Top 5 the Best Holo Wallets in 2024

A Holochain digital token called Holo is unique as it is not developed not via the usual PoS (Proof of Work) and PoW (Proof of Stake) technologies. In this case, the DHT algorithm is used. This is a distributed hash chart that allows for a more scalable system. It does not require proof of every member of the network to successfully complete transactions. The information is not entered into a common registry, which gives more freedom, allowing each participant to create their own separate node with a private key.

The hot token exists as a bridge between the application community and users. In the long term, it should become a means to expand the community. It will enable users to connect to the Holochain without the use of intermediaries.

How does Holo wallet work?

A cryptocurrency wallet is an application or a device that secures private keys, a user’s access to the blockchain, and generates transaction requests on the network. A crypto wallet is aptly compared to a debit or a credit card or online banking system. These tools provide the customer with access to the account in which their savings are stored. The card is needed to confirm the transaction but does not contain a record of the holder’s balance.

HOT is an ERC-20 token, which means that all e-wallets supporting this coin standard are suitable for storage. Assets from the accounts can then be transferred to other users or transferred to trading platform accounts. All you need to do is register any cryptocurrency wallet that supports ERC-20 standard.

List of the Best Holochain wallets

As the digital industry has evolved, new opportunities for holders of virtual coins have emerged. For example, a wallet can do more than just store cryptocurrencies. In 2022, they are entire ecosystems with their own exchanges, exchanges, analytics, and investment tools. Here is a list of what we think are the 5 best wallets for Holochain in 2022.

MetaMask

MetaMask is an open-source multi-cryptocurrency wallet and a gateway for decentralized Ethereum-based applications. Since the wallet is designed to work with the Ethereum blockchain, it only supports ETH tokens and ERC20, ERC-721, etc. including Holochain. This holo token wallet is designed to give users full control over their data and assets, so it does not store its users’ data and assets. MetaMask is a mobile app, but those who need a desktop version can use the MetaMask browser extension. It is available for Chrome, Brave, and Firefox browsers. 

MyEtherWallet

MyEtherWallet (MEW), i.e. a cryptocurrency wallet that works for iPhones, iPads, and desktops and targets holders of assets based on Ethereum (primarily ETH) technology, was developed in 2020. Initially, it positioned itself as a wallet for storing Ethereum project coins (ERC-20 tokens), but very soon the developers introduced a function for storing other digital assets issued on the blockchain of the same name. The app works with 2-factor authentication and phishing protection. The user`s data is not collected by the app. If the mobile device is changed, the user can restore access using a 24-word mnemonic phrase. Another recovery option is to use a key vault file.

Enjin Wallet

This digital repository supports around 100 digital currencies including ERC-20, ERC-721, ERC-155 tokens. Advanced security settings include login to the account by owner’s fingerprint and other options. The developers claim that the Enjin wallet’s asset protection is comparable to that of hardware devices. There is no need to provide personal details or verify a profile in order to work in the system. The Enjin cryptocurrency wallet uses a private channel to connect to the decentralized dApps and DeFi exchanges. The app is distributed free of charge. Enjin does not charge a fee for storing, transferring or exchanging digital currencies. Users only pay for transactions within the network. Fees vary depending on blockchain load. It is worth noting that there is no passive earning opportunity. The creators have not planned to add stacking to the feature pool yet. 

imToken

imToken is a cryptocurrency wallet for mobile devices which supports Ethereum and ERC-20 tokens. The wallet is centralized and allows you to access the blockchain without storing it locally. Thus, you don’t need to download gigabytes of transactions to start using an imToken wallet and all you have to do is come up with a good password and save your passphrase into 12 words. It is also possible to store 12 cryptocurrencies (Bitcoin, Ethereum, Litecoin, Holochain, and others). It is available only via mobile devices. The app supports the popular Android and iOS operating systems. imToken does not use any registration or installation fees. Transaction fees vary depending on the network selected. The app provides passive income. Stacking of token networks that use the Proof-of-Stake confirmation mechanism is implemented.

Trust Wallet

Trust Wallet is a multi-currency mobile app that provides secure and anonymous transactions. It has gained popularity since 2017. The wallet supports 53 blockchains and over 160 thousand tokens. A mobile app is compatible with Android and iOS operating systems. Trust Wallet has the following features:

• Multi-currency interface. 
• Built-in investment offers.
• Built-in decentralized exchange (DEX). 
• The ability to store non-exchangeable tokens (NFT). 

Conclusion

Each Holo crypto wallet has its own advantages and disadvantages. Everything depends on your needs. Generally speaking, hardware-based, standalone wallets are great for long-term storage. Universal ones are particularly practical for traders because they allow you to hold different types of cryptocurrencies at the same time. Finally, it is advisable to go with more established companies.

FAQ

Which wallet is better than Trust Wallet?

The newcomers to cryptocurrency exchanges often have questions about which popular wallet to choose, as well as how to deposit and withdraw funds. MetaMask and TrustWallet are by far the most popular wallets at the moment.

In terms of the convenience of the wallet interface, TrustWallet is preferable due to the main advantage of having a visual display of the current price. The value of digital assets in MetaMask will have to be checked individually on the exchange.

The set of features of TrustWallet is more suitable for beginners. If the trader is an advanced user (as well as a creator of personal projects), MetaMask is likely to be more convenient.

By the end of 2021, Trust Wallet cryptocurrency wallet was used by about 20-22 million people. MetaMask’s user audience is much smaller. The latter has a community of around 15 million users; there has been no information about the forthcoming development of the set of features in the near future.

Which is the safest crypto wallet?

The rating of digital money programs and services is based on several criteria. One of the main parameters is reliability, i.e. resistance to attack by intruders.

MyEtherWallet (MEW) wallet is considered one of the safest among all its “colleagues” in the cryptocurrency market. Its peculiarity is that the official website is a platform with a simple interface, on the basis of which you can quickly and seamlessly conduct any transaction in the blockchain.

It is also worth noting that the security level of the wallet is superior to many alternatives, as all private key creation takes place locally, i.e. on the user’s device. This, of course, does not preclude the possibility of hacking, but it certainly reduces it several times over.

Why is a crypto wallet so important for every trader?

Choosing a wallet is one of the key steps when dealing with cryptocurrencies. Companies provide a wide range of cryptocurrency wallets tailored to different needs: some clients are better suited for secure storage, while others are designed for convenience, but they are hardly suitable for storing large sums. Today, a new user will find it quite difficult to decide on a wallet for storing coins. The competition in this market is increasing day by day and in addition to the introduction of new products, there are continuous upgrades to existing products. 

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.