Analyzing Top 7 ERC20 Wallets of 2021
“Ethereum, the second largest cryptocurrency by market Capitalization, has provided an extensive platform for the development of various tokens on its blockchain network that are backed by ERC20 standards. The evolution of the Ethereum network as a whole is leading to the evolution of these tokens as well, and thus these tokens require compatible wallets for storing and transacting with them. There is a need of analysing the top ERC20 wallets that are capable of supporting the ever growing ERC20 token portfolio”.
What are ERC20 Tokens?
The ethereum network can be used to create various cryptocurrency tokens and decentralized apps that are backed by the power of a huge ethereum network. Every token minted on the ethereum network must follow the ERC20 standard that lays down the rules regarding the tokenomics for each token. These ERC20 tokens can act as assets that can be sent and received through the ethereum’s ERC20 network. To receive and send these tokens, various wallets can be used that support the ERC20 network and the top wallets that are being used in 2021 for the ERC20 tokens storage and transactions are discussed here.
Top ERC20 Wallets
The top ERC20 wallets that remained of value throughout 2021 are:
Ledger Nano X (Type: Hardware Wallet)
The Ledger Nano X is regarded as the safest hardware cryptocurrency wallet and has the capability of storing the ERC20 tokens with ease. To access the tokens Bluetooth technology can be used to connect it to the Ledger’s live mobile application. It is famous for the provisioning of recovery seed cards and in providing USB-C cables for easy access.
Atomic Wallet (Type: Hardware Wallet)
It is a free non-custodial wallet that provides support for all the ERC20 tokens. It can be created on all operating systems and has a unique feature of atomic swap that allows swapping of the cryptocurrency tokens in the wallet itself.
MyEtherWallet (Type: Web-based Wallet)
It is an ethereum based blockchain wallet that provides high end security for the storage of all types of ERC20 tokens. It is a web based wallet and thus provides easy access to the ethereum blockchain for the transactions to and fro.
KeepKey (Type: Hardware Wallet)
KeepKey is one of the most premium hardware wallets in the market and is termed as another great wallet to store all types of ERC20 tokens. It provides an easy backup and recovery mechanism.
Mist Wallet (Type: Web Based)
The Mist wallet provides an extensive security for the storage of ERC20 tokens with multiple signature authentication mechanisms in place. It is a well known web based browser for hasty ERC20 token transfer.
MetaMask Wallet (Type: Web Based)
MetaMask is one of the most popularly used wallets for erc20 Tokens. It can be used as an extension to many browsers such as Mozilla Firefox and Google Chrome. Due to its multilingual user interface it is used globally. It is capable of storing all types of ERC20 tokens.
Trust Wallet (Type: Mobile App Wallet)
Trust wallet is a mobile app wallet that can be used to store, receive and send ERC20 tokens even on the move. The trust wallet provides extensive security for secure transactions and is thus widely used.
Takeaways
- There are numerous wallets that support storage and transactions of ERC20 Tokens.
- The Hardware wallets are the most secure form of storing the cryptocurrencies after the paper wallet.
- All the factors such as security, ease of access and usability must be considered before choosing a wallet for ERC20 tokens.
Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as financial advice. Own research on the topic is advisable.
Photo by – Saviorcryptonews
