Ethereum stands with the second highest market cap in the cryptocurrency space. So it’s obvious to attract the attention from the investors.
With this growing attention that need to find a secure place to store Ether. So, today we’ll talk about Ethereum wallets.
The official Ethereum Wallet is usually known as the “Ethereum Mist Wallet”. It is a feature built into the Ethereum platform. The Ether wallet is designed and integrated into the Mist web browser.
Mist is used to link to the main Ethereum network and communicate with other Ethereum apps. It is still under development.
The Ethereum Mist Wallet
In recent years, the Ethereum project has grown rapidly, leading to new ideas into the blockchain space.
To store, trade and exchange Ether; users need the Mist Wallet. This Ether wallet is a go-to solution who wants to get involved in Ethereum.
The Ethereum wallet supports Ether and digital tokens issued on the Ethereum platform.
What is Mist?
Mist is a web browser which interacts with DApps (decentralized applications) working on the Ethereum network.
The Ethereum Wallet is designed on Mist, as to use the wallet one should make use of mist. However, Mist is still in beta stage. Stay informed about software updates, bug fixes, and other potential issues by official Ethereum network.
What You Need to Look For in an Ethereum Wallet?
Finding the reliable Ether wallet is not that difficult. However, you must have a general understanding of how these wallets works. Let’s start with a quick go!
There are generally 4 different types of wallet:
Hardware wallets are physical wallets that holds your private keys. These are considered as the average secured ones. It helps to keep your funds in “cold storage” (offline), which is inaccessible for online hackers.
Online wallets are relatively secure. Since they are linked to the Internet, they exhibit a small amount of risk. You can use these wallets on any devices.
You need to download and install desktop wallet on your system (PC/laptop). Only that specific system can access the wallet.
These are pieces of paper with your private keys on them. These are extremely risky. Paper wallets are not advisable as there are no good options.
Where is Ether Wallet Available?
Download the latest version of the Ethereum Wallet directly from the Ethereum website.
The Compatible Wallets with Ethereum Network
Below are the wallets that support Ethereum ERC20 tokens. This list get updated continuously at Token Market.
- MyEtherWallet (Online and local browser)
- MetaMask (Firefox and Chrome browser extension)
- Mist (Desktop)
- Jaxx (iPhone and Android)
- Exodus (Desktop)
The Incompatible Wallets with Ethereum Network
Following wallets are incompatible with token sales. Let’s know one by one!
Ethereum Wallet Fees
You can download and use the Ether Wallet free of cost. Although it cost some time with space of the hard drive to download the blockchain.
You just have to pay transaction fees to send ether over the Ethereum network.
How to Start Up with the Ethereum Wallet?
Download the Ethereum Mist Wallet
You can download the latest release of Mist wallet from here. Scroll down to downloads and select the release as per the system you are using.
- Choose “Ethereum-Wallet-YourSystem”. For this guide, let’s take the installation for Mac OS (Ethereum-Wallet-macosx-0–8–1.zip)
- Once you click the link, it automatically starts downloading the zip file. After you unzip the folder, find Ethereum-Wallet app and launch it.
Install the Ethereum Wallet
- Once you launch, you’ll see something given below:
- Once the node gets synced, choose the network. For testing purpose, select ‘Use the test network’ option.
- Choose your password
- Protect the account with a strong password. You cannot change the password of the account once created. So, don’t forget the password.
- This is how the Ether Wallet screen looks like.
- At the top of the Ethereum Wallet screen is the info about the sync status of your node.
- Under Accounts appears the number of accounts and Ether wallet balance in every account.
The Account Address
- Go to the Main Account. The string below your account name starting with “0x” is your account address.
- To receive the ether simply share your address. You can view the status of transaction at “http://testnet.etherscan.io/”.
- Put your account number or the transaction number in search bar.
- Go to “SEND”.
- Put in the address of the receiving party.
- Select the amount of ether you want to send.
- Try sending it without modifying the fees.
- Enter your password.
That’s all you need to do! Isn’t it simple?
- See all your transactions; go to Wallet overview → Latest Transactions
- Click on the specific transaction to display the Transaction box.
- The same you can check on “http://testnet.etherscan.io/”. Search with transaction number or your account number. That’s it!
What’s Coming Next- the Ether Wallet?
As the Ethereum platform forges ahead, several developments are designed for the near future. Some includes significant modifications to the process used for validating transactions.
Ensure their mist wallets are up to date with security facets and the Ethereum network protocol. The changes on Ethereum roadmap includes:
- Casper Algorithm
Ethereum announced its plan to change the way transactions gets approved by implementing a different consensus algorithm.
- Anonymous Transactions
The latest update on the Ethereum network includes new cryptographic proofs- zk-SNARKs. This is designed to enable anonymous transactions.
- Faster download and syncing
The Ethereum team suggested: They are working on a solution that will use less resource-intensive procedure to speed up the initial blockchain download and the sync to the Ethereum network.
Things to Consider
When looking for a safe cryptocurrency wallet, keep an eye out for the following features:
- Private keys: You always want the control of your private key under you. These are the keys to access your coins, and security is non-negotiable.
- Development Community: As Ethereum mist wallets are relatively new, still the reputation is huge. Find an active development community that offers a promising future.
- Simple User interface: Look for the wallet that is easy to use. Ensure the wallet is compatible with distinct operating systems.
- Security and backup: Always secure your funds by taking a prior backup of your information.
Now, that becomes easy for you. Go for the wallet that fits the above four criteria.
Ethereum Wallet Review
Before setting you free in the space of Ethereum wallets, let’s go through some closing words of advice. Pay attention to these tips as it can save you tons in the coming future:
- Always back-up the wallets
- Add extra security
- Keep the software updated