The Ethereum blockchain was released on the internet in July 2015. It is considered to be one of the largest competitors to the Bitcoin blockchain and is making great strides in dominating the market. While most people are familiar with it because of its cryptocurrency Ether, there are many other ways that Ethereum is asserting its dominance in the online space. For example, it has diversified the applications of the Ethereum blockchain. Many use it to create, buy and sell NFTs. Others use the setup to develop and engage in smart contracts, which have much potential in industries such as the arts, where automated execution of agreements would help minimize cost and provide privacy.
Still others use the Ethereum blockchain to secure their crypto and virtual currencies. This practice is possible because of digital wallets, which exist to protect and store different types of crypto coins. The different types of Ethereum wallets can protect the blockchain’s native currency, Ether, and other types such as alternative coins, often referred to as altcoins, and stablecoins, which are tethered to a fiat currency.
There are certain standards that all wallets should meet. For instance, it is imperative that they have backup security options and should be compatible across different OS (operating systems).
With so many different currencies, exchanges and wallets available, let’s take a look at six of the best options on the internet.
The Rainbow Wallet is going to be one of the most popular wallets on the Ethereum blockchain. Although initially only available on iOS, the company has spent a lot of money and attention on the needs of the community and has recently released an Android iteration of the app. It also allows dApps (decentralized apps) to stay connected with the wallet.
It is a non-custodial wallet. This means that the company facilitates the transactions and offers the software to access your funds but does not internally hold them. Most experienced customers prefer this method because they find it more secure.
The Rainbow Wallet also allows you to place your funds into different wallets within the system – by creating sub-wallets and sub-accounts. Users are also able to hide and unhide tokens at will. These functions are beneficial for those who often access their crypto accounts, from day traders to those who play online casino games.
Jaxx is a wallet that can support multiple currencies and assets. It was developed by Decentral and is available on numerous OS, including Mac, Windows, and Linux.
At this time, the wallet is able to support smart contracts and over a dozen cryptocurrencies, with the intention to add more currencies soon. The most substantial benefit of Jaxx is the focus on development that Decentral has adopted, where it is very user-focused and intent on innovation. The result is a beautiful digital experience.
Ledger Nano X
Unlike the first two Ethereum wallets listed, the Ledger Nano X is a hardware wallet. There are several reasons why someone might prefer a hardware wallet over a software option. At all times, your assets are available on the blockchain. The hardware wallet does not store them externally but acts as a private key to access your investments. It can easily access and manage multiple blockchains because most hardware keys, such as the Ledger Nano X, are the size of a traditional thumb drive.
Hardware wallets provide an additional level of security against cyber and phishing attacks because the key to your assets is external from the computer itself. Rather than a password, the hardware wallet holds your private key to the blockchain. Many seasoned pros prefer this option because it protects their private access points, while simultaneously allowing you to confirm transactions on the blockchain with a personal signature that is impossible to forge.
The Ledger Nano X is very user-friendly and cost-effective. It is built using the Ethereum blockchain and supports all currencies that are built on it. It is possible to use another online wallet, MyEtherWallet, to view your coins and manage accounts. This twofold hardware/software option makes this wallet option one of the best and most secure on the market.
Argent is potentially the most novice-friendly wallet on this list.
Users sign up, configure and secure the wallet via their email and mobile phone number. This is very similar to a lot of other secure accounts on the internet. Because of this simple security structure, it is ideal for those who might only use cryptocurrencies to play online casino games or sports betting. Because those users might not have large accounts, a streamlined sign-in process is preferred over many levels of encryption.
This wallet is ideal for those deciding to stake different Ethereum currencies. Argent also allows for dApp additions. This is a perfect beginner wallet that will allow new investors to explore the Ethereum blockchain with a low barrier of entry.
Guarda is another non-custodial wallet that has been developed for desktop and mobile. It embraces a simplistic design and is very easy to navigate.
The individual user is always the only one who retains possession of the private key. This means that you have total control over the cryptocurrencies in the wallet, a feature that will entice most crypto traders.
Also, the Guarda application does not store any personal information on its servers – meaning that all clients can depend on their data being safe.
Supporting over 100 currencies, Exodus is the first desktop wallet. With a close eye on detail and design, this wallet is powerful and aesthetic.
Once downloaded onto your PC, there are multiple attractive features. These include a built-in exchange for cryptocurrencies, upload-proof private keys, and backup keys. You can also recover your login information and restore your wallet should anything ever happen to your computer.
Above all, Exodus is an excellent option for those traders and investors who value their privacy because it does not store any personal information and is a non-custodial wallet.