General aspects of the best smart wallets
With the advance of blockchain technology, several types of wallets appeared in the cryptocurrency world. Smart wallets work such as real-world wallet, however, considering the development of cryptocurrencies, they are progressing into several enhanced protection features and are becoming important tools to manage different tokens and coins.
These are some of the selected Smart wallets that are moving forward in terms of security, innovations and their own peculiarities.
1. Coinbase Wallet (Toshi)
Coinbase was founded in 2012, as an exchanger. The company released its mobile Ethereum wallet called Toshi, a mobile DApp browser, with features inspired by applications that are simple to use. Toshi was considered a user-controlled wallet and simple messaging style, easy and intuitive. In 2018, Toshi was renamed Coinbase Wallet. Through the new Wallet, the users are able to manage their ETH, ERC-20 and ICO Tokens, receive airdrops, access decentralized exchanges and other features. The platform also updated the security elements, with better private keys secured with biometric authentication and enclave. The fees are lower, compared to other networks, being a great incentive for users and merchants.
Notwithstanding all the improvements, the app is a hosted wallet, meaning that it depends on the service of third-parties, and it is not possible to share private keys.
2. Abra wallet
Abra wallet app is considered as an all-in-one cryptocurrency wallet and exchange. The wallet adopted a peer-to-peer mode using the Litecoin network, and one of the main Interesting facts to mention is the diversity of tradable coins.
Abra wallet system allows users to buy Bitcoins with MasterCard and Visa cards, and allows users to use Bitcoin and Litecoin smart contracts to deal with at least 28 cryptocurrencies and a variety of fiat currencies, calling attention for its integrated system. In terms of security, users have total control of their private keys and have 13 mnemonic words to restore their wallet in case of losing or breaking their phones or any other circumstance. Transactions are made 100% peer-to-peer.
Despite the possibility of direct bank transfers in some countries and a wide range of currencies, the stable coin is crypto collateralized and the synthetic currency system (users buy a “synthetic currency” which represents the correspondent coin) cause dissatisfaction among some customers.
3. Bread
Bread is a smart wallet using Ethereum Network with standard ERC-20 Token. The coin is paired with Bitcoin, Ether, and USDT, following the idea of a decentralized platform. While making the transactions, there are two types of network fees: the economy and regular. The regular fees aim to confirm the transaction within the period of 1 hour, while the economic fee has a 24-hour limit, as it is based on the Bitcoin platform. Considering the possibility of hacking, Bread also enhanced their system by creating a new address for every new transaction.
The wallet is considered the “first-ever wallet-based rewards program” that does not require registration along with promotional perks and or airdrops for frequent users.
However, the main focus of bread is solely in bitcoins and does not have a big range of altcoins. Thus, like Coinbase, it also has third-party services involved while trading in the wallet.
4. Circle
Circle is considered the biggest competitor of Coinbase, as it is very simple to use and supports Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Zcash, and Monero. Circle also doesn’t have a fee (or very low fee) if compared to Coinbase, gathering a lot of attention of crypto enthusiasts.
However, Circle has a very limited service, as the Circle Pay supports three major fiat currencies (euros, British pounds, and US dollars) in 29 countries. There are also reports of people complaining in forums about their accounts and orders being canceled frequently when there is a high increase in Bitcoin price.
5. ImToken 2.0
imToken is a wallet that firstly supported only ETH assets transactions, market tracking, and DApps. In the newest version, the wallet included BTC, EOS and smart contract based atomic swaps. As most of the wallets, ImToken includes self-held private keys, the basic aspect of a decentralized system. The users can also trade their currencies on the same screen, unlike the first version, making the app very intuitive to use.
As ImToken is a multi-chain wallet, it is possible to use one mnemonic of one identity to manage ETH and BTC wallets. However, some users consider the app very unstable, and users from the first version (imToken 1.0) have difficulties in import their previous wallet into the newest version.
6. SovereignWallet
The SovereignWallet Network project is built on top the Ethereum blockchain, the system uses Ether (ETH) — the Ethereum token as a medium of exchange — between the native MUI token and other tokens.
We’ve been developing a solution to address the majority of concerns related to smart wallet for the last two years. Our company developed a mobile app with blockchain based services that we believe is one of the most secure on the market. Our main purpose is to get people easily use our wallet, like a simple messenger. Therefore, we developed a messenger-style cryptocurrency transfer and remittance mobile app, accessing the benefits of cryptocurrencies, with the versatility of a daily use chat.
SovereignWallet also combines the security you’d expect from a regular wallet (or a bank) with the ease of use of a mobile app. It is a decentralized mobile application, with end-to-end encryption, zero-knowledge protocol, WSS channel encryption, mnemonic word sequence and other features of security.
The SovereignWallet app provides a self-protection capability, able to detect hacking activities at the operating system (OS). Thus, the SovereignWallet application utilizes a machine-learning algorithm and user authentication to learn a user’s behavioral pattern and to establish and validate the user’s true identity.
As far as strengths are concerned, it’s worth pointing out that with this capability, SovereignWallet can figure out if somebody else has access to your phone/wallet, or if a user is indeed the real owner of that identity.
Future plans
The SovereignWallet Network plans to provide a platform for integrated third-party services of any kind that allows the use of mobile or smartphones as user-friendly interfaces for decentralized applications and smart contracts.
This service shall be provided to users at relative low fees provided that such users maintain certain minimum balances in the MUI wallet as may be decided by the Sovereign governance system from time to time. Also, users will enjoy token swap, where they do not have to sell a coin to buy another cryptocurrency before making transactions on the DEX, allowing them to exchange cryptocurrencies directly through the SovereignWallet interface in partnership with third-party exchanges.
The SovereignWallet Network plans, in the future, to utilize its SovereignWallet interface as a full exchange to serve as a marketplace to exchange of cryptocurrencies. This would be after the SovereignWallet Network has been able to build its own decentralized exchange subject to applicable law. In this model, SovereignWallet will be utilized as a secure and decentralized marketplace to connect buyers to sellers, and will not act as the central counterparty, but will only provide the infrastructure for peer-to-peer exchanges.
More details on how SovereignWallet works and our future developments can be found in our whitepaper. Visit our website to become part of our community.
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