The Search for the Perfect Crypto Wallet
As blockchains multiply and their use diversifies, storing tokens has become difficult. But it doesn’t have to be this way
These days, having a wallet to store your cryptocurrency in is a must, especially if you want to take advantage of all that blockchains have to offer. But if you do a cursory online search of available wallets, you’ll find dozens of sites, each listing various offerings. Those that are new to the crypto world may find it overwhelming and struggle at choosing the right one. But even if you’ve been around the block and have tried a few different wallets, it’s likely that you haven’t found one that meets all your needs.
Common pain points mentioned by users include security, fund availability, transaction efficiency, and the ability (or lack thereof) to store multiple currencies in a single wallet. Let’s take a look at some of these issues.
Nobody wants their tokens to be stolen or lost, and this concern is what has fueled most of the hot vs. cold wallet debate. Cold storage keeps your private keys safe from hackers but doesn’t protect them from being physically stolen, lost, or forgotten. Meanwhile, having your wallet on the cloud wins in ease-of-use but will always be vulnerable to exploits.
If you want to spend your tokens — whether it be on games, ICOs, or any other dApp — having them available and ready to trade is paramount. Cold wallets, by their very nature, have several roadblocks in place to prevent easy access to the funds, making them inconvenient for those who make frequent transactions.
Wallets that are connected to the Internet are best for easy access, but even then the transaction process can be slow and clunky. Some wallets require several steps for verification or identification before allowing you to trade your tokens. Others force you to input the same information over and over even for repeated transactions of the same kind.
Storing multiple currencies in one wallet
Where once there was only Bitcoin, users now have a wide variety of blockchain platforms and currencies to invest in. This is great for innovation but presents a logistical problem. Most wallets are designed with a single blockchain in mind, and those of us who prefer to keep several currencies sometimes have no choice but to create one wallet for each. This is not only inconvenient but also risky given that we now have to remember multiple passphrases.
A few of the wallets currently on the market have successfully addressed some of these problems, but none that solve all. TrustWallet is a mobile wallet that, despite being connected to the internet, offers added layers of security such as storing private keys on your device and biometric marker authentication systems. However, it only supports tokens on the Ethereum blockchain. Browser extension wallets like MetaMask, TronLink, and Scatter have created a middle ground between security and fund availability by storing private keys locally on your browser but still making it easy to connect to the Internet to conduct transactions. MetaMask has also been consistently praised for having one of the most user-friendly interfaces out there. But both MetaMask and TronLink only support ETH and TRX tokens, respectively. Meanwhile, Scatter has created a single sign-on solution that aims to simplify the transaction process using asymmetric encryption. Though Scatter currently supports the Ethereum and EOS blockchains, they are working on adding more. So far, only hardware wallets like Ledger Nano S support a wide variety of currencies.
Here at BitGuild, we are keenly aware of the challenges faced by crypto users when it comes to storing their tokens. Especially now, when blockchain developers the world over are finding more innovative and interesting uses and applications for it, it is more important than ever to make storage easier and smoother. That’s where GuildWallet comes in.
GuildWallet is a browser extension that allows you to manage your entire cryptocurrency portfolio and carry out direct token transactions for payments, games, and more. With GuildWallet, you’ll be able to store permissions to simplify repeated transactions, making it easier than ever to buy and trade items in games and other dApps. You’ll also have a Coin Pouch within the GuildChat app, where funds will be instantly available for transfer without the hassle of waiting for slow blockchain transactions.
In its initial BETA version, GuildWallet will only support the TRON network, but we are building it with a long-term vision. TRON’s focus on content creation has attracted a lot of attention in the community, making it the fastest-growing market currently. That’s why we chose to support TRX first — because it will help drive adoption of GuildWallet while we work on integrating other blockchains.
Other features that you can find in GuildWallet’s beta version include:
- Full TRON wallet support, including TRC20 (ANTE is included by default, and custom TRC20 tokens can be added manually)
- The ability to freeze TRX for energy and bandwidth
- The ability to set custom unique names for your TRON wallets
Blockchain technology is more than just for trading and investing. By making token storing easier, we will be one step closer to bringing crypto into the mainstream where it can reach its full potential.
BitGuild aims to bring blockchain and cryptocurrency adoption to the masses by providing compelling experiences that are easily accessible. Between the official BitGuild portal, our discovery platform for great crypto games, and GuildChat, our decentralized wallet mobile app with an integrated social suite, we’re firing on all cylinders to usher in a new age, changing the way people interact with their digital goods.