Awesome Web 3 Wallets for 2022

Awesome Web 3 Wallets for 2022

If you are someone with vast knowledge on cryptocurrency and the digital market, you must have heard about the web 3 wallet and its awesome wonders. This wallet has significantly set a new industry standard in creating diverse ways to not only own but also monetize our assets, identity and content. 

With web 3 wallets, you are able to use both software and hardware to access funds and interact with decentralized applications effortlessly. It also even serves as a gateway to financial services that are bankless, create on-chain identity, collect NFT’s and collaborate with communities.

Just like purses and wallets we use to store money and other valuables, these digital wallets store digital currencies securely.

See also: How A DeFi Web3 Wallet Is Created 

Currently, there are several web 3 wallets on the market that have been and are still making waves in the crypto space and they are quite easy to download and set up. Read to the end to find the one that’s suitable for you.

Guarda wallet

This web 3 wallet has multiple platforms and it’s non –custodial. It allows you easily purchase well over 400 tokens and it also supports more than 60 blockchains. The guarda wallet is available as a goggle chrome extention, on the web, mobile phones (android and iOS), and desktop ( macOS, Windows and Linus).

On this wallet, tokens can be bought using SEPA transfer or better still, a bank card. You can also use prepaid visa cards to pay with crypto but this can only be gotten in the EU.

One mind-blowing thing about this web 3 wallet is that its users can earn up to 20% in APY just by staking some assets in the wallet.

 It also has a section for learning called the Guarda Academy. Here, users can learn all they need to know about blockchain, DeFi and crypto.

This wallet absolutely requires no KYC and users are allowed to swap crypto without giving out any personal information.

Trust wallet

Trust wallet has been in existence for a very long time now and it’s a web 3 wallet that gives access to thousands and thousands of cryptocurrencies and NFT’s hosted on diverse blockchains including Binance Chain and Ethereum.

Despite the fact that this amazing wallet offers a wide range of features, it doesn’t charge any wallet , dApp or swapping fees. It effortlessly allows staking and returns from earning held digital assets and it is totally non-custodial.

Currently, it doesn’t provide a web wallet or desktop for users. Moreover, several users have expressed concerns on cashing out their money but there wasn’t any documentation provided alongside the wallet itself. 

One of its major setbacks is it doesn’t provide 2FA thus, if someone intrudes your account, you won’t be able to stop their access as you can’t set up any confirmation code. It is safe to know that the trust wallet has been termed a “hot-wallet”. What this means is that it may be vulnerable to hacks.

MetaMask wallet

This is one of the most popular wallets currently used in web 3. It has over 21 million active users, it is user friendly and easily allows an interaction with the blockchain during account backup with a seed phrase. 

More so, this web 3 wallet lets users directly purchase ERC-20 tokens from the application itself and gives them total control of their private key. Therefore, it is also non-custodial. 

It supports trading on several custom chains including layer two solutions like Polygon and Binance Smart Chain. Also, due to how popular the metamask is, it can connect to apps that are decentralized.

However, since this web 3 wallet is an online wallet, there is a high risk of it being hacked compared to cold wallets. Yes! this wallet doesn’t track your information  at all but the browser being used to access it could collect user data about how much you interact with the metamask extention and this could compromise your privacy.

Coinbase wallet

Another self-custody wallet that keeps making waves in the crypto space is the coinbase wallet. It offers access to a wide variety of  DApps and tokens, allowing to store your NFT’s in a place. 

This web 3 wallet also offers easy access to decentralized finance and it also provides users the ability to link their Ethereum tokens to many DeFi projects. Users also get to partake in online airdrops that are legitimate, which totally increases their chances of acquiring free crypto coins.

The DeFi liquidity pools available allows users borrow and swaps accents on decentralized exchanges. The wallet supports ICO’s so users have access to new coins at the best price. This isn’t all as the coinbase wallet also lets users become members of DAO. This means they can participate in huge web 3 projects. 

Obviously, coinbase wallet is keen on securing users privacy so it not only stores the private keys locally, it also employs 2FA. It uses a 4 digit security pin to aid users unlock the wallet and make transactions.

Zerion wallet

This mobile-first web 3 wallet is quite popular in the online space. It is an investing tool that allows anyone manage their NFT and DeFi portfolios without any hassle. One of its features that enables it stand out is its ability to allow users connect to wallets that are non-zerion including Ledger hardware wallets. This feature is not something you find anywhere so it’s a wallet that’s a must-have.

Zerion wallet has a bridging and trading aggregator across every major blockchain and it also helps users find sweet deals across all their devices whether it is an web app, iPad app or a mobile app. 

Another mind-blowing feature is its social feature. This allows users follow other people’s wallets, track their favorite assets and receive push notifications on NFT drops.

Subsequently, Zerion also shares a lot of tools to help other builders. It’s Websocket API allows developers to integrate the whole DeFI into their applications without the hassle of running their node infrastructure. It is also very safe and secure.

FINAL THOUGHTS

You can pick any from the web 3 wallets above as they are quite popular and reliable. However, never forget to regularly back the wallet data file and seed phrase to prevent loading access.

