In June, the price of Ethereum reached the current high of $396. Considering that it was just around $8 at the beginning of 2017, it’s safe to say that Ethereum is gaining steam, with some experts even predicting that it will soon overtake Bitcoin as the most popular cryptocurrency in the world. And as the price of Ether, Ethereum’s cryptocurrency token, increases, so does the demand for secure, dependable Ethereum wallets.
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Ethereum is more than yet another cryptocurrency. It’s a decentralized, blockchain-based distributed computing platform capable of running smart contracts. It’s the support for smart contracts that makes many believe that Ethereum will soon overtake Bitcoins.
Smart contracts data back to the 90s, but their practical implementation has been made possible thanks to the blockchain technology, a distributed database that is used to maintain a continuously growing list of records in a way that’s inherently resistant to modification of the data.
With smart contracts, it’s possible to program the terms of the contract between buyer and seller to facilitate, verify, and enforce the performance of a contract. “[Smart contracts] run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference,” explains the official website of Ethereum.
Because the execution of smart contracts requires computational power which someone must provide, the instructions embedded in Ethereum contracts are paid for in Ether. Consequently, those who own a lot of Ether can pay for a lot of smart contracts. If smart contracts really become the future of financial services and the public sector, the value of Ether is going to skyrocket.
Best Ethereum Wallets for iPhone
If you own an iPhone and want to give Ethereum a try, you have several great options how to store your Ethers securely. Like all cryptocurrency wallets, Ethereum wallets belong to two broad categories: cloud-based wallets and local wallets.
Cloud-based wallets host the private key to your account in the cloud. This means that you’re at the mercy of your wallet provider and their ability to secure their servers and your account. Local wallets store your private key either on your computer or on a special hardware device, making you responsible for the security of your Ethereum wallet.
Founded in 2012, the popular Bitcoin exchange Coinbase has recently received the approval from the New York Department of Financial Services to trade Ethereum and Litecoin currencies, further extending the scope of its global exchange services.
You can set up an Ethereum wallet on Coinbase in less than a minute and instantly enjoy the reliable and proven services the exchange offers. Just keep in mind that Coinbase is going to store the private key to your Ethereum on their servers, putting you at the mercy of their terms of service and security measures. To use Coinbase on the iPhone, it’s best to download the official app from App Store.
The Ledger Nano S may look like an ordinary flash drive on first glance, but it’s actually a capable cryptocurrency hardware wallet with robust security features and the ability to serve as a second authentication device for other services.
To set up the Ledger Nano S, you simply plug it into your computer using a USB cable and choose a PIN number. Next, the Nano S gives you 24 words to note down on a provided recovery sheet. These words can help you recover your wallet in can you lose or damage your Ledger Nano S hardware wallet. With the Ledger Nano S configured and connected to your computer, you can use the official Chrome app to send and receive cryptocurrencies.
MyEtherWallet describes itself as a client-side interface that doesn’t hold your keys. Unlike other web-based Ethereum wallets, MyEtherWallet keeps your private keys on your local machine, giving you the option to easily create an Ethereum wallet without running a full node and broadcasting and storing the entire blockchain on your computer.
After you generate your Ethereum wallet on the website, you get several options how to save your private key. You can download a .JSON file with an encrypted version of the private key, download a .JSON file with an unencrypted version of your private key, or simply copy the private key in its plain text form. Transactions can then be made using the mobile-friendly web interface, which runs flawlessly on all iOS devices.
Exodus is a beautiful local Ethereum wallet available for Windows, Mac, and Linux. Exodus encrypts private keys and transaction data locally, and it supports Aragon, Augur, Bitcoin, Decred, Dash, EOS, Ethereum, Golem, and Litecoin.
The creators of Exodus wanted to “remove the geek requirement to use cryptocurrency and make design a priority.” That’s why they crafted a whole set of stunning icons to help users visually understand how the wallet works and what each button does. But beyond the superficial, Exodus is also secure and open source. It doesn’t matter whether you’re a seasoned cryptocurrency investor or somebody who’s just dipping their toes in the cryptocurrency waters, Exodus has something to offer to anyone.
Jaxx is a multi-platform wallet that runs on iOS, Android, macOS, Chrome, Windows, Linux, and soon also on dedicated hardware. It successfully combines an elegant user interface with robust features and state-of-the-art security. Jaxx supports multiple cryptocurrencies and stores all private keys locally, so you can be sure that nobody besides you can access your digital treasure.
While Jaxx isn’t open source for various security reasons, the developers still allow code inspection in multiple ways. To show they have nothing to hide, they’ve even placed a button that allows anyone to view the source code right on the home page.