The Waves blockchain was launched in Q3 2016. By the end of the same year, custom token functionality was added. Waves network allows anyone to create digital assets quickly and easily, with no smart contract programming required.
This off-the-peg token creation functionality, along with a built-in decentralized exchange (DEX) (not centralized exchanges), enables a powerful but low-cost crowdfunding solution. Users can launch, distribute and trade their own crypto tokens with just a few clicks, whether the purpose is to fund a new application, build out a loyalty rewards program, or create an in-app currency.
The open DEX allows tokens to be traded against any other Waves token, and official gateways run by Waves Platform offer the ability to buy and sell Waves tokens for other major digital and fiat currencies.
In 2018, the company released a multifunctional mobile application, which made most of the platform’s most popular features available for smartphone and tablet users. Waves team also began developing and testing a new implementation of smart contracts, which would provide much of the functionality of traditional smart contracts but without the drawbacks experienced by other platforms.
The Waves network aims to provide a suitable environment for decentralized application (dApp) deployment.
How to choose the best Waves wallet?
Once you buy your first coins, you will want to move them off the exchange and to your own Waves cryptocurrency wallet, especially if you plan to hold them long-term.
So, where do you keep your coins?
On hosted Bitcoin wallets such as Coinbase or Bitcoin exchanges like Binance, Kucoin, Bittrex, Bitfinex or Poloniex.
If that’s your answer, then you should know that you are putting the ownership of your coins at great risk!!
These services keep your coin private keys under their custody on your behalf, which is not a safe practice, because the only way to claim your coins is your coin private key.
If you don’t know, consider reading this guide on the MtGox hack, and private keys.
So now the question is, where should your coins be kept?
Moreover, when selecting a reliable best wallet for ADA, one needs to look for the following things, irrespective of whether it is a hardware or a software wallet:
- Compatibility – The wallet should be compatible on different operating systems.
- Ease of use – Elegant user interface for quick and easy use.
- Developer community – Active development community for maintenance, ideas, support, and help.
- Backup and security features – Pin codes and seed backup keys.
- Control private keys – You need a wallet where you own and control your keys.
Types of Wallets
There are many different ways to use crypto coins and so there are many different types of wallets:
- Desktop wallets – These wallets store the private key for your coins on your hard drive.
- Mobile wallets – These can store the private keys for your coin addresses and enable you to pay for things directly with your phone.
- Web wallets – These wallets store your private keys online, and they can only be accessed with a user-set password.
- Paper wallets – These are coin private keys printed from an offline computer.
- Hardware wallets – These are physical devices designed to hold private keys electronically and facilitate payments.
Now that you know what to look for in a cryptocurrency wallet, I will summarize the unique features of the top wallets that an experienced holder must know of.
Best Waves Wallets
Waves Wallet Android
This is an easy-to-use mobile application to quickly access your WAVES and other Assets funds.
The wallet connects to public Waves full nodes in order to retrieve your transactions and send payments. You can show your transactions, both pending and confirmed, without login or password.
You can request funds via QR code or sharing app link and support multiple wallets on one device. Like with most similar wallets, the registration process is important because you are shown very important information – the wallet seed, which you can save somewhere safe or can also write it down on a piece of paper.
Link for download: Waves Wallet Android
Waves Wallet iOS
The Waves Wallet iOS is a free mobile wallet for Apple phones. Similar to the Android app, it connects to full Waves nodes, and one can view all transactions and make payments as well.
This wallet has all the features of the Waves platform, and one can even trade on DEX, store and send tokens, or use it as a bitcoin wallet. Users can send waves or waves tokens via a QR code or address link.
The wallet seed is protected by Touch ID, and there is a backup seed functionality as well. This is perhaps one of the best Wave crypto wallets by far, but one needs to know how to use it on an iOS phone.
Waves Lite App (Chrome Extension)
The Waves Lite Client connects to public Waves nodes to retrieve up-to-date Blockchain Information. We have all the cryptos to create addresses and to verify and sign transactions for the Waves Blockchain.
When using the Lite Client, you can read all the data from the public nodes, you can also write the transaction directly in the browser and just broadcast a finished transaction.
Also exists Waves keeper chrome extension. When a PIN number is entered, Waves Keeper, which can be found in the top right corner of the browser window, and Waves Keeper opens and shows the balances of blockchain accounts, which may actually be many accounts.
Link: Waves Lite App(Chrome Extension)
Ledger Nano S (Hardware Wallet)
Ledger Nano S is a hardware wallet from a French start-up that is designed for users who want increased security.
It’s like a USB drive that connects to any USB port and acts as another source of protection. Nano S only starts up when plugged into a computer (or mobile device) because it doesn’t have a battery.
This wallet doesn’t come with an anti-tampering sticker. The reason for that is that its cryptographic procedure checks for the integrity of the instrument when powered on.
The Ledger also comes with two side buttons for confirming transactions and an OLED screen. The Nano S comes at a very competitive price and is one of the cheapest multi-currency hardware wallets. Read our full Ledger Nano S review here.
