So how many IOTA Wallets can we find on internet? Wich is the safest one and what are the differences?
Let’s make a quick analysis of the most used IOTA Wallets on the market to date.
Wich was the first IOTA Wallet?
The first IOTA Wallet that was available on the market was the official IOTA Wallet, this wallet is still available and can be downloaded from the oficial IOTA Github, called iotaledger, the actual and last version is the 2.5.7
And here is the direct link for the Windows executable file:
As we can see, the last revision was updated on 29 Jan 2018, so technically is not a very recommended IOTA wallet to use.
The wallet is still safe, but there was a lot of problems on the past due the fact it doesn’t include a random seed generator, meaning people used to search some seed generator online to use it with their IOTA Wallet, and thats how lot of people lose their IOTAs, some smart scammers end up making some websites to trick the users to use their “safe” seed generator.
All those people who used that online website, got their IOTA taken from his IOTA Wallet, and as we all know, in cryptocurrency, transfers are final, meaning there was not any way to recover their loses. That’s how the old IOTA Wallet 2.5.7 looks like, the POW to make the transfer took quite a few seconds and is not very comfortable visually considering the actual design standards, for that reason they developed the Trinity Wallet.
Trinity Wallet, the IOTA Wallet evolution
The Trinity IOTA Wallet was the response of a real need, it added a much more visual comfort, and many more waited options.
One of them being the fact of support remote POW, in the future, IOTA wants to be able to remove the POW from the wallet in the new concensus algorithm, but meanwhile is still needed, and when you run the IOTA Wallet in a phone, or a low end computer, you can feel the POW makes the experience always worst, since usually human beings, are pretty imaptient.
So with the delegated POW function, you can select a server that has enabled this feature, meaning the remote server IOTA node where you connect, is going to do the POW for you, and your IOTA Wallet will just basically sign the transaction, wait for the node to make the POW, something that can take like very few seconds, and then broadcast the transaction on the network.
This IOTA Wallet updates regularly with new options, in has a very powerfull seed generator, password protection, and works on all platforms, linux, windows and there is phone version for android too.
One of the most nice features of the Trinity Wallet is the fact you can now buy IOTAs from the wallet! How is that done? well, IOTA did partner with a company called moonpay.io and this company will process your buy order instantly with your credit card and just a few user data.
The limit to date is 150€/month, but if you wish to move more money, you can do the verification process.
For very high amounts of money is not recommended to use this service since the fees can get a big high, but its still very amazing for those who want buy IOTA in a intuitive and quick way, without having to use exchangers, verification process, bank transfers, and so on.
If you want know how to use your Trinity Wallet in a super safe way, please check our tutorial at this link: Trinity Wallet: Install IOTA Trinity Wallet Safely
The Hardware Wallet
Some people might not want to use a linux distro to install a wallet, and they might not feel safe enough using their windows or phone computer, in this case the best option is to use a Hardware Wallet.
Hardware wallets works like a tiny computer that just signs the transaction and just shares signed messages with the computer, that means our seed is 100% safe even on a computer full of virus!
For that reason, hardware wallets are so amazing and they can be even more safe and secure than any online bank system method that tries to protect you with SMS messages codes, and similar methods.
The natural question with that type of wallets is, ¿What would happend if i lose the hardware?
Well, thats a very natural question, and there is a very good answer: Nothing!
The access to the device has a personal safety lock PIN you need to enter and, if it fails several times, the wallet kills and erases the seed.
However you are still safe since when the wallet made its own random seed, it shows you the seed on his little screen, (remember, its never shared with a computer, you can just see it in the tiny LCD screen of the device).So this is the master key that will allow you use another hardware wallet, enter your old seed, and voila!
All your money is back 😀
How amazing is that? i bet you one right now. Well, the bad news are there is just a single hardware wallet on the market accepting IOTA, its called Ledger Nano and you can find it at ledger.com
Other companyes are already working to integrate nano on their hardware devices, so hopefully we will have many more options to select a hardware wallet in order to use or IOTA in a very safe way.
Some people when searching to download the IOTA Wallet, confuse IOTA with MIOTA and search for MIOTA Wallet.
MIOTA Wallet doesn’t exist as such, you must understand that lot of exchangers like binance, bitfinex, or even webs like coinmarketcap uses the term MIOTA to define the price of the cryptocurrency, but 1 Miota equals to 1 million IOTAS, therefore, when you see on a website the price of IOTA is for example 1$, means 1 million iotas cost 1 dollar, or to make it simplier, its 1 MIOTA at 1 dollar.
But when searching for something related to the IOTA Project or IOTA Wallet, makes sense you use the term IOTA Wallet instead of MIOTA Wallet.
In the next table you can see an image about the total number of tokens and the number of iota inside each unit,
for example, if you have 50 000 Miotas, means you have 50 Giotas, also known has 50000000000 IOTAS (fifty billion IOTA’s)
How you Create a IOTA Paper Wallet
What we are going to explain here, is pretty much as secure as hardware wallet, at least if you dont plan to move your tokens, and you want use it as a cold wallet.
At this website: https://arancauchi.github.io/IOTA-Paper-Wallet/ you can download a simple website that uses IOTA dll library to generate the first address a Seed generates.
The idea is to use this offline wallet that you can open in any browser, but in a virus-free computer like a linux Live USB distro.
Once you have your distro opened and you open the paper wallet generator, insert your random seed, and print the seed + the address offline.
This way you can have a QR Code of your Seed and your reception address.
Now print your offline cold IOTA Wallet and store it in a safe place.
It will look something like this:
How you check your IOTA Balance Without your IOTA Wallet
Did you know you can check your IOTA balance without having to have your wallet opened?
In IOTA, like with most Cryptocyrrencies, the balance of all addresses are fully open, that means we can check how many tokens have the 100 top richest wallets in the ecosystem, or check how much balance do we have while we are in a system that might be compromised and we dont want to insert our seed.
Let’s say you made an offline paper wallet to secure your IOTAs, and you move or receive tokens to your address, in this case you want check if the transaction has been received, and to do this, al we need is use a IOTA network explorer.
One if the most well known is https://thetangle.org
Try to put your address in the search field and check your balance, now you can store in your bookmarks the URL and check with a single click your current balance without having to enter your seed!
Pretty handy if you want check quickly if your founds are still there and safe.