What is Chainlink Wallet?
Chainlink (LINK) is the first decentralized oracle that allows providing external data for smart contracts. Thanks to this network they get the opportunity to communicate with payments and events necessary to fulfill the set conditions. Chainlink allows you to connect a block to an external API. The connection makes it possible to transfer the payments between banking networks and financial systems.
A crypto wallet is the main tool for installing assets after buying them on the exchange or making money on faucets.
The number of wallets that are suitable for LINK is slightly more modest than those of the market leaders. But most large and secure projects provide the ability to store LINK coins.
Top 8 Chainlink Wallets
All existing cryptocurrency storage is divided into several types depending on their characteristics. So, in order to store Chainlink cryptocurrency, you can use the following types of wallets:
- Hardware wallets are USB devices that are connected to a computer with a corresponding application.
- Desktop wallets are programs installed on a computer. Standard desktop storage requires the entire blockchain to be downloaded. There are also lightweight versions of such wallets that do not require data synchronization to use.
- Mobile wallets are similar to desktop ones, but they are installed on a mobile device (a smartphone, a tablet). They provide a low level of security, since they require a constant connection to the Internet for operation.
- Online storage means Internet services that require users` registration. After creating a profile, the account owner will be able to place coins on his account and also perform various transactions with them.
- Paper wallets are the services for generating a wallet address. Having received it, you can accept coins from other coin holders. To send savings from your address, you must use other storage or special online services.
8 Top Сhainlink wallets are the following:
1. Ledger Nano S/X
Ledger Nano X is among chainlink main wallets and it is one of the most popular and secure ways to store cryptocurrency. This hardware wallet is suitable for those investors who are ready to put coins on the back burner, rather than carry out frequent small transactions with them.
MyEtherWallet is an easy-to-understand and multifunctional cryptocurrency wallet suitable for storing ETH and tokens issued in its network. The Chainlink network uses the ERC677 token, which inherits functionality from the ERC-20 token standard and allows token transfers to contain data payloads. In addition to the ability to send and receive transactions inherent to any other wallet, MyEtherWallet is also backed by years of good work on the part of users, intuitive software for interacting with smart contracts and Dapps.
3. Coinbase Wallet
Being one of the Сhainlink coin wallets, Coinbase Wallet is a wallet from a major exchange that actively competes with Binance to be the first in the crypto market. Its advantage includes the ability to buy tokens directly from the wallet, because it connects to the Coinbase exchange.
4. Trezor Wallet
Trezor Model T is also among the Chainlink wallets being another hardware wallet that allows maximally protecting your assets from third parties. It has the same advantages and disadvantages as Ledger, but in addition it does not support DeFi applications.
5. Coinomi Wallet
Coinomi is a lightweight multicurrency wallet with support for storing over 500 cryptocurrencies and tokens (including ERC-20), as well as a built-in ability to exchange coins among themselves (integrated with ShapeShift and Changelly exchanges, which makes the сonversion of currencies as profitable as possible). There is also a function for regulating the commission rate. If you want to use the Coinomi wallet you need to download the Coinomi app on your device or use its desktop version. You can download the Android, iOS or Coinomi app for Windows, macOS or Linux.
imToken Wallet is an ETH, BTC, EOS and ERC20 compatible token wallet available on iOS and Android. The wallet is centralized and allows users to access the blockchain without storing it locally. Bonus features include DeFi and staking. It is very easy to use Compound or a similar tool to provide DAI and earn interest, and staking via Atom and Loom is always at hand.
7. Trust Wallet
Trust Wallet is an application for iOS and Android mobile devices from the developers of the famous Binance cryptocurrency exchange. Thanks to the ability to operate with a large list of tokens and extensive functionality, Trust Valet quickly conquered its client audience in the market and today is one of the most downloaded cryptocurrency applications.
MetaMask is one of the most commonly used multi-platform Сhainlink wallets by size. It can be downloaded to your phone or used as a browser extension. The wallet has a high level of security and a set of functions necessary for customers to operate with numerous cryptocurrencies and tokens. One of the most important wallet advantages includes the ability to work with decentralized applications through a simple and convenient interface that will be clear even for an inexperienced user.
What should you look for in a Chainlink wallet?
While choosing cryptocurrency storage you have to take into account the goals you are pursuing. If you just need to accept coins from other users, you can use a paper wallet. You just need to generate an address and tell it to the person from whom you want to accept coins.
For large amounts, only hardware storage provides the highest level of security. However, please note that there is a fee for hardware storage.
It is convenient to conduct transactions through a desktop wallet, which offers a large number of features to the crypto investor. Such storages provide an acceptable level of security, but they are inferior in this regard to hardware wallets. The advantage of desktop wallets is that you don’t have to pay for them.
If you want to always have access to coins, pay attention to mobile storage which means that you can always complete a cryptocurrency transaction via your phone, even if you are not on your PC.
People who are actively engaged in trading, staking or other activities related to crypto exchanges should consider online storage, i.e. the wallet of the exchange where you usually perform transactions for storing cryptocurrency. Although the exchange storage is considered the most insecure as the trading platforms are regularly hacked.
Interest in altcoin is fueled by the attention from highly respected and old media businesses. The last few months have been a period of active accumulation of Chainlink tokens by whales. The specialists of the Santiment analytics company managed to find that wallets with the availability from 100 thousand to 10 million coins were continuously replenished and they reached the highest point in the history of this cryptocurrency.
It is noteworthy that interest in Chainlink has only grown lately. For example, the Associated Press (AP), which has been existing for 175 years, has plans to provide data on economics, sports and election processes through the Chainlink infrastructure. On the one hand, this will protect the Associated Press data, on the other hand, it will expand the capabilities of Chainlink smart contracts.
This push has moved the price of the LINK token from a prolonged stagnation over the past 12 months. As a result of the publication of this news, the coin has risen in price by 20-30%, and since the beginning of the year the growth has made 140%.
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Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.