IOTA Wallet – All You Need To Know
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Mining or buying a Cryptocurrency is definitely not an easy task at least for the first few times you do it. Storing the cryptocurrencies is also difficult. A lot of cybercriminals are constantly lurking through the Internet, targeting cryptocurrency owners.
To rob you of your coins, these sets of criminal lurk around and monitor you with the aid of malware and viruses pre-installed on your various devices. They count on you to slip a bit and they hack you.
As wise and advanced as these attackers have become over the years, technology to prevent such set of criminal is also advancing on a regular basis. This technology includes but is not limited to a more secure wallet software and protocol option. These wallets are designed to make use of different security protocols and measures to protect against the malicious attacks.
Some Cryptocurrencies also now have different wallet forms options, which has further aided inflexibility of storage. Example of such Cryptocurrency is IOTA. The large range of options available for keeping your IOTA (MIOTA) coins stored safely has greatly helped to reduce the theft of IOTA. And since you already invested your resources into getting the Coins, it is quite important that you put a lot of thought into keeping the coin safe.
What is an IOTA Wallet?
An IOTA wallet is a secured software program that factors in the storage, receiving and sending of IOTA digital coins. The wallet helps to keep IOTA coins, either mined or bought safely outside the Cryptocurrency exchange portal. It helps to accurately store IOTA coins in the owner’s possession without the risk of third-party interferences on pricing structures and fees, depending on the type of IOTA wallet chosen.
For example, if you prefer to make use of the official IOTA wallets for the storage of your coins, you need to follow some stepwise protocols and procedures put in place to aid the secure storage of your coins. Firstly you need to visit the official IOTA wallet page found on GITHUB. From there you can download the wallet software and install it on your desktop. Upon installation and running of the software, you would be prompted to select the type of wallet you want (Full Node, Headless Node, and Light Node).
Once this is over you would also need to register a SEED. This seed serves as your password that would be requested for each time you want to access your wallet, so make sure it is copied and stored in a safe place. The last phase is receiving your wallet address; this is the address your IOTA coins would be transferred to upon request. The address can be found upon selecting the “RECEIVE” tab on the wallet interface.
Kinds of IOTA wallets
IOTA desktop wallet
This is a type of iota Cryptocurrency wallet in which the software is downloaded and installed on a PC. The wallet is unique in that it is only accessible from the computer on which it is downloaded. On launching the program IOTA wallet, you’re prompted to enter a seed; which is a long and complex unique password, to create a wallet.
Usually, you have a seed to recover your password like a file backup in case you forget your wallet password. Once you click on receive, an address appears, which is the address your send MIOTAS. To make the address come alive, click attach to tangle, wait a while and wait till it attaches before performing Amy transactions. Desktop wallets offer one of the highest levels of iota Cryptocurrency security only with the risk being that your computer might be hacked or get infected with a virus.
IOTA paper wallet
This is a type of IOTA Cryptocurrency wallet which is on paper like the name denotes. It is of course completely offline, non digital and has no hardware. A paper wallet is created after generating public and private keys. These keys are then written down or printed on a paper and then kept it in a safe place, somewhere no harm would come to it.
The IOTA paper wallet cannot be hacked as it’s not connected to the internet. As a result of this, it happens to be one of the safest types of Cryptocurrency wallet. This method of wallet option is known to be the favorite of Cryptocurrencies biggest traders. This is different from other wallets because you only need to safeguard your private key.
IOTA mobile wallet
This is another type of Iota Cryptocurrency wallet in which the software runs on an app on your mobile phone. They are of course mobile and can therefore be used anywhere at any time. The launching process and use is somewhat the same with that of the desktop, but they are just usually smaller and simpler than desktop wallets because of the reality that cell phones usually have limited spaces to store memory.
Now then, to confirm your fears, mobile Cryptocurrency wallet users are at risk of getting hacked, because of a new vulnerability that allows the media projection service to capture the user’s screen and audio content. Many of Android users are at risk as the bug affects marshmallow, Nougat and the lollipop platforms. Mobile Cryptocurrency wallet users are advised to upgrade to the latest versions as the latest versions could protect against this kind of hack.
IOTA online wallet
This is a type of iota Cryptocurrency wallet that runs on the cloud or servers that can be accessed anywhere on any computer at any time. The only advantage of an IOTA online wallet is the convenience of access. It is the only IOTA Cryptocurrency wallet that stores both your public and private keys online by a third party agent, which if hacked, you lose all your funds. An example is the online IOTA Bitfinex wallet. Keep in mind that there is no legal compensation if your money is stolen from a Cryptocurrency exchange.
