital payments and asset management landscape is changing rapidly, and recent industry developments have highlighted the need for more reliable and user-centric self-custody solutions. As decentralized finance (DeFi) as a whole moves towards a more secure and user-empowered future, Xaman is ready with the right tools and the right approach to help users navigate this new era of digital finance.
We recently started rebranding from Xumm to Xaman, marking a significant milestone in our journey. It's not just a name change but an evolution of our identity, reflecting our mission to seamlessly integrate retail payments and blockchain. This rebranding signifies our growth and readiness to adapt to the changing needs of our users and the broader digital payment landscape.
Xaman responds to this need by leveraging the XRP Ledger's unique capabilities, allowing users to create and manage their own r-addresses. This ensures that you have total control and ownership of your assets, free from the vulnerabilities of traditional custodial services.
Our Vision for the Future of Self-Custodial Finance
Looking ahead, Xaman is committed to continuous innovation, including addressing the challenges and risks associated with key management. Our roadmap is focused on bridging the gap between traditional payment systems and the emerging digital economy, ensuring a smooth, no-compromise environment for our users. This includes expanding programmable micropayments, enhancing decentralized identity solutions, and broadening our ecosystem partnerships.
We're not just building features but crafting a future where digital transactions are intuitive, secure, and empowering, with our users fully in control.
Are you ready to take control? Join us on this journey and be part of the value exchange evolution, bringing traditional finance together with blockchain solutions working in the background. With Xaman, your assets, privacy, and future are in your hands. Welcome to the new era of digital autonomy. Welcome to Xaman.