2.3 What is a DApp Wallet?

Now you have an understanding of how DApps function, as covered in our previous blog 2.2 How do DApps function?, we sense a desire for information about how you can access live DApps and any future creations. As always, BlockUno want to provide you with every bit of detail and make your journey to understanding and adopting blockchain technology as simple as possible.

What is a Self-Custody Wallet?

Before we begin discussing Web3 wallets we want to introduce you to a term you will see being frequently used. The term ‘Self-Custody Wallet’ refers to a software/hardware device where you can store your digital assets and be in control of your own possessions.

What is a Web3 Wallet?

We wanted to introduce you to Self-Custody Wallets first, because a Web3 wallet is simply a Self-Custody Wallet with an added browser that enables access to the 3^rd generation of the web, aka Web3. By gaining access to Web3 you are able to make use of DApps through the browser available. Majority Web3 wallets will have a specific section dedicated to DApps, making it clear and easy to identify when trying to access DApps. 

Different Types of Wallets

If you research DApp wallets on the internet you will find more than one answer, because Self-Custody (Web3) wallets are available in more than one format. We want to make you aware of the following terms, ‘Mobile’, ‘Hardware’ and ‘Smart Contract’, because they will all crop up in conversation. To guarantee a full understanding of this topic, we have included three summaries below for the mentioned terms. If you have any conversations about DApp wallets in the future, you are now able to cover every angle.

Mobile

Looking for an easy way to get started? The mobile Web3 wallet is the one for you, take a look in your App Store at the different wallets available. Examples include, MetaMask, Trust Wallet, Opera, DexWallet and AlphaWallet. All these wallets offer the standard functions including access to DApps via your DApp browser. Whilst a large percentage of them also offer a direct purchase to specific cryptocurrencies (aka ‘fiat-onramp’), making it even more convenient to invest. 

Hardware

For people looking for the ultimate security for their digital currencies, a hardware wallet is the top choice. A Hardware Wallet is a physical device, tends to be in the form of a USB or a device with Bluetooth connectivity. Your Hardware wallet securely stores your private key and will only process signed transactions using this exact key. Examples of Hardware Wallets include: Ledger, Trezor and Ellipal.

Smart Contract

Finally, we have our Smart Contract wallets, and the distinctive difference of this wallet is the fact it is live as a program and powered through Blockchain Technology. Your digital assets are protected through the use of Blockchain and it’s secure set up. A Smart Contract wallet offers additional unique features including, two-factor authentication (making it difficult for anyone else to access your wallet), fraud alerts and emergency lockdowns (protecting your digital assets) and many more. 

Web3 Wallet Examples

Below we have listed out the most popular Mobile Web3 wallets to get you started. We have also provided a brief summary to give you an idea of each individual wallet that you could use. Make sure you do additional research into every example and the different types to find the right one for you.

Trust Wallet

Trust Wallet claim to be ‘The Most Trusted and Secure Crypto Wallet’, offering an integrated credit card purchasing system for making quick and easy investments into specific cryptocurrencies. Offers the best rates possible with an instant exchange system, making trading convenient. Their promise to you as a user is that they won’t collect any personal data and only you can access your wallet, making it secure and private. Finally, they do have a DApp browser, so you can make use of your favourite decentralised applications without leaving your wallet. 

MetaMask

MetaMask state they have everything you will need to manage your digital assets including, a key vault, secure log in and your token wallet. You can use MetaMask via a browser extension and/or by downloading it as a mobile app. Making it both the simplest and secure way of connecting to blockchain-based applications is their promise. Whilst leaving you in control of your own data and when interacting with decentralised applications.

Opera

Originally being a major browser that offers a variety of benefits to users, including immediate ad blocker and a privacy policy that stops users’ actions and behaviours being tracked online. Opera also launched their crypto wallet, making them the first major browser to do this. With this wallet they are offering seamless browsing on Web3, granting smooth access to decentralised applications. Opera can store all your tokens and collectibles in your browser wallet, ensuring security and protection for your assets. You can even pay with cryptocurrencies directly from your wallet to any businesses that accept this method of payment, making it quick and easy to complete transactions.

Dexwallet

Specifically focussed on providing the best mobile wallet for decentralised finances, we have Dexwallet. With the aim of giving everyone easy access to the world’s greatest inventions (cryptocurrencies), they created an easy to use wallet, with the rapid payments directly from your wallet, an integrated store for finding your favourite DApps, a smooth functioning credit card integration for purchasing crypto and much more. Their wallet claims to be as easy as managing your day to day savings account and they want to get more people on board.

Alphawallet

Finally, specific to Ethereum, we have the AlphaWallet. Offering a place where your cryptocurrency tokens can be used for much more. You will have the ability to pay with a stable coin and access Web3, gaining access to decentralised applications. They believe their security is created by using cutting edge hardware as they are the first mobile wallet to utilise Secure Enclave. Enjoy conveniences, privacy and a place to play your favourite DApps all in one wallet.

Before we move on, we want to declare that the above summaries have been created using information on the individual brands websites and you MUST undertake your own additional research to really understand what they all offer individually. Our summaries are to give you a starting point for completing further research.

Are you looking for more information?

Due to the complexity of DApps, we have chosen to break down this topic and bring the information to our readers in smaller chunks. Our aim is to make our blog posts easy to digest and deliver the information slowly, so it isn’t overwhelming. Our next blog post 1.4 What is a Decentralised Exchange? will launch 22/06/2020, so stay tuned to find out more.