IOTA hardware wallet
The IOTA hardware wallet is a device that connects to your computer but remains offline. Though hardware wallets can make transactions online, your private key remains stored offline. This is also a mobile wallet but the downside is that it needs a computer to connect to for use. An example is the ledger Nano S, it connects to your computer like a USB stick but has a small display screen for entering your passcodes. Another one is the Trezor which claims to have gotten rid of everything that could be hacked. It is more expensive than the ledger Nano S. Unfortunately, neither support IOTA as of today.
There are also other types of IOTA wallets and many more are still in development phase. Example of this wallets includes; Trinity Wallets, Android Wallets, Nelium, CarrIOTA etc.
Best IOTA wallets
When you are selecting the best IOTA wallet to store your coins in, there are just two main options to select from. These options are;
IOTA Official Wallets
IOTA officially has its own wallet software program that is available for download on GITHUB. The official wallets has four different variations to select from; this variations includes; the (Full nodes, Headless Node, Light Node, Android Node)
The first variation of the wallet is the Full Node (GUI); it is an IOTA Reference Implementation, (IRI for short). This particular node can be accesses only through a local connection using a static IP. Without this started IP being connected, the Full node wallet can’t be accessed.
The headless node on the other hand can be accessed through a browser with the help of a simple UI known as Nostalgia. It is typically a form of the Full node that is running with a local console. The Headless node shares identical system requirement with the Full Node, only with the advantage of being able to operate multiple account at ones.
The third node access the Full Node from another environment. It is usually hosted on a dedicated serve space and mirrors the environment of the Full node. This is known as the light Wallet (GUI). The fourth node is the most flexible variation as it can be accessed using a mobile device with an Android operating system. This node is referred to as the Android Nodes. The full nodes (GUI) stands very different from other (IOTA wallets) as they can only be accessed locally, they need other local users connected to the same Static IP.
- Headless Node: One of the things that make the node stand out from others is that you can access the full mode through a browser with the help of Nostalgia, a simple UI and it also gives you the privilege to have more than one Seed (Accounts).
- Light Node: with a light node, the full node can be accessed from an environment different from the local environment. Setting up such server requires a lot more knowledge than basic.
- Android Node: what differentiate this node from others is that it can be accessed anywhere anytime on your mobile phone. So you don’t have to get to office or home before you make a transaction.
These wallets nodes are created by the IOTA foundations, the parent company of the IOTA blockchain technology itself. This signifies that the wallet is safe as the company behind it design is very reputable.
Trinity Wallet is one of the latest additions to the list user-friendly Cryptocurrency wallet. This IOTA wallet is backed by the IOTA community through various contributions, which may have led to the delay in it role out and implementation. The IOTA foundation has also showed support for this wallet by overseeing an official Alpha Test involving 250 people using iOS and Android operating system. The positive responses from this test lead to a desktop implementation with higher levels of safety and security.
Trinity Wallet announced that Access GmbH would be the company to audit the program and this process would be done soon. The IOTA foundation is doing a great job to get this wallet out to the public as soon as possible as they have also consulted with various App Stores so it can be available to the public for easy use. The Trinity wallets is expected to feature a lot of functions such as , Multi Seed support, Price graph, Local and remote PoW, Fiat Conversion, two factor authentications, Theme selection, cross platform usage etc.
The idea of an IOTA wallet has been floating round for quite some times and it is being received with mixed feelings by the Cryptocurrency community at the moment. The reason for this is not farfetched as most of the options available are not elaborate and intensive enough to qualify as a solid Cryptocurrency wallet.
The few MIOTA wallet options that are worth checking out, are still not well tested as most are still in their ALPHA or BETA testing stage, and since we are dealing with real money here, saving on such platform is quite risky. So rather than looking for a wallet for IOTA, most cryptocurrency traders prefer to keep their IOTA on an exchange platform of their choice such as; Binance, Bitfinex etc. Although this in itself is not a much secured approach to coin safety, it is by far the best option available for wallet IOTA coins storage.
Ledger Nano S is one of the reputable company that have gained popularity for providing one of the best hardware wallets for Cryptocurrency, they have also acknowledge how groundbreaking IOTA is and announced that they would make it available for the transaction in their marketplace very soon.
In a Nutshell
It is very important to understand that IOTA and the IOTA wallets options are still relatively new and have not gained much popularity compared to other cryptocurrencies but its unique feature are going to make users start patronizing it and when this does happen, there would be an increase in it use, with will further increase community contribution towards the development of a better and safe wallet option.
Thank you for reading. We do hope you have gained a lot from reading this article. To learn more about Cryptocurrency, kindly out the website as it is full of information pertaining to all aspects and forms of Cryptocurrencies.