How A DeFi Web3 Wallet Is Created 

How A DeFi Web3 Wallet Is Created 

With the advent of the Web 3.0 internet phase, finance has taken a whole new different route. The typical financial system was built in a centralized fashion- intermediaries such as banks and other third party financial institutions were the ones in charge of money movement and many other financial activities.

This made them have almost absolute control over your financial life, while you had a limited control over your hard-earned money.  

Now decentralization of finance (DeFi) is the status quo, especially in the crypto space and the web3 wallet is at the core of this new financial system in the cryptoverse. DeFi gives you complete control over your money, digital assets, and access to financial services. 

The best part? 

You don’t need banks and other financial institutions to play “money-sucking” intermediary. 

The DeFi web3 wallet is essential to the development of the new financial system in the cryptoverse. In this piece, we shall be looking at how to create a DeFi web3 wallet. But first, we shall explore the benefits of creating one. 

BENEFITS OF CREATING A WEB3 WALLET 

The Non-custodial Feature: This feature of the DeFi web3 wallet ensures users store their digital assets without needing a third party. No one can access your tokens, and you have absolute control over all your assets. This also means you are solely responsible for the safety of your tokens. This guarantees financial independence. 

Super-fast Transactions: Traditional financial markets are pretty slow in processing transactions. To get a loan or to make a deposit in a traditional bank, it can take some days. However, the DeFi wallet is built on the blockchain and it requires just few seconds or minutes to process transactions. 

Avoid Paying Transfer Fees: DeFi web3 wallet users can also avoid paying transfer charges while making gains off their digital assets, loans and deposits.

Access Recovery Is Easy: If you ever lose access to your wallet, you could easily recover it with your seed phrase. 

An Offline Mode: An offline mode gives you the opportunity to store your recovery phrase. It’s best you don’t store it on your computer as that makes it prone to hacking and malware access. 

Going For The Best Offers: Users of Web 3 DeFi wallets like MetaMask can easily compare DEX prices and make the exchange after finding out the best offers. 

Web3 Apps Link To DApps: Web3 applications are mediums through which you can reach decentralized applications. This is gives you an advantageous position as there are no limitations brought about by centralized platforms. Web3 wallets offer engagement with DApps quite simply!        

Access to Financial Services: DeFi wallets typically have DApps (decentralized applications) which offer users financial services. Many if not all have in-built web browsers. So, you can access the web and gain more info on everything crypto while on your digital wallet. DeFi wallets are the full financial package we all need and they’re what Web 3.0 has come to offer us. 

Safety, Privacy and Anonymity: DeFi wallets ensure security and privacy as you alone have access to your seed phrase and private keys. You also appear anonymous when transacting with other users. This makes things quite easy for you. 

6 EASY STEPS TO CREATE A DeFi WEB3 WALLET

  1. Outline Your Objectives: Before creation, you must have a laid out plan and also know how the wallet will solve some specific financial problems in the crypto space. You also need to determine whether it’ll run on the blockchain or not. Be sure to have a business analyst on board when planning on creating a DeFi wallet. 
  1. Determine The Architecture: This process involves deciding on how to store your wallet. You could either store it locally, in the cloud, or in a hybrid way (which involves both locally and cloud). However, cloud storage is still preferable. You’ll also need to select an access solution that’ll be convenient for your firm. 

It could be a hybrid blockchain, a private blockchain, public blockchain a permissionless solution. However, if you need a web3 DeFi wallet that has different types of responsibilities, then you best hire a blockchain team.

  1. Select The Consensus Algorithm: Every decentralized system has participants of a developer frame network required to verify a transaction. It could either by Proof of Work (PoW) or Proof of Stake (PoS).
  1. Select A Platform: Without a blockchain platform, you won’t be able to develop a DeFi wallet. Also consider some necessities such as affordability, stability, scale, and solutions. For instance, Ethereum operates an open-source platform. This minimizes cost and maximizing speed in development. 
  1. UX Design: Having a well-functioning backend isn’t enough as users will judge the DeFi wallet based on its user experience and interface. Thus, you need the services of a professional front-end designer and developer. He/she must be experienced in the creation of similar wallets. 
  1. Testing: One of the downsides of the blockchain is that once a crypto project is launched on it, changes can’t be made. Thus, you must ensure your DeFi web3 wallet goes through a testing phase before launch. MVP models are advised to scale and also connect it with other technologies like IoT, Big Data, and the likes.  

CLOSING THOUGHTS 

Web3 wallets give users access to DApps. They can also manage their assets without having to worry about the problems that come with centralization. However, you should know that the DeFi ecosystem’s success is dependent on how well web3 DeFi wallets perform. 

Still, it’s still much better than traditional banks and many other financial institutions. Many crypto firms and start-ups are going into the creation of DeFi wallets and this lets us know this new financial system is here to stay.

DeFi is one of the best things that ever happened to the cryptoverse and the web3 wallet is here to make transactions, interaction with DApps and storage easier. Getting into crypto is getting easier by the day. Web3 is gradually simplifying the technicalities involved in crypto and it can only get better from here!   

