INTERVIEW: The future of LIFE with Sanjay Jadhav, CTO, LIFEwallet

Anisa Batabyal
| 07 February, 2019 | 2 min

LIFEwallet is a digital currency mobile wallet, which is created to store LIFE token, BTC and ETH. The mobile app is highly secured and easy to use. It is highly transactional, can sort markets, wallets and transactions with access to the cryptocurrency market latest figures and displays the currency in 36 different fiats. Its vision is unique in the way that it aims to make a positive impact to the humankind and the environment supporting philanthropic causes utilizing the blockchain technology.

About Sanjay Jadhav, CTO, LIFEwallet

Sanjay has 20+ years of experience as a technology leader, with an extensive career record in running startups, managing stakeholder satisfaction and leading and mentoring team with a DevOps culture. A result-oriented visionary with an entrepreneurial outlook, he has a fantastic reputation for leading and maximizing cutting-edge technologies and is an advocate for building disruptive products.

  1. Let's start with the basic one, what is LIFE token? Can you tell us a bit about LIFEwallet?

LIFEwallet is a Hierarchical Deterministic wallet (HD wallet). This means that unique wallet addresses can be generated to be used for each transaction, that protects the wallet holder’s wallet identity and hence shields others from viewing their digital wealth. We have even implemented a seamless sign-up process that maintains all of the best security protocols to protect the user base and takes the friction and complexity out for newcomers to Blockchain and digital currencies. Our mission is to make cryptocurrency accessible to all and demystify it. LIFEwallet supports ETH (Ethereum), LIFEtoken (and ERC20 compliant tokens), and Bitcoin. More digital currencies will be added in due course based on the trend and demand. The technical side of wallets is complex and security is of paramount importance. Our design has further features to enable the user to maintain their integrity, protect their LIFEtoken, Bitcoin, and altcoins, or any other digital currency. I am working on embedding multi-purpose feature within our Wallet which will offer storage of other types of assets (non-fungibles like Arts, Digital assets, vehicle, etc.) and authentication for devices (IoT).

  1. We understand that LIFEwallet is the official wallet of LIFE token and supports LIFE, Bitcoin, Ethereum and other ERC20 tokens. Are there any plans to support other cryptocurrencies in the near future?

Yes, we have plans to support other Altcoins which will be based on trend and part of it community led.

  1. You have mentioned that your mission is rooted in philanthropy. So, what are the ways LIFEwallet can contribute to the world of philanthropy?

Lifelabs is trying to enforce long term sustainability by demonstrating it is possible to enforce trust by implementing donor tracking solutions on blockchain and therefore ensuring transactional use-cases in philanthropy have a future. This adoption and utility is a key part of our offering. I am working on giving part of payment transaction fees to Charity.

  1. As per the roadmap mentioned on your website, you have plans of issuing prepaid LIFE cards, which is more or less like debit cards. But, are there any insured institutions, who will be issuing the cards?

Due to regulations, we are unable to confirm this at the moment but we are pursuing other options.

  1. What is the difference between LIFEcard basic, LIFEcard blue, and LIFEcard black? What about contactless payment? Is it going to get implemented soon?

It’s a variation between several cards - for instance, LIFEcard Black will be a premium card that will potentially offer wide offers and loyalty schemes.

  1. We, as ardent followers of LIFE token is eager to know its plans down the line in this year and the years to come. Can you throw some light on that? What is the vision behind LIFE token?

We have focused on making blockchain accessible to all with a low level of complexity. Our wallet app in iOS and Google play is specially designed to be accessible to everyone, with a friendly interface while retaining the privacy and security for which Blockchain is renowned. Idea is to embed blockchain & Coins/Tokens without end-users realizing that they are using blockchain and coins/tokens – just like end-users don’t need to know about TCP for the use of internet and SMTP for emails.

By providing the medium of a sustainable and secure digital currency wallet with our philanthropic vision and nonprofit partners, we have demonstrated the potential for a medium between businesses, consumers and non-profits on the blockchain.

LIFEtoken sits in the middle of all interested parties as a vehicle to support a significant value exchange between all interested parties. The holistic vision of LIFEPaaS in central to this is LIFEcard and ‘Virtual Cards’, soon to become LIFEpayments, as we explore and validate the role of the blockchain, wearable technology, and traditional payments. 

We have explored fully the landscape of loyalty rewards, which is ripe for disruption. Our this service sits in our PaaS vision and was developed together with our commercial partners (please see for more details) and demonstrates how blockchain based loyalty rewards has significant benefits over traditional technology and has many more benefits for the consumer.

On donor tracking, we have worked alongside non-profits to build a journey that allows donors more visibility into how donations are spent and used – allowing this insight enforces trust and opens the doors to allow consumers to donate more freely and with peace of mind.

  1. How is LIFE wallet different from other wallet providers? If you can briefly explain the product wheel, it would help us understand better.

The Product wheel starts within the inner core of having a robust Wallet (universal wallet) to support Loyalty Rewards and Merchant gateway. Having these honed we would be fuelling crowdfunding for Charity (current model in Charity is not transparent enough) and leveraging all these products as PaaS offering.

  1. What is LIFE PaaS (Platform as a Service) for the transactional ecosystem and philanthropy? Can you elaborate a bit on that?

PaaS will allow any business to embrace Loyalty Reward, Crowdfunding & other offering mentioned on the Product wheel out-of-the-box i.e. without much effort any B2B can offer these services with ease which will be fully managed by us.

  1. Last, but not the least, we would like to know how does LIFEwallet protect its user funds?

LifeWallet is client based and we do not store any private keys (aka keys to user’s safe) at our end. Users can use their mobile device(s) to sign any transaction that they are comfortable with. We endeavor to make it very user-friendly for our users. The security on the mobile wallet comes with military standard grading and we allow users to add other authentication layers on top of our wallet (Biometric, KeyPass, etc.)

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