Re: TANGEM WALLET: An Innovative Seedles Cold Wallet Setup
⭐ Merited by Pmalek (3)
Another reason I don't like Tangem is that you can only use it with their app, so there is no way to use any third party wallets.
In case Tangem company goes bankrupt there is good chance coins will be lost.
In case Tangem company goes bankrupt there is good chance coins will be lost.
I get your concerns, but one important thing to note: even if Tangem shuts down, the wallet won't become useless. While the app itself isn't fully open source, Tangem has published their SDK on GitHub, so it's possible to build a custom app manually. You can do it yourself or ask a developer to help. The key point is that the private key is stored securely on the card itself, not in the app. So as long as you have the card, you can still access your funds even if the official app disappears.
I’d like tp elaborate a bit your post and, at the same time, this topic to clarify for others how Tangem app operates under the hood.
First, the Tangem app is open source software. This means that even if the Tangem company were to shut down, the community could audit, fork, and maintain the app independently.
Second, the app’s ability to function does not depend on Tangem’s servers. Instead, the app communicates with various blockchains using public RPC/API endpoints with built-in redundancy of 3–5 public servers per supported blockchain. If one server goes down, the app automatically switches to another, ensuring continued access to supported assets and relevant blockchain data. One of the services Tangem uses for this decentralized connectivity is GetBlock:
Quote from: https://getblock.io/case-studies/tangem/
Therefore, if Tangem company were to shut down, the cards would continue to function as intended