Cryptocurrency is a recent trend in today’s digital world. It made a huge boom in all the trading markets. Trading a cryptocurrency is the finest online business. So many startups and entrepreneurs started to launch their own exchange platform using the white-label exchange software. But for a secure transaction definitely one should have a cryptocurrency wallet. So that you can store the ethereum tokens using the ethereum blockchain wallet.
In this blog, let’s see about the crypto wallet on an ethereum platform.
What is Ethereum?
Ethereum is a second blockchain-based platform after the huge success of bitcoin blockchain technology. Ethereum has a digital currency named ETH. it is borrowed from the existing ethereum platform. Later on, they derived the tokens using ethereum and named them ERC20 tokens.
These ERC20 tokens are developed under the ethereum smart contracts. The smart contract stores the negotiations and rules in terms of the agreement. Also, to develop an ERC20 token, the developers should follow some standards.
What is a Cryptocurrency Wallet?
It is a software code written under blockchain technology and integrated into an exchange trading platform. A cryptocurrency wallet is mostly used to store, send, and receive the cryptocurrencies from one wallet address to another address. It also monitors your balance and transaction information.
Private keys and public keys are used for the transaction. Private key acts as a password with digital codes. After entering the private keys you can process the transaction. one should keep the private keys safe and secure so that you can eliminate scams and hacking. Public key acts as an address that is directly connected to wallet balance.
There are two types of storage in the cryptocurrency wallet such as a hot wallet and a cold wallet. Hot wallets are online storage that can be accessed only through the internet. You can store cryptocurrencies and tokens in online storage. But the wallet may be hacked by scammers. Because it runs only through the internet.
Cold wallets are offline storage and can be accessed without an internet connection. It stores all the digital assets in offline storage. It is more safe and secure, so many businessmen and startups used cold wallets in their exchange trading platform. You can get both cold wallets and hot wallets in the ICO development company. To store Ethereum tokens in a wallet we can use an Ethereum wallet smart contract Development. So you can perform fast and secure token transactions.
What are the types of cryptocurrency wallets?
In the crypto world, the crypto wallet is divided into five types. They are
- Mobile wallet
- Web wallet
- Paper wallet
- Desktop wallet
- Hardware wallet
A Mobile wallet is a cryptocurrency wallet application on mobile. It supports bitcoins, altcoins, and tokens in wallet storage. You can also perform both centralized and decentralized exchanges in the mobile wallet. It stores all the payment card details on your mobile. Also, mobile wallets are easy to use, backup, and restore features. Developing a mobile wallet using Ethereum wallet development provides you with high security during the transaction.
Web wallets are far similar to mobile wallets. It stores all the ethereum tokens and cryptocurrencies on the online storage. They can be accessed through different browsers like opera mini, google chrome, firefox, and internet explorer.
Paper wallet refers to the offline storage of cryptocurrencies and tokens. It is a printed sheet of paper that has private key and QR code information of cryptocurrency transactions. Paper wallets are mostly used by startups and business persons for security potential benefits.
A Desktop wallet is a crypto wallet software that you can install on your personal computer and laptop. It is supported only in Mac, Windows, and Linux operating systems. Here also the cryptocurrencies and tokens are stored on the online storage and act as a hot wallet.
The Hardware wallet is offline storage. It is a USB-like device that stores all the cryptocurrencies, crypto tokens, and digital assets. When we integrate a wallet by using ethereum wallet development. Then It provides high security to data and cryptocurrencies.
Top 5 best Ethereum cryptocurrency wallets in 2020:
Coinbase is one of the popular cryptocurrency exchange trading platforms across the world. They have their own crypto wallet named as coinbase wallets. All the cryptocurrencies and token stored in wallets are covered by the insurance policies offered by the coinbase. You can enter the bank details and you can start to buy and sell cryptocurrencies using coinbase wallet.
(Image source: Coinbase)
- This wallet has an effective user interface so it is easily understandable for beginners.
- Supports digital financial instruments and popular cryptocurrencies.
- It has a multi-signature vault and two-factor authentication to ensure the safety of the wallet.
- It is backed by multiple reputable exchanges.
It is one of the finest cryptocurrency wallets used by many traders. It offers desktop, mobile, and hardware wallets to the users. You can store the bitcoins, altcoins, and tokens securely. This wallet is hassle-free to use for investors and traders. Even beginners can easily use this wallet and also it gives the power to exchange between multiple platforms.
(Image source: Exodus)
- There is no need for linking bank accounts. You can buy any cryptocurrencies using fiat deposits
- It does not support multi-signature vaults and two-factor authentication.
- Supports space shift cryptocurrencies and also popular cryptocurrencies.
Copay wallet is created by the bitpay. That is the biggest payment processor company. Bitpay enabled many companies to accept cryptocurrencies as payment. So copay wallet is mostly accepted crypto wallet. It provides the user with a simple and faster transaction. This wallet does not support two-factor authentication.
(Image source: Copay)
- It supports bitcoin and bitcoin cash.
- It stores all the keys locally rather than in the cloud.
- You can manage multiple wallet accounts
- You can check the wallet activity.
BRD wallet is the first crypto wallet that has the user’s loyalty and reward programs. In this wallet, you can exchange ETH, BCH, BTC, and all ethereum based tokens. It provides safe and secure transactions. This wallet is directly connected to the bitcoin network so it provides high security.
(Image source: BRD)
- Provides the easy and usable interface
- Users can transfer any type of cryptocurrency at any time.
- You can contact authorities at any time.
- It is free to use and has multi-signed transactions.
Jaxx Liberty wallet:
Jaxx Liberty wallet is a multi-currency and multi-platform cryptocurrency wallet operating since 2014. It supports more than 80 cryptocurrencies and also popular cryptocurrencies. it renders all the important features like transaction history and coin balance. this wallet is not an open-source app.
(Image source: Jaxx Liberty)
- You can check the wallet balance and complete transactions done by multiple blockchains.
- Enables users and traders to track the crypto market by analyzing the price changes and market caps.
- Provides excellent platform support and customer care.
A Cryptocurrency wallet is a basic needed feature in the exchange platform. You can hire an ethereum blockchain wallet in a top-grade ICO development company, Icoclone. We have offered plenty of cryptocurrency wallets to our global clients using ethereum wallet development. If you are a person looking to store an ethereum token in a secured wallet. Then we people will guide you to get a premium secured cryptocurrency wallet at an affordable price.