When you configure your Ledger as a new device, you have to set up your pin code to secure your wallet. After that, note down your 24-word recovery phrase and store it in a safe place. You can use this recovery phrase anytime to restore your Bitcoins.
With this wallet, you need not worry about the safety of your coins because your private keys are stored offline. You can use the Nano S on any computer or Android phone with GreenBits or Mycelium.
The current list of Ledger-supported cryptocurrencies:
- BTC – Bitcoin
- ETH – Ethereum (Wonder what is the best wallet for ethereum? Click here to find out.)
- ETC – Ethereum Classic
- STRAT – Stratis
- DASH– Dash(Read here more about best DASH wallets.)
- ZEC – Zcash(Z-addresses not supported)
- DOGE – Dogecoin
- LTC – Litecoin(Other top LTC wallets are mentioned in this article.)
- XRP – Ripple(other good Ripple wallets)
- XMR – Monero(best Monero wallets)
- almost all other relevant coins in the market.
Note: It’s highly recommended that you always use a hardware wallet when you have a lot of Bitcoins or altcoins. Choose Ledger for the best Golem hardware wallet.
Pros: Great support, very secure, beginner friendly, competitive price.
Cons: More security = less usability (this is a problem with all cold wallets).
Ledger Nano X (Hardware Wallet)
Ledger presented their upgraded “Nano X” in January of 2019 during the annual Consumer Electronics Show in Las Vegas. Here is a full review of Ledger Nano X hardware wallet.
Nano X is pretty similar to the older Nano S. Retaining the USB-like design, the device comes with dimensions of 72mm x 18.6mm x 11.75mm and the weight of 34g.
The wallet also comes with CC EAL5+ certified secure chip which stores your sensitive data, as well as built-in Bluetooth capabilities for wireless cryptocurrency management.
Ledger developed its own non-open source highly-secure operating system called BOLOS. This is the operating system seen on the Nano S and Ledger Blue. BOLOS is stored on the certified secure chip within the Ledger Nano X.
The device’s software is compatible with 64-bit desktop computers (Windows 8+, macOS 10.8+, Linux) or smartphones (iOS 9+ or Android 7+). Nano X offers a wide selection of cryptographic support; check out the complete list here.
Ledger Nano X offers Bluetooth connectivity to its users, making it a great solution for people who want to manage their cryptocurrency on the go. The wallet can connect to the smartphone’s Bluetooth and its contents can be monitored/controlled through the Ledger Live downloadable mobile app.
The device lets you install up to 100 cryptocurrency apps so you won’t be able to store every single cryptocurrency out of 1100+ that are currently supported by Ledger.
Click here to buy Ledger Nano X.
Exodus Wallet (Desktop)
Developed by JP Richardson and Daniel Castagnoli, Exodus is a multi-cryptocurrency product that provides a portfolio + exchange + wallet for your digital assets in one package. Looking to spearhead the movement of returning control of people’s assets into their own hands via blockchain, the wallet has seen support from crypto figureheads like ErikVoorhees, Ricardo Spagni, and Roger Ver.
The wallet supports almost 100 cryptocurrencies (including Zcash) with more assets in the pipeline and is available for download on Windows, Linux and Mac. Exodus offers some useful features to its users:
- Well-designed, intuitive user interface suitable for beginners
- Multi-asset wallet
- Interesting color-coded, pie chart-like portfolio design
- Quality charting and market tracking tools
- ShapeShift integration
- One-click e-mail restore feature
- 12-word generation phase
- Local data storage
- Community-praised support structure made up of engineers and written/video materials
Interestingly enough, the wallet themselves published an article called “Top 10 reasons to not use Exodus” in which they decided to reveal their shortcomings for the sake of transparency and honesty. You’ll notice there that there are some weaknesses to the project, namely it being a light wallet, not being 100% open source, not being suitable for professional traders and power users, not being present on mobile platforms, and not offering the ability to exchange crypto into fiat. We can also add its lack of 2FA, fees of 1-3% for transactions and a lack of hardware wallet integration to Exodus’ list of negatives.
Here is a full review of Exodus wallet.
Guarda Wallet (Web)
Guarda is a cryptocurrency wallet currently available for Android (an iOS version is coming soon). You can use the app to store your blockchain-based digital assets. Among other currencies, Guarda Web Wallet supports Bitcoin, Bitcoin Gold, Ethereum(+ERC20 tokens), Ethereum Classic, Zcash,and more crypto assets are going to be added in the future.
With Guarda, you remain in control of your keys at all times, and your funds cannot be used by anyone else. Like other mobile wallets, the keys to your funds are secured and encrypted on your own device. You use a PIN to access the Guarda app.
Guarda also has a built-in exchange service, so you can trade coins from within the wallet.
Another noteworthy advantage of Guarda is the fact that the company behind the wallet has partnered with Changelly to provide instant and very accessible crypto exchange services.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com