Some Frequently Asked Questions About Web3 Wallet

Some Frequently Asked Questions About Web3 Wallet

The web3 wallet is the newest iteration of the web that has brought so much comfort to crypto traders. It has provided them better control of their digital assets and maximum privacy. It is also non-custodial, thus, users wouldn’t require third parties to secure their assets. What can beat this?!

Subsequently, the arrival of the web3 wallet has sparked a lot of questions that this article seeks to answer. So, if you’re here for the frequently asked questions about web3 wallet, you’re exactly where you should be. Let’s delve right into it!

What is the web3 wallet?

This is one of the most asked questions especially from beginners in the crypto space. Just as aforementioned, the web3 wallet has recently started making waves in the online space. It creates new ways for its users to own and at the very same time, monetize their identity, content and assets. Learn more about what is Web3 all about?

Web 3 wallets are simply the easiest ways to use both software and hardware to interact with apps that are dcentralized, collect NFT’s, collaborate with communities, help with bankless financial services and access funds.

Why is a web 3 wallet needed?

The first use for a web3 wallet is to store and manage crypto assets. To clearly explain this, let’s use metamask as an example. Metamask is actually one of the widely used web3 wallet on the market. If you have a metamask account, you should be already familiar with how it works.

It has two tabs, one specifically for assets and the other for activity. The activity tab displays your transaction history while you are able to view all your assets under the asset tab.  There are also three action bottons – buy, send and swap. All to properly manage your funds and transact.

This is just proving to you that you with the web3 wallet, you have the ability to easily manage your funds yourself.

Another vital reason why a web3 wallet is needed is for accessibility. As we already know, crypto wallets serve as gateways to a variety of blockchains. Thus, web3 wallets gives users access to dApps as crypto assets mostly interact with apps. As such, users would be able to effortlessly authenticate themselves via their wallets, giving them a means to pay for any transaction.

What is referred to as a DAO?

Also known as Decentralized Autonomous Organization, the DAO is one of the prominent topic that comes up when dealing with a web3 wallet. It simply refers to communities that are developed with shared objectives concerning the use of web3 technologies.

These communities take complete control of the DAO’s and use various models of governance for specific operations. DAO’s explains specifically, the possible design for web3’s future. Some prominent examples of DAO’s are- charitable DAO’s, service DAO’s, grant DAO’s, DeFi DAO’s and so many more.

Is Coinbase a web3 wallet?

Yes! Coinbase is one of the most prominent web 3 wallets on the market today. It is one of the largest crypto exchanges that is non-custodial and enables users to store over 44,000 digital assets, manage Ethereum-based NFT’s and interact with decentralized applications.

As it stands, coinbase wallet supports binance smart chain, litecoin, polygon, stellar, dogecoin, ripple network, Bitcoin, Ethereum and so many others. Users are able to swap easily polygon and Ethereum based assets directly just within the decentralized exchange feature of the application. Non polygon and Ethereum assets can also be bought via the in-app option for crypto buying.

Interestingly, coinbase gives custody technology to institutional clients that seek to partake in the rising DeFi market.

How safe is the web3 wallet?

Web3 wallet emphasizes security a whole lot. It is a very crucial part of the buildup process of the web3 wallet. Nobody wants to painstakingly build up their financial portfolio and have it completely wiped out by hackers. This is what gives web3 wallets an edge over other kinds of crypto wallets.

Your web3 wallet requires your private keys or seed phrase to access your crypto assests. Without them, it can’t grant any form of access. 

So, if you love your funds/assets, you’ll do all you can to protect your private keys or seed phrase from falling into the wrong hands. 

They are several traders that still use paper wallets due to how secure they are. However, a well-made software provides easy navigation and a secure storage.

How exactly do web3 wallets work?

There are several web3 wallets on the market and although, they have their little differences, they still all have similar essential function. 

The first thing users are being led to do after downloading them is to create and account before receiving a seed phrase or private key. Their account can only be accessed via the seed phrase which can’t even be changed. In some cases, if forgotten, users would be unable to retrieve their private keys so it is advised to write it somewhere safe so you don’t risk losing your assets.

As soon as a user gets signed into their wallet, all their assets become visible and they can safely receive and send digital assets from several wallet addresses. There are some wallets that let users connect directly to a trading platform or blockchain, making it possible to easily purchase cryptocurrency or other valuable assets.

It is also important to keep in mind wallets value self-custody a whole lot. This means you get to handle all your assets without any form of restriction.  There are several platforms that would have certain limitations but this is not the case for web3 wallets.

What are the good web3 wallet alternatives?

As the days go by, the number of web3 wallets keeps increasing. It is not surprising since a lot of businesses leverage on them to grow speedily in an emerging market.

Picking one from most web3 wallets will be quite tasking since they are all so good. Thus, we would be listing the top 5 web3 wallets that have been on high demand in recent times.

They are-

  • Trust wallet
  • Metamask wallet
  • Coinbase wallet
  • Argent wallet
  • Rainbow wallet

Any of these should do just fine.

FINAL THOUGHTS

The above questions are the most frequently asked ones about the web3 wallet. They could serve as a guide to newbies in the crypto space.