Hands-On With MyICONWallet

Initial impression:

MyICONWallet is a new mobile application for use in the ICON ecosystem. It is much more than just a wallet, and will help to enable further adoption and use of the ICON ecosystem! The application is built by ReliantNode, one of the most talented and innovative Public Representatives (P-Reps) in the ICON Ecosystem. MyICONWallet is smooth, intuitive, and elegant, and will be released very soon. Corey Costa and I had the privilege of getting early access and a hands-on look at this wonderful application and wanted to share our thoughts!

Much more than a wallet:

ReliantNode’s newest innovation is much more than just a wallet, it is a tool where all ICONists can learn insurmountable amounts of information surrounding the intricacies of the ICON ecosystem and untap ICON’s fullest potential. MyICONWallet intuitively teaches users how to stake, vote, and utilize Decentralized Applications (DApps) developed on the ICON Ecosystem. Seamless and convenient methods of obtaining information surrounding the innovative components of a decentralized ecosystem is no easy feat, however, MyICONWallet successfully integrates numerous components of the ICON Ecosystem and has conceived of not only a wallet, but a hub for seamless integration and obtainment of all information surrounding ICON.

DApp integration:

One of the limiting features for crypto adoption is often having to use multiple different tools, applications, and resources. MyICONWallet solves this by seamless integration of DApps into their application. As shown below, users can browse ICON’s top DApps and utilize them with the MyICONWallet in a transparent manner.

Voter education:

ICON is built on a Governance system of P-Reps elected by ICONists. ICONists use their ICX token to stake and vote for P-Reps, electing them to control and run the ICON network. The task of figuring out who to vote for is quite daunting, with a growing number of over 100 P-Reps. Many become overwhelmed and just vote for the teams who show up first when they go to vote. MyICONWallet takes significant steps to help educate ICONists and also further decentralize votes. The application provides the list of P-Reps to vote for in a random order, while also allowing the sorting to be based on rank or number of projects (contributions). Additionally, users can click on a P-Rep and see their profile: this includes their rank, votes, and number of voters. Most importantly, however, the P-Rep profile page includes information about the projects that the P-Rep is working on, obtained from ICONPreps.com (another wonderful ReliantNode tool), as shown below.

We believe this new design for education about P-Reps will help ICONists make better informed decisions when voting. For those ICONists who don’t have enough time to research P-Reps, the random order of P-Reps will help decentralize votes for those who choose to vote for the first P-Reps that pop up. Users can split votes evenly to their chosen P-Reps in one action, or easily change vote allocation to different P-Reps as often as they want.

Wallet functionality:

The MyICONWallet wallet functionality is second to none. The application has an intuitive on-boarding process where new users are given the option to create a new ICON wallet or restore a previously used wallet of their own. Users have the option to host multiple wallets in the application in a secure manner, and can assign unique names to each wallet to better organize their holdings.

MyICONWallet shows the entirety of the user’s transaction history within each wallet; not just for ICX transactions, but for any IRC2 token that has been developed on the ICON Protocol; examples include AC3, ACT, BEA, SSX, SPORTS, TAP, VELT and WOK. All ICX and IRC2 tokens are easily accessible from your mobile device in a matter of seconds!

MyICONWallet users can instantly switch between wallets from the home page and then send or receive tokens using the ICON wallet address or QR code. Users can also keep an address book for recurring transactions.

Security:

When managing your own wallet, security is of upmost concern. ReliantNode takes security very seriously. We spoke to the ReliantNode team and they have completed a formal audit from a third party. Additionally, MyICONWallet ensures your chosen pin to access the wallet is 8 digits long, and also requires a wallet password of at least 8 characters, consisting of a multiple combinations of different types of characters (letters, numbers, and special characters). The key/pin is encrypted each time a transaction is run. MyICONWallet allows users to download their keystore file and also includes a double encryption option for key management. The keystore file contains the ICON public and private key pair, encrypted with the chosen user password. This key pair combination is actually your ‘wallet’ and is what allows users to send or receive value on the ICON network. However, the keys are not useful to humans and must be combined with software to function as a wallet and transact on the ICON network. These key pairs can be securely generated through code written by the ICON team. MyICONWallet utilizes this code to generate wallets in a secure manner and provides a very intuitive interface for utilizing this functionality and acting as your chosen wallet. While security is of upmost concern and attention to the ReliantNode team, no solution is 100% secure. Hardware wallets (such as those made by Ledger) are more secure than software, due to the need for physical access to a hardware wallet. ReliantNode is working on integration of Ledger hardware wallets into MyICONWallet. It is often advisable to store the majority of your holdings in a hardware wallet and not utilize it on a day-to-day basis. Similar to how most people would not keep their entire savings in cash in their wallet, or accessible with a debit card, users should only use a subset of their ICON holdings and what they need for day-to-day activity in a mobile wallet.

Conclusion:

ReliantNode’s newest creation, MyICONWallet, is a much needed application for ICONists to have all of the necessary tools for utilizing the ICON ecosystem in one place. MyICONWallet provides a seamless and easy to use user interface, access to ICON DApps at the click of a button, the ability to learn about P-Reps and vote for them, and traditional wallet features of sending and receiving ICON tokens. Corey and I were thrilled to have the opportunity to use MyICONWallet. We believe ReliantNode’s newest wallet will be a technological innovation that will revolutionize the ICON Ecosystem and can’t wait until it is in the hands of every ICONist!

Disclaimer: Not financial advice. Cryptocurrency and blockchain investments are high risk, can incur substantial losses, and are not suitable for everyone. Please consult a professional before considering investment in any cryptocurrency. This article does not encourage or support any specific investments, use of applications or technology, or financial direction. Opinions are my own. This article is for informational purposes only and should be verified and validated externally for 100% accuracy.

Not financial advice. Opinions are my own. Articles are for informational purposes only and should be verified and validated externally for 100% accuracy.