Sorting the wheat from the chaff
Many Ethereum crypto wallets facilitate the management of users’ ETH assets. However, not all of them are equally good. In this post, we’re sorting the wheat from the chaff.
Conceived in 2013 by programmer Vitalik Buterin, Ethereum is the community-run blockchain technology behind its native ETH cryptocurrency and thousands of dapps in its ecosystem. To help them purchase, trade, collect and manage these ETH assets securely and efficiently, users typically rely on crypto wallets.
That said, a good Ethereum crypto wallet doesn’t just need to allow the user to control their ETH private keys. It should also support interaction with dapps, either by itself or through integration with third-party platforms.
Let’s see which are the best choices on today’s market that provide this.
Available as both a mobile app and browser extension, MetaMask is user-friendly and simple enough even for beginners. It provides users with a vault for storing and managing their private keys, features transaction broadcasting, and allows sending and receiving Ethereum-only crypto assets.
A MetaMask account allows you to trade these cryptocurrencies, invest, play games, as well as purchase and own non-fungible tokens (NFTs). It also provides a simple and secure way to connect to and interact with dApps.
A chain- and platform-agnostic open-source protocol that enables users’ wallets to communicate with dapps easily, WalletConnect can integrate with over 75 leading wallet apps, including MetaMask, MEW, and Rainbow.
Supported dApps include Uniswap, OpenSea, Zapper, Rarible, and many more. It currently supports several blockchains, including Ethereum, with more planned future in the future. Connecting takes place with just a simple scan of the target dApp’s QR code or clicking on its deep link.
A hybrid its creators call the ‘hardware wallet without all the hardware,’ MEWconnect stores private keys in a local, isolated vault on users’ mobile devices. This hardware wallet-like functionality keeps these private keys safe, disconnected from the device that carries out the transactions.
Thanks to the MEWconnect Protocol, the MyEtherWallet (MEW) wallet app users can connect to a dapp or website with a simple QR code scanner.
A non-custodial wallet for Ethereum, Rainbow Wallet is a nicely-designed and straightforward option for beginners and power users. It allows them to trade, view, and manage their Ethereum-based assets.
Through integration with WalletConnect, it allows them to access dApps like Yearn, Aave, Uniswap, Compound, and others. Extras include customizable token watchlists, full transaction history, ENS username support, digital art support, multiple wallets, support for Layer 2 networks, and optional iCloud Backup.
The blockchain security company Ledger has created two multicurrency hardware wallets for users to store their private keys offline – the Ledger Nano S and the Ledger Nano X. Both support thousands of cryptocurrencies and the installation of dApps through the Ledger Live app, but there are some key differences.
Nano S has fewer features and supports the installation of only three dApps, so it’s ideal for beginners. On the other hand, Nano X allows users to install nearly 100 dApps and features handy Bluetooth connection support.
Another company specializing in hardware wallets is Trezor, with its Model One and Model T options.
Model One is its gold standard, featuring a monochrome display with two buttons, but that’s as far as its features go – which is ideal for beginners. Model T is the premium choice, with a full-color touchscreen and additional features. It is also the first hardware wallet in the world to support Shamir Backup, which allows users to recover their wallets should they lose their device.
Both Trezor’s hardware wallets support over 1,000 crypto coins and can serve as a U2F (Universal 2nd Factor) token to let you know what action you’re approving.
Tally is the first crypto wallet owned and governed by its users, introducing an innovative concept. It is an open-source, free software wallet developed to respond to the shift towards corporate-run closed-source software in some of the popular crypto wallets.
While the fully-featured wallet and Tally DAO are yet to come, its Community Edition has already been pre-launched as a browser extension. It can interact with dApps like Yearn and Saddle, estimate gas costs more accurately than others, track portfolios, and import Recovery Phrase from MetaMask.
Dive into the Ethereum world
The blockchain environment is an ever-changing one, with new solutions constantly flooding it and users having more choice than ever when it comes to crypto wallets. The choice is even more significant when it comes to Ethereum wallets.
After all, ETH is one of the major cryptocurrencies, and the Ethereum ecosystem is one of the largest in existence. Hopefully, this list has given you an idea of where to start looking for your perfect wallet solution.
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