First, let’s figure out what Electroneum is, why it deserves attention and how it stands out from many other cryptocurrencies.
What is Electroneum (ETN) Cryptocurrency?
Electroneum is such a cryptocurrency that can be called unique without stretching the point. Initially, at its launch in 2017, it was built using the Monero blockchain, but in 2019 it made the transition to the PoR-blockchain (Proof of responsibility). The focus of Electroneum has also changed. It initially focused on the entertainment industry, specifically on gaming, it later switched to providing better payment services by creating a platform for instant payments. Electroneum is like PayPal, but with cryptocurrencies. Its goal is to simplify the process of using a virtual financial instrument as much as possible.
It is a very understandable and affordable cryptocurrency, both in management and in mining. Being designed specifically for smartphones, ETN can be mined by everyone, because there is no need to spend a large sum on the purchase of high-power equipment. You don’t even need a PC for ETN mining.
Where to Store Electroneum (ETN)?
There are various multi-cryptocurrency wallets. Nevertheless, the simplest place where you can keep your ETN is your personal Electroneum wallet. ETN owners are provided with several types of wallets with various functions and for different purposes. Some of them are considered more secure, others are more suitable for beginners due to their minor complexity of use, and some are completely universal for all ETN crypto holders.
What is Electroneum Wallet?
ETN coin was designed for mobile devices. Thus, anyone with an ordinary smartphone can download the official app, create a wallet with a personalized address and launch the production of their own coins. Moreover, all these can be done short and sweet, so that even a rookie can handle it. ETN should be kept in such a wallet that can guarantee the safety of the owner’s funds and protection from hacker attacks and other cyber threats. Electroneum Wallet is a digital wallet designed exclusively for ETN storage.
Different Types of Crypto Wallets
Depending on the method of operation, crypto wallets are divided into “hot” and “cold”.
- A hot wallet is any kind of wallet that is connected to the network. This type of wallet is quite easy to set up and also it provides quick access to your balance, which makes it convenient for traders and other regular users.
- In turn, cold wallets do not have an Internet connection and use physical media to store keys offline, making them more resistant to hacking. This option is especially suitable for long-term investors.
Additionally, wallets are categorized by the platform they run on.
Thus, there are:
- desktop wallets that are installed on a Laptop or PC and are distinguished by extensive functionality and good performance;
- mobile wallets that are installed on smartphones or tablets. There is an Electroneum wallet on Android and iOS systems. They are easy to use, but their security depends on how well the device itself is protected, on which the private keys are stored;
- online wallets, which work on the principle of a regular site, and the user can log in with a login and password from any device that has Internet access. This type is considered the most unsafe, therefore it is suitable only for short-term storage of small sums;
- hardware wallets, which are physical devices that are connected to a computer via a USB connector;
- paper wallets, which are keys printed on the paper, must be stored in a safe place.
According to the type of management, crypto wallets are divided into:
- centralized, managed by organizations or legal entities;
- decentralized, open-source and only partially controlled by the community.
Key storage methods differ:
- сustodian wallets are services that are fully responsible for the safety of user funds;
- non-custody wallets that are completely controlled by the user over their private keys.
In accordance with the interaction of the crypto wallet with a blockchain, the following are distinguished:
- thick wallets when installed, download the blockchain to your computer. Thus, you need to make sure there is enough memory on it;
- thin wallets that are quick to download and install, but in the process require ongoing connection to the network.
In addition, crypto wallets may differ in terms of the functionality they have. So there are:
- HD or Hierarchical Deterministic wallets with the function of the mnemonic back up (recovery phrase), which, in case of loss or damage, will help to restore the wallet;
- multi-signature wallets that allow two or more users to sign transactions;
- wallets with the possibility of passive income;
- blender wallets automatically split transactions into parts, which mix with parts of other transactions and thus increase privacy.
How to choose Electroneum Wallet?
Electroneum offers several types of wallets, each with a number of advantages and disadvantages. The main thing to consider when choosing an Electroneum wallet is the level of protection that ensures the safety of funds, as well as the purpose of its use.
