Analysis Expert Blog

Coinstelegram Media: Wallets Rating

The year 2018 has gone down in history of crypto market, among other events, with forced development of infrastructure. Many successful ICOs took place. Many tokens have been launched onto the market, mainly the ERC20 standard. According to several sources, there are 35 million confirmed active crypto wallets now. There is a huge variety of types of wallets, from hot, cold, hardware to universal crypto-fiat. In view of the expected (not without reason) takeoff of crypto, Coinstelegram Media Agency deemed it necessary to pay attention to two categories of purses, namely: ETH centralized and decentralized wallets. Why this choice made?

1. Ethereum de facto has become the main platform for ICO. Most coins have an ERC20 standard. In the growing market, everyone who is interested in a crypto needs an ETH wallet.

2. Centralized and decentralized: the community elevates to a cult the idea of decentralization. But at the same time, most of the wallets are centralized. According to market experts and crypto evangelists such as John McAfee, the time of centralized wallets is running out. But while the decentralized cannot provide such a service as centralized – they will remain and will have their supporters.

It is worth paying attention to the platform. It is known that mobile wallets are often hacked. Hardware – not too easy to use, especially for those who play the market, when efficiency is very important. A web wallet, if designed by a reliable team, is reasonably secure and at the same time very convenient. Provides access anywhere on the Internet from any device. So, below are 3 + 3 top wallets that everyone who is connected with crypto and the Ether should have.

Centralized

Jaxx Wallet (http://jaxx.io/) is a multi-currency wallet. It is easy of use with high anonymity. It supports not only ETH, but also BTC and dozens of tokens. Main features are:

  • Single master seed backup (This will be the only seed you will even need in the future for any coin they integrate)
  • Easily Switch between BTC & ETH
  • Pair Across Devices – Easily sync across devices (Mobile, Desktop, Extension) by scanning a pairing token or inputting seed. (Only available as they roll out other versions in the coming days)
  • Multi-currency
  • Switch between fiat and BTC / ETH

It is Hierarchical Deterministic (HD), not open source. Works on almost all platforms.

MyEtherWallet (https://www.myetherwallet.com/) – an open source client-side tool for generating Ethererum Wallets & sending transactions. It gives you the ability to generate new wallets so you can store your Ether yourself, not on an exchange. This process happens entirely on your computer, not their servers. Therefore, when you generate a new wallet, you are responsible for safely backing it up. You do not create an account or give them your Ether to hold onto. All data is created on our computer/your browser, not their servers. Anonymity is high, with easy use.

MyCrypto (https://mycrypto.com/) is improved MyEtherWallet, MyCrypto is an open-source, client-side tool for generating Ether Wallets, handling ERC-20 tokens, and interacting with the blockchain more easily. MyCrypto is not a “web wallet” as users do not create an account or give the developers control of the tokens. All data is created on your computer/your browser, not their servers. MyCrypto wallet offers its user features such as Hardware wallet integration, ShapeShift token swap, Coinbase buy widget, Contract interaction, Sign/Verify Message, and Ethereum Name Service (ENS) integration. Anonymity is high and it is easy to use too.

Decentralized (Full Node)

Endpass (https://endpass.com) – web wallet that puts you in control of your keys, secures your funds, and automatically optimizes transactions. Easy to use, with lot of modern features including:

  • Resend stuck transactions and automatic transaction fee optimization Automatic ERC20 token airdrop notifications
  • Secure encrypted cloud backup and sync
  • Private keys control
  • Single wallet for all of your devices
  • Multifactor security and bank-grade encryption

Endpass is a standards-compatible HD wallet, so your keys can all be recovered from the same seed phrase. It is a fully decentralized wallet and open source. Developers never have access to funds. Works in any modern browser. Easy to use with high anonymity.

Exodus (http://www.exodus.io/) is a multi-cryptocurrency wallet that support a lot of currencies besides ETH and BTC. It has a built-in exchange that allows you to instantly trade the supported coin between themselves. The backup wizard will allow you to keep your wallet safe and ready for later use. Exodus is Hierarchical Deterministic, only partially open source. It works on Linux, MacOS and Windows.

LykkeWallet (https://www.lykke.com/) is a key element of the Lykke trading ecosystem. The Lykke Wallet iOS and Android apps make it simple to trade digital currencies and assets on the Lykke Exchange, trading platform with zero commission. Immediate settlement and direct ownership are enabled by distributed ledger technology. Only iOs and Android, though easy use and high anonymity. Lykke Wallet is Hierarchical Deterministic, open source and multisig. Support BTC, ETH, TIME and SLR.

Conclusion

Each of the wallets of both top triples deserves attention and has useful features. The simplest and most honored wallet MEW will be convenient for beginners. Jaxx is attracted by the ability to work from a single interface with both ETH and BTC. But if you are working with Ether and ERC20 tokens and consider yourself an advanced user (or hope to become so in the near future), you should pay attention to Endpass. The wallet is new and has a number of exclusive features that active users will appreciate: eliminating stuck transactions, exporting private keys, automatic notification of received tokens, synchronization of all devices and multifactor security. In addition, Endpass has an open code – this means you are insured against unpleasant surprises.