It’s a ‘wallet’ that can exist across relays (and across jurisdictions) so there is no,single point of failure, aside from protecting your the nsec. I have the redundant relays working, now focusing on mult-mints so you can swap your proofs between mints if you suspect of them.

As for ‘why’ - it’s an experiment- ‘can I keep stuff securely in the nostr network?’ - so far successful