ImToken Review: Safe Enough?
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A cryptocurrency wallet is a public and private key storage facility. Without the public and private keys, it is not possible to receive or spend digital assets. It is important to understand that wallets don’t store crypto-coins, on the contrary, wallets store a private secure digital code used to access the virtual tokens. Cryptocurrency wallets also act as a ledger of transactions.
ImToken is the browser of blockchain based assets. It is a user-friendly mobile digital asset control wallet. It enables users to benefit from the convenience of using blockchain technology. It displays the prowess of a digital asset vault.
What is ImToken?
ImToken is a cryptocurrency mobile wallet and a pioneer Ethereum wallet available for Android and iOS technologies. He Bin is the founder of Consenslabs, which came up with ImToken wallet in 2016. ConsensLab blockchain startup is based in Hangzhou, China.
It is important to note that ImToken is looking to integrate the entire blockchain ecosystem. Ultimately, users will be able to manage a variety of assets with it.
Some of the ImToken wallet versions
- ImToken 1.2.0
It is the initial version of the ImToken wallets. It was one of Ethereum’s best designed, user-friendly wallet. With it, more people were able to utilize the ImToken application than before. Since security had always been a major concern, this version would provide convenience through the support it had on the offline signing of transactions. The company considered security issues popular in central exchanges thus came up with ImToken 1.2.0 which enabled people to store their cryptocurrencies in a secure, cold offline wallet.
- ImToken 1.3.3
The next version in the evolution was ImToken 1.3.3. This evolution came with improved risk assessment qualities. Some of the additional security features included a user questionnaire, pop up system alert and turn off watch wallet.
The version preceding ImToken 1.3.3 didn’t have the risk management features. The new technology assessed users on parameters such as basic knowledge of blockchain, decentralized wallet transaction, and wallet safety.
- ImToken 2.0
Towards the end of 2017, the wallet founders further improved the version to ImToken version 2.0 wallet. This wallet was meant to solve practical difficulties, which the wallet users faced. At the same time, it was meant to eradicate obstacles, which potential users may encounter. The latest version delivered educational content to its users. It supports multichain and multi-wallet including the Bitcoin ecosystem asset.
ImToken Available cryptocurrencies
The cryptocurrencies which can be stored and traded via the ImToken wallet are only ERC20 tokens.
The Ethereum based wallet users are at liberty to customize gas price required for transactions. The price is at minimum 4 gwei to maximum 100 gwei. A higher gas price evokes a faster transaction speed. In other words, if a user is comfortable with an extended waiting period for a transaction to be confirmed, then a lower gwei is ideal. The wallet places a gas limit of 200,000 units.
Before signing up on ImToken users are expected to read and understand the terms of service. This will dictate their rights, services, and obligations.
When you download the ImToken app, you don’t need to provide any personal details for verification. However, you will need to create a private key and a passphrase of which you will use to access your wallet. The private key can be stored using a keystore. Never store it in your email or somewhere anyone can easily get to see it.
It is also important that you backup your wallet in case you lose your device. If you do not and your device gets lost or damaged, there is no way of accessing your funds and you might as well forget about them.
When your backup your wallet, even if your device gets lost or damaged, you will be able to recover your funds using your backup passphrase.
How to use ImToken
As I mentioned earlier the ImToken wallet is an Ethereum wallet. In that case, the preliminary requirement for utilizing the wallet is to open an ERC20 Ethereum account. From here you can create the ImToken wallet.
Below are the steps to follow:
- Download the ImToken app from an Android or IOS device.
Once you have the app, open and select the “Create Wallet” option. Give the wallet a name and a strong password.
- Export private key
The private key is then displayed. Enter the password to unlock the private key. Select copy and save the private key in a separate and secure place that is accessible to you and you only.
- Backup memo
At this point, close the screen previously displaying the private key and select the back- up mnemonic option. A mnemonic option is a string of secret code given as security for accessing the private keys. There will be a request for your password once again and on correct input, the mnemonics will appear. Take note of the characters and keep a memory copy.
- Final step
Click on next icon after executing the mnemonic phrase. Upon request for the security code, enter the mnemonic phrase from the backup memo. Proceed to confirm the password, and you will have successfully backed-up your security.
How to transact on ImToken
With successful creation of a well backed up ImToken Wallet, we are good to go. Here, we have some Ether to send to someone. Below is a procedure on how to transfer the crypto coins to the other end:
Use your private key password to unlock your wallet. As soon as the home screen is on, click the ETH button. It will open up the next page where you have the send button.
- Click on the send menu.
When the send menu opens up, it will provide a bar wherein you paste the alphanumeric code of the recipient.
- Key in the amount
In the next step, you’ll be prompted to insert the value of the ETH crypto coins that you want to send. You may attach a deposit memo though it’s optional
- Choose the cost
A fee statement will pop up on your screen as you approach to wire off the digital assets to the other side. The fee states the value of the transaction but differs with the duration of the confirmation. You’ll pay less for more extended transaction period.
- Complete the transaction
On clicking next, a space to enter the password will appear. Fill in space and submit the transaction. Great! You have executed your first transaction via the ImToken wallet.
Is ImToken Safe?
While ImToken wallet offers a wide functionality on cryptocurrency exchange, there is a general feeling among Ethereum users about the inferiority of the wallet. They consider mobile wallets to be vulnerable to hacking because of internet connectivity. Again, mobile devices may get ruined, stolen or lost. This means that a user will lose the private keys hence the coins will get lost altogether.
Some people prefer web wallets more than mobile wallets when they need the coins stored somewhere for a short period of time and when the amount of coins to be stored is significantly small.
In most cases, crypto exchanges also serve as a wallet. To tighten security, ImToken Wallet users provide passwords that they used during the wallet creation. The password is used to encrypt and safeguard the private key.
In addition to that, ImToken wallet requires identification verification to access and transfer the digital assets. However, one of the wallet’s reviews claims that they had their wallet hacked and all their tokens were stolen.
On top of the vulnerability of the mobile wallet and fraud, there were other complaints as to the inadequacy of the interface. The communication did not provide sufficient guidelines on the usage of the wallet as well as other technical obstacles.
A user on one of the reviews on ImToken complained that they received substandard services from the support team. However, the company has provided its communication channels on its website. If you have any requests, you can simply send an email to email@example.com or via Slack on imToken.slack.com.
The token’s handling speed depends on the gas price that is set by a user. A high gwei assures you of a faster transaction.
ImToken takes pride in being the first ERC20 wallet available on both iOS and Android. Users can create several wallets and even access them through ImToken. Numerous digital assets are accessible through the ImToken wallet. The good thing about it is, apart from supporting multi tokens, the new version of ImToken wallet supports multiple blockchains.
The disadvantage with ImToken, however, is that the interface is inadequate. It is therefore not the best alternative for beginners to use. It will not provide any much guidelines for them. The wallet is yet to achieve adequate popularity.
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