While perusing the numerous publications released in the last days of 2019, discussing the trends that might mold the prevailing crypto narratives for this year, I couldn’t help but wonder if security experts would eventually win the battle against crypto hacks and thefts in 2020. For this to become a reality, entities responsible for securing digital assets must do enough to ensure that they stay ahead of constantly-evolving crypto scam strategies. Fortunately, we have begun to see this assertion manifests in the crypto mobile wallet sector, as service providers continue to show that they can cope with crypto-security threats relating to storing private keys and facilitating crypto transactions.
Hence, in this article, I will introduce you to some of the mobile wallets setting security standards for the year 2020.
Coinbase has always set the gold standards for its crypto products, and this is true of its mobile wallet offering. This wallet is arguably the most popular in the crypto space. The obvious reason for this is that it is directly-affiliated with Coinbase’s trading platform, which remains one of the major gateways to the crypto market. Coinbase has a wallet that supports 5 main cryptocurrencies, including Bitcoin, Ethereum and ERC-20 tokens, Bitcoin Cash, Litecoin, and Ethereum Classic. Additionally, the wallet can store digital collectibles.
Impressively, the wallet gives users access to decentralized exchanges like Bittrex, where they can capitalize on trustless trading services. Besides, sending and receiving coins on Coinbase is fast and easy. This notion holds, especially if the sender or recipient has a Coinbase account. With this, you can simply send the coins to the person’s usernames, instead of public addresses. To ensure that users’ assets are safe, Coinbase has opted to incorporate Secure Enclave and a two-factor authentication system that triggers biometric verification.
Another mobile wallet provider that is leading the pack is Coin Wallet. This intuitive and easy-to-navigate wallet, with a built-in exchange, has features that encapsulate what a wallet should offer in today’s increasingly digitalized economy. Unlike the Coinbase Wallet, it provides facilities for more coins, as it supports Bitcoin, Stellar, Ripple, Ethereum, ERC-20/ERC-223 tokens, Bitcoin Cash, Dogecoin, Litecoin, and EOS. All-in-all, the Coin Wallet app has the infrastructure to store up to 20,000 tokens, which is a plus for people looking to capitalize on the growing interest in asset tokenization.
More importantly, Coin Wallet values the security of its users’ assets. And so, it has incorporated several security measures to ensure that its platform is safe. For one, the Coin Wallet implements a client-based infrastructure that ensures the storage of private keys on users’ devices and not on the cloud. It also has bank-grade security protocols and encryptions that keep assets and keys hidden from unauthorized entities.
Mycelium is a secure mobile and desktop wallet for bitcoin. The app offers a simple user interface, which makes it beginner-friendly. Similarly, it offers hardware device compatibility, further proving its viability as a secure wallet for bitcoin. Also, it houses an inbuilt exchange that nicely combines trading infrastructure with a social networking tool. According to Mycelium, it provides end-to-end encryption for all of the activities generated on its chats, and it is privy to encrypted texts and their respective time stamps. Furthermore, Mycelium implements Bit ID, an open-source authentication protocol designed to provide a safer and more efficient way to authenticate users.
Like the mycelium wallet, the GreenAddress wallet is strictly designed to support bitcoin alone. In any case, it packs enough features that have seen it establish itself as one of the most reliable wallets in the crypto space. For one, the wallet avails a multi-signature system that allows bitcoin holders to use their keys and the wallet-provider’s keys to protect assets. Also, you can set transaction limits, which is another way of preventing crypto theft. Likewise, there is two-factor authentication available for users to set up added security layers for their wallets. The possibility of sending bitcoin to people through Twitter, Facebook, or their phone number is another impressive feature found on the Mycelium app.
Coinomi is one of the oldest multi-chain wallets in the crypto landscape. According to its website, it supports over 125 blockchains, digital collectibles, and different variations of tokens. Furthermore, it enables Changelly and ShapeShift technologies, which circumvent crypto exchange while facilitating instant coin trades. Security-wise, Coinomi offers blockchain-based IDs to users, which it claims is a better alternative to the old and insecure conventional credentials. Besides, Coinomi ensures that private keys are localized on users’ devices, as it helps them evade security risks associated with cloud-based key storage services.
The above-mentioned mobile wallets are aware of the world’s current drive for digitization and its impact on the influx of mobile services and products. While this is a given, these mobile platforms have combined innovative features with impressive security infrastructures to ensure that cryptocurrency retains its appeal to the mainstream market. Needless to say, it is the level of dedication shown in this crypto niche that we expect other crypto sectors to emulate in 2020.