If you plan to use it for private and small transfers, then Electroneum online wallet will come in handy. Security is average, but the speed of operations is excellent. If, on the contrary, the amount is large and transfers are frequent, then a cold Electroneum offline wallet will match the purpose. Hardware and paper wallets are excellent options for keeping large amounts of money where durability and security are important.
As you can see, there are a sufficient number of different official wallets for storing ETNs. Each of these types of wallets has its own advantages, features and disadvantages, and therefore will be suitable for different types of people, as well as for different devices. In addition, although there are multi-cryptocurrency wallets, the Electroneum wallet is best suited for storing ETN, if only because it has been tailored for it. ETN Wallet software is highly customizable and allows for fast payments. When choosing Electroneum wallet, you should take into account the fact that there are different levels of security, especially if you deal with huge sums of ETN.
How Good Is the Electroneum Wallet?
Each type of crypto wallet for ETN has its own characteristics and peculiarities. Let’s take a look at the advantages and disadvantages of two of them:
Electroneum Wallet Mobile App
|➤ Easy to use
➤ Allows to mine a small sum of ETN
➤ Very convenient for making payments.
➤ Available on Android and iOS devices.
|➤ Not suitable for huge sums of ETN.
➤ As a mobile wallet, it can be exposed to malware and similar threats.
➤ Not very functional.
➤ When using the mining function, your phone will slow down noticeably.
➤ When setting up an ETN wallet, it is necessary to provide personal information such as a phone number and email address.
Electroneum Paper Wallet
|➤ If configured correctly, it can be super secure.
➤ Good for storing large amounts of Electronium.
➤ No need to provide any personal information to set it up.
|➤ Difficult to set up correctly.
➤ You cannot mine ETN with an Electroneum paper wallet.
List of 5 best Electroneum wallets in 2021
The top 5 Electroneum wallets in 2021 are:
- Electroneum Wallet Mobile App
- Electroneum Paper Wallet
- Hardware Electroneum Wallet
- Software Electroneum Wallet
- Electroneum Desktop Wallet
Electroneum Wallet Mobile App
The mobile phone wallet has been designed for the convenience of the user. But if something is created for the convenience of the user, more often than not, developers sacrifice security. This problem is especially relevant here. There is a possibility that the computer using the Electroneum Wallet application will be infected with malware.
But there are also certain advantages. One of them is the possibility to mine coins directly from your smartphone. You certainly won’t earn a fortune, but will be able to top up your phone at the end of the month. Though it can slow down your device and shorten battery life, a lot of people who only possess smartphones would rather be grateful for this opportunity.
Electroneum Paper Wallet
Paper wallets are not for beginners, as their setup is complex and a minor mistake can cost you your funds. However, if you know how to do it right, you will get the most secure wallet for your ETNs.
Hardware Electroneum Wallets
Hardware wallets are considered the safest because they focus on completely separating private keys from your computer or smartphone that are easy to hack. And the good news is that ETN currently supports one of the safest certified wallets, the Ledger Nano S hardware wallet.
Software Electroneum Wallets
As a rule software wallets are balancing between usability and reliability. They are not as secure as hardware wallets, but they are definitely easier to use. But not in the case of the software wallet by Electroneum, where the developers worked hard over its security, which means on the security of your funds. Thus, all users should be tested and pass a 2-factor authentication. Moreover this procedure must be carried out every time a user logs in. It can be a little annoying, but hey, funds security is well worth the little login inconvenience. The more security levels, the more secure the wallet we get.
Another excellent solution is the Electroneum command line interface wallet or simply CLI wallet that comes with the mining software. This is a great software that allows you to view your balance and transaction history, manage your funds conveniently and do much more.
Electroneum Desktop Wallet
The desktop version of the Electroneum wallet has more functionality and performance than the mobile one. Moreover, you now can have Electroneum wallet for Mac, Windows or Linux OS. The safety of funds largely depends on the security of the computer or laptop, whether there is the latest anti-virus software on it and who has access to its data.