Mainnet wallet introduction - 2018
Quarter 3 & 4 of 2018 is the time to launch mainnets it seems. Many of the popular alt-coins have finished developing and testing their primary network and are in the process of swapping old protocol tokens for new mainnet tokens. With the launch of many mainnets comes the launch of many new wallets. We will cover some of the new wallets that have been released over the past few months and touch on their navigation, ease of use and different features.
Icon recently switched to mainnet, which involved swapping old ERC20 tokens for new mainnet tokens. The swap started on June 20th and is open until September 26th. Holders had the opportunity to convert their tokens on various exchanges such as Binance, Upbit and Bithumb, though they have now switched to mainnet entirely and no longer offer conversion services.
With the launch of Icon's new mainnet comes the release of their new hot wallet called ICONex. ICONex is a Chrome extension accessible only through Google Chrome (desktop). Because of this, there is no download needed. The new wallet is very easy to set up and use. Upon installation, users are asked to create a new wallet or load an existing wallet using a Keystore file or private key. Users are invited to enter a wallet name, a password, download the Keystore file, and write down the private key.
Once a wallet is created, users can send and receive Icon, add new wallets, and swap old ERC20 tokens for new mainnet tokens. I like the simplicity of the wallet and how easy it is to navigate. Some cool features include balance, which can be shown in USD, BTC or ETH, and the ability to add multiple wallets.
Ontology is another cryptocurrency that has recently made the switch to mainnet. Users have from June 30th through till October 1st to swap their old tokens for new.
With the mainnet launch comes Ontology's release of their new mobile wallet 'Onto.' The wallet is available on both iOS and Android devices and can be installed via their respective app stores. To create a new wallet, users simply enter a wallet name, password (8-15 characters), and write down the mnemonic phrase. Some features of the wallet I really like are the address book, which allows the user to send coins to a saved wallet address, and mainnet token swap feature which enables users to swap out their old tokens for the new. Also, users can earn ONG tokens when they store ONT in the Onto wallet.
Tron (TRX) is another cryptocurrency that has recently moved to mainnet and launched a new wallet. Unlike some of the other coins that have switched to mainnet, Tron's new wallet is available on all devices, including iOS, Android, desktop and is available as a 'web wallet.' They have certainly covered all bases. The wallet is very slick and 'cutting edge,' it just looks modern. Users can even create multiple accounts within the wallet.
The wallet is extremely easy to set up, requiring a wallet name and password. Once inside, users can swap their Tron for a plethora of other coins, as well as freeze TRX within the wallet and enable push notifications. I am really impressed by this wallet, primarily because of the ease of navigate.
VeChain, now known as VeChainThor is yet another cryptocurrency that has moved to mainnet (I told you there was a lot). Their mainnet swap started on 30th June and is scheduled to finish in early September. The VeChain team has done things a little differently as the ratio for old tokens to new is 1:100. This means each old VEN token can be swapped for a 100 mainnet tokens. Similar to the other coins I have mentioned, VeChain has released a new wallet alongside their launch to the mainnet.
The new wallet, named VeChainThor is available on iOS and Android only. To create a new wallet, users enter a wallet name, password and are required to write down and repeat the mnemonic phrase. Users are also expected to set up a six-digit passcode, which is required upon opening the application. The wallet boasts a simple interface. Some exciting features include the 'blind balance' button, the ability to manage wallets and contacts, and the VeChainThor node program, which gives users the chance to win VeThor Tokens (VTHO).
The recent addition of the IOTA Trinity wallet has been an impressive step in the right direction for the tangle-based cryptocurrency. The Trinity wallet is available on iOS and Android devices only, though the team is expected to release a desktop version shortly. Compared to previously launched wallets, the Trinity wallet is a serious improvement. Users can now generate safe and secure seeds within the app, something that caused much confusion for IOTA users in the past. Users can print the seed from their device, save it to a password manager, or just write it down. Alternatively, you can enter/scan your old wallet seed to restore your old wallet balances.
Some useful features include:
- Ability to change currency. NZD is available
- Change the wallet theme. This involves altering background and button colours.
- Language settings
- Security settings, which includes implementing 2FA and biometric authentication
- A 'mode' setting, which allows users to change from standard mode to expert (wallets default to standard). Users wanting to access additional features like manual promotion and reattachment should turn expert mode on.
The cryptocurrency space is fascinating as we are starting to see the release of new wallets coming from different cryptocurrencies around the world. It's great to see simplicity and ease of use are two areas of focus seen throughout all mentioned wallets. As we know, mass adoption is going to play a massive role in the success of cryptocurrency in the future and creating wallets that are easy to navigate and use is going to be a key part of that adoption.
Disclaimer: The above references an opinion and is for informational purposes only. Do not take this as personalised financial or investment advice. The opinions expressed by the author do not represent the opinion of BitPrime.
Last updated: 06